Payday Loans in Kentucky

Every lending institution in America runs two types of credit checks on potential borrowers. The first type is a hard credit check. These typically apply to individuals who want to borrow large sums of money to be repaid over a longer loan term.

For example, if you’re taking out a mortgage or an auto loan, a lender will first run a hard credit check to assess your credit history. The outcome of this exercise will determine whether or not to approve your loan application. The downside is—if they reject your request, it won’t augur well for your credit rating.

The second type is a soft credit check. These typically apply to individuals who borrow smaller sums of money with shorter repayment periods. If you’re looking to get a payday loan, title loan, installment loan, or any other type of short-term loan, the financier in question may run a soft credit check to get a surface-level profile of your credit history.

The main benefit of soft credit checks is that they have no impact on your credit rating, whether or not your application is approved. Most lenders only conduct soft credit checks if they have to.

If you live in Louisville, Lexington, Frankfort, Mayfield, or anywhere else in Kentucky, you’ll be happy to know that payday lending is indeed legal in the state. All payday loans in Kentucky are subject to Subtitle 9 of the Deferred Deposit Service Business and Check Cashing statutes.

While the spirit of these laws aims to protect Kentucky residents from predatory payday lenders, it sets out restrictions regarding the charges and maximum loan amounts individuals can borrow. It’s important to familiarize yourself with these limits when launching your application.

All short-term payday loan transactions are entered into a statewide database to allow regulatory authorities to monitor all payday transactions within Kentucky.

Provided that you’re a Kentucky resident, you can apply for a payday loan from anywhere within the state. Whether you live in Louisville, Lexington, Frankfort, Mayfield, Paducah, or anywhere else within state borders, you’re eligible for a payday cash advance through any of the direct lenders on MoneyZap’s panel of providers.

To apply for a cash advance through MoneyZap, complete the online form with the requested details. These include your name, current employment situation, income frequency, income source, phone number, employment duration, bank details, and the loan amount you’re applying for.

We will then review the information provided and match you with a payday lender best suited to addressing your financial needs. Once they approve your application, you’re required to sign a digital loan agreement before the cash can be wired to your bank account. If everything is in order, you should get the funds by the next business day.

No, we are a broker. Our role is to review the information you provide and match you with a lender most likely to approve your loan application. We only partner with trusted Kentucky lenders offering the best interest rates and the most competitive loan terms.

Our platform is 100% free to use. Our mission is to connect individuals with trusted lenders in Kentucky that are most likely to approve your payday advance request even with bad credit. We don't charge borrowers any fees whatsoever for using our matching service. We only receive a small commission from the lenders we partner with once they approve your loan application. Therefore, you don’t have to pay any fees or charges.

Once you've completed the online application form with the requested details, we usually take a few hours to review the information you provided. Then, based on the details in your form, we’ll match you with a reliable Kentucky lender.

If the lender doesn't require any additional information from you, they will send over the loan agreement. Make sure you read the loan terms carefully. If you agree with the offer, sign the digital agreement and the funds will be deposited into your active bank account by the next business day.

According to Kentucky state lending laws, the limit on the amount you can borrow in payday loans is $500. The outstanding balance on your active cash advances should not exceed this amount.

Kentucky law allows borrowers to take a maximum of two simultaneous loans at a time. The total outstanding amount should not exceed the $500 state-imposed limit. That said, you can only take the second advance no less than two weeks after the first one.

The total fees on a payday loan in the state cannot be more than $15 for every $100. For example, if you take out a cash advance amounting to $500, the total finance charge will be $75.

Suppose you take a cash advance of $100 to be repaid within 14 days. To calculate the annual percentage rate (APR) on a payday loan in Kentucky, here’s how to go about it:

The maximum allowed finance charge as stipulated by state law is $15. To get the APR, calculate:

$15 $100 = 0.15 14 days = 0.0107 365 days = 3.91 100 = 391% APR

According to the Center for Responsible Lending data, the maximum “real” APR for a $300 cash advance can be as high as 469%.

The maximum term on paycheck advances in the state is capped at 60 days. Only single-payment payday loans are allowed. Kentucky laws do not have a provision for installment loans.

In contrast, there’s no specified minimum repayment duration. This means you can take out a payday advance today and pay it back tomorrow if you like. Keep in mind that the finance charges still apply either way.

None of the lenders on our panel of providers impose prepayment penalties on borrowers who wish to settle their outstanding balance before the due date. You can repay your cash advance at any time before it is due without worrying about incurring additional charges.

The cooling-off period is the duration a borrower has to wait before taking out a new cash advance once they've repaid the previous one. Kentucky does not have a cooling-off period. Thus, you can pay back your existing cash advance and take out a new one on the same day if you like.

If poor credit has previously stood in the way of you accessing personal loans, payday loans, title loans, installment loans, or any other type of short-term loan, you’re in luck. The lenders on our network do not discriminate on credit rating—they are more focused on your ability to repay the loan than your poor credit history.

Provided that you have a steady paycheck every month and your monthly income after-tax amounts to $1,500 or more, you can apply for a cash advance on your paycheck. We will match you with a service provider that can meet your financial needs regardless of your credit history.

To apply for a payday advance through MoneyZap, qualified applicants need to meet the following criteria:

• You should be a Kentucky state resident
• You should be at least 18 years old
• Your net monthly income needs to be at least $1,500
• You should not be filed for bankruptcy
• You should have valid contact information

If you meet the application criteria—meaning you’re at least 18 years old and have a regular net monthly income of $1,500 or more—there’s no reason why your cash advance request would be rejected. Take a few minutes to complete the online application form and get the cash wired to your account by the next business day.

Any cash advance you take must be repaid on time. Kentucky lending laws prohibit rollovers. So, if you default on the loan, you will be charged an insufficient balance penalty, also known as a non-sufficient funds (NSF) fee.

While the existing legislation prohibits lenders from pursuing criminal action against borrowers who fail to pay back their loans, it does not stop them from taking civil action. A lender can sue you for failing to live up to your end of the deal. That said, this is always the last resort after all other avenues to recover the outstanding loan amounts have failed.

If a borrower defaults on their loan, a lender can sue them in court to recover the amount owed and any other applicable damages. The statute of limitations as set out by Kentucky State lending laws is ten years from the last payment date. A lending company can file a lawsuit against a borrower at any time during this period.

MoneyZap lenders offer several different types of short-term loans. Some of the available payday loan alternatives include:

• Bad credit loans
• Credit builder loans
• Emergency cash loans
• Installment loans
• No-credit-check loans
• Personal loans
• Small-dollar loans
• Title loans

The maximum amount you can get on these short-term loans varies between $300 and $10,000, depending on the loan in question and the applicable lending legislation.

There are several reasons why a paycheck advance is a worthwhile short-term financing option to consider when you’re in a cash crunch.

• Quick Cash: Apply today and get the funds wired to your account by the next business day.
• No Spending Restrictions: You’re free to spend the cash any way you like to resolve whatever financial problems you might be facing.
• No Credit Check: Bad credit has no bearing on your eligibility.
• Easy to Get: As long as you’re an American citizen aged 18 years+ with a net monthly income of at least $1,500, you qualify for a payday loan.
• Discreet: You don’t have to borrow money from friends and family when you’re in a financial bind. Payday loans work to save you from the embarrassment of not having an adequate cash reserve.