Payday Loans in Kentucky
Posted on Thursday, June 17th, 2010 at 10:34 am in Cash Loan Info by State
No two state payday loan laws are alike. Every state has different requirements to make small cash advance loans accessible for consumers and lower risk for lenders. Currently, 20 states in the US regulate payday loan laws along with other small loans laws and usury laws applicable to banks and other lending institutions must abide by. 8 states allow payday loan lenders to set their own interest rate and loan amount caps, and 22 states have legislation explicitly authorizing payday loan lenders, monitoring them with licenses and caps on interest rates and maximum loan amounts. State payday loan laws may seem like a negative interference when you need cash fast, but every state has regulations in place to protect both consumers and payday loan lenders.
Payday loan laws in Kentucky allow consumers to borrow a small cash advance loan of up to $500 for a lending period between 14 to 60 days, one of the longest lending periods allowed in the US. A payday loan lender may charge $15 for every $100 an individual borrows. Consumers may take out as many payday loans per year as they need, and there are no state limits on how many times a person can roll over his payday loan if he can’t pay the full amount right away. Of course, the number of roll overs per loan will vary depending on what your lender allows, but Kentucky places no restrictions on roll overs in their payday loan laws.
Payday loan laws in Kentucky are beneficial for both borrowers and lenders. Individuals can take out as many loans as they need in a year if their financial crisis lasts longer that expected, but caps on loan amounts ensure that consumers won’t borrow more than they can pay back with their next paycheck. Caps on fees keep interest rates low, and lenders will see more people paying their loans on time with lower interest and lower loan amounts.
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