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Find Payday Loan Companies in Kentucky

Governing law in state:
Under Kentucky law, each cash advance location is required to have a license. A payday advance company must disclose its fee in writing before entering into a transaction with a borrower. It must refer to the fee set forth in the agreement as a service fee rather than interest. In Kentucky, a consumer can have two outstanding loans at a time, provided that both do not exceed $500. A payday loan business is prohibited from bringing a civil or criminal action against a borrower to collect on a defaulted loan.

Maximum loan amount:
A borrower can obtain up to $500 in payday loan funds.

Loan terms:
The loan term ranges from 14 to 60 days.

Extensions:
Borrowers cannot rollover or extend a check cash advance loan.

Fees and charges:
A payday loan store can charge a maximum finance fee of $15 per $100 borrowed.  The finance charge for a two-week loan in the amount of $100 is $17.65.

Fee schedules and APR:
The APR for a two-week loan valued at $100 is 459%.

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Kentucky Loan Statistics
2012 2011 2010
Average Loan528518517
Average Age343637
Pay Schedule
  Weekly19%20%15%
  Bi-Weekly60%49%59%
  Monthly12%19%15%
  Twice Per Month10%13%11%
Home Owner28%27%28%
Renter72%73%72%
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