Payday Loans in Kentucky (KY),
Get the Best Rates with AdvanceSOS
Do you need financial help to deal with some unexpected expenses? Whether you need to pay medical bills or car repair costs – payday loans in Kentucky could be the thing for you. These are short-term loans up to $500 that have an average APR of 460%. Residents of Kentucky can easily apply for these financial advances on our website. Our service will then help them find the best and most dependable lenders in the area. Scroll down to learn more about these small loans, their regulations, and extra charges.
Advantages of Taking Out a Payday Loan in Kentucky
Payday loans online can be a convenient and instant way to get your hands on some extra cash. By filling out our short application form, you could have immediate cash by the end of the day. The entire application process takes place online, making it that much more convenient for you to apply. The approval process is fair and instantaneous. Essentially, all you need is enough income and proof that you’re able to pay back the advance.
There are many kinds of payday loans that appeal to different needs. If you’re dealing with car trouble, a car repair loan is the way to go. Alternatively, unemployed applicants are still eligible for financial help if they receive government benefits. Payday loans in Kentucky are entirely legal and regulated by the state. Meaning, our lending partners follow strict rules when servicing our applicants.
Reasons to Get a Payday Loan in Kentucky
There are many reasons why borrowers turn to a payday loan instead of a standard bank advance. Not only are they incredibly convenient to get, but borrowers also aren’t limited on how they use the funds. So, you should have no trouble covering the unexpected bills or paying for that short trip you have planned.
Additionally, these cash boosts usually come with relatively short repayment terms and high interest rates. Though this might seem off-putting at first, it could save you a lot of money in the long run. Similarly, borrowers can’t take out rollovers on their loans as another preventative measure. Luckily, lenders always have alternative repayment plans to help you if you get stuck.
What will you need?
Applying for payday loans with us is a quick and straightforward procedure that only takes a few minutes. The entire process is digitalized so that you can do it right from home. Simply visit our website and hit the ‘Apply’ button. You’ll then be redirected to the loan application, which requires a few of your personal details. To make it even easier for you, we broke down all the information you need to provide. We also listed the requirements you must meet to get approved.
- A government-issued ID proving you’re a resident of Kentucky.
- To be at least 18 years old.
- Phone number and email address.
- Social Security Number.
- Proof of a stable income (of at least $1,000 per month).
- An active checking account in your name.
How much can you borrow?
Payday loans in Kentucky don’t come with a minimum amount you can borrow. However, the maximum you can take out is $500. Below, we listed the loan amounts our customers usually choose.
- 100 dollar loan
- 200 dollar loan
- 300 dollar loan
- 500 dollar loan
Note that the amount you get depends on your ability to repay the debt, as well as your eligibility. Some factors that influence this are your bank account standing, employment and income, and credit score. As long as you meet our requirements, you should be able to get approved for almost any loan amount. AdvanceSOS operates in nearly every Kentucky area code, so you should feel free to apply immediately!
When will you receive your funds?
By the end of the day! The lenders in our network are aware of the urgency of most situations. Hence, they make it a point to send the quick cash transaction through as soon as they can. As long as you’re approved for the loan and sign the agreement, the instant cash deposit should hit your bank account within hours. However, this might not always be the case. If you apply after our working hours or on a non-working day (like a national holiday), you’ll have to wait until the next business day.
APR and Fee
The average annual percentage rate on payday loans in Kentucky is set at 460%. The exact rate, however, is influenced by several factors. It can vary based on the loan amount, the repayment terms, and your ability to repay. As for the extra fees, borrowers in Kentucky need to pay an additional $15 for each $100 they take out. For instance, let’s say you’ve taken out a $300 loan that’s due within 14 days. The loan cost here is $35, and you’ll need to pay the lender back $335. Please remember to carefully read the loan offer you receive, as this is only an informative calculation. Every applicant receives APR based on their circumstances.
Regulations surrounding payday loans in Kentucky
The state of Kentucky strictly regulates advance payday loans. These rules exist to ensure the protection of all parties involved. For instance, borrowers can take out up to $500 worth of instant cash. A minimum limit on the loan amount, however, isn’t specified.
All payday loans in Kentucky are due within 60 days. The state doesn’t specify if the cash advance can be taken out in installments. Moreover, rollovers aren’t allowed, and a cooling-off period isn’t mentioned. So, borrowers should be able to take out a new loan as soon as they repay the first one.
Amanda is a senior financial copywriter at AdvanceSOS. She has more than six years of journalism experience, mostly in finance. She graduated with a Master’s degree in finance from the University of Oklahoma.