Kentucky Payday Loans Law

Kentucky Payday Loans Law

Kentucky State Information

Legal Status: Legal

Loan Terms:

    - Maximum Loan Amount: $500
    - Loan Term: 14-60 days
    - Maximum Finance Rate and Fees: $15 per $100 on face value of check + $1 database fee
    - Finance Charge for 14-day $100 loan: $17.65
    - APR for 14-day $100 loan: 459%

Debt Limits:

    - Maximum Number of Outstanding Loans at One Time: Two ($500 aggregate loans outstanding to all licensees)
    - Rollovers Permitted: None (cannot renew, rollover, or consolidate for a fee)
    - Cooling-off Period: None
    - Repayment Plan:

Collection Limits:

    - Collection Fees: One NSF fee (if disclosed)
    - Criminal Action: Prohibited

Where to Complain, Get Information:

    - Regulator: Kentucky Office of Financial Institutions
    - Address: 1025 Capital Center Drive, Suite 200 Frankfort KY 40601
    - Phone: (800) 223-2579
    - Fax: (502) 573-8787

These Kentucky payday loans law are basic information to assist your decision to borrow money. This information may be added or modified or canceled by Kentucky government without prior notice.