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Payday Loans Online in Kentucky (KY)

Payday Loans in Kentucky

Same payday loans are the perfect solution to get the money you need in a quick, safe, and convenient way. In Kentucky, you can get short-terms loans of up to $500 to cover your costs for medical bills, car repairs, house renovations, or any other unexpected expenses.

Thanks to AdvanceSOS, you can get cash fast so long as you have internet access. You simply have to fill out a request form, wait a few hours for the approval, sign the digital agreement with the lender with the best offer, and you will have the amount you requested in your bank account the next day. Since it is a single-payment, short-term loan, it has to be repaid by the next time you receive the wage.

Can You Get an Online Payday Loan in Kentucky?

Yes, according to the National Conference of State Legislatures (NCSL), payday loans in Kentucky are legal for a maximum loan amount of $500. The law also clearly states that a licensee cannot have more than two deposit transactions from any consumer at any time. Moreover, the maximum loan term is 60 days, after which the borrower incurs severe penalties.

If you find yourself in a financial bind, payday loans through AdvanceSOS is the best solution for extra cash.

Can You Have More Than One Payday Loan in Kentucky?

Kentucky’s state legislation allows borrowers to have a maximum of two simultaneous loans, for a maximum total amount of all payday loans of $500. Therefore, applying for a third loan active loan or requesting an amount that totals above the $500 limit will be denied.

What Are the Rates and Terms?

The interest rate is how much the lender charges the borrower as a fee for loaning them money. It is a percentage of the total amount lended. In Kentucky, the laws prohibit lenders charging service fees that exceed $15 per $100 on the amount agreed upon. The annual percentage rate (APR) for a $300 payday loan is 460%.

Updated: Sep 1, 2022

Frequently Asked Questions

Are Rollovers Allowed in KY?

Rollovers are not allowed in Kentucky, so all loans must be repaid in time. Rollovers, or renewals, are an option to delay the loan payment by paying a fee without reducing the amount owed. However, such an option is strictly prohibited in the state, as loans are allowed to be given for no more than two months without delay.

Does AdvanceSOS Charge Any Fee?

AdvanceSOS doesn’t charge any money to our customers the service is totally free. We can find the best loan offers in Kentucky, Indiana, and Alabama. The system works as an intermediary between borrowers and the best potential lenders for them, and it is 100% free in order for every customer to get the best deal. You will only have to pay the interest rates accorded in the loan agreement.

What Are the Requirements to Get a Payday Loan in Kentucky?

There are five main criteria you need to satisfy in order to be eligible for a guaranteed payday loan in KY:
1. Be 18 years old or older
2. Hold U.S. citizenship or be legal resident of Kentucky 
3. Receive an average monthly income of at least $1,500 after-tax
4. Hold a valid checking account in your own name
5. Have an active phone number and email address

When Do I Need to Repay the Money?

Given that payday loans are short-term loans and as the name suggests repayment must be done as soon as you receive the next paycheck. That is, loans should be paid back in about two to four weeks.
If you repay the loan earlier than agreed, you can save up money on interest; however, you could incur in penalties, precisely because the lender would lose money. Another possibility is to opt for long-term loans (e.g., installment loans), which are paid in monthly payments for a few months up to a few years.

How Soon Can I Receive Funds With a Payday Loan in KY?

Funds will be available the following day after you and the lender sign the digital agreement. The process is extremely quick, as the application will take you just a few minutes, and the approval a couple of hours. After that, simply sign an official agreement with your lender, and  you will receive the money the next business day.

Will Submitting a Form Affect My Credit Score?

Submitting a loan request form won’t affect your credit score at all. If you do it through AdvanceSOS, applying for a payday loan won’t leave any traces on your credit history. Therefore, you can rest assured your future loan approvals won’t be affected by loan applications submitted through our service.

How to Apply for a Payday Loan in Kentucky?

1. Make sure you comply with the basic criteria for eligibility listed above.
2. Access and click “Get Started”.
3. Fill out the quick loan request form. Among the details and information you need to enter, specify the amount of money you need to borrow and the anticipated repayment date.
4. Once you submit the form, wait a few hours for the approval.
5. After receiving the loan approval, carefully read all the terms and conditions and sign the contract between you and the lender.
6. You will receive your money within the next business day.

What Are the Benefits of Payday Loans in Kentucky?

1. Cash arrives quickly. Direct lenders in Kentucky won’t make you wait for the money for days, like traditional lenders would.
2. You are free to spend the amount borrowed on anything. There are no restraints in how you use the cash, as long as you comply with the repayment plan.
3. No credit check poor credit is accepted. Lenders won’t run hard credit checks on you, meaning that your credit score won’t be affected.
4. It is easy to obtain a payday loan in Kentucky. Within a day you could receive your cash.

Can I Apply For Multiple Loans in Kentucky?

Kentucky residents can have a maximum of two loans simultaneously. In total, which refers to one or two loans, the maximum amount you are allowed to borrow in the state is $500.
As a general advice, we suggest you don’t take a new loan before repaying the first one. A direct lender could be a bit skeptical of your ability to repay both simultaneous loans, possibly affecting your approval odds.

Can I Get a Payday Loan With a Bad Credit Score?

Poor credit score doesn’t matter because payday loans are short-term and don’t require a hard credit check, only a soft check. This means that the lender won’t go through your credit history, making payday loans in Kentucky are perfect for those who have a bad credit history.

Can I Get a Payday Loan With No Credit Check?

When applying for cash advances through fast payday loans, Kentucky direct lenders only run soft credit checks—you don’t need to worry about hard credit inquiries with AdvanceSOS. They will not review your credit history or judge your credit score, and will only take simple measures to ensure you qualify, such as checking your employment, banking, personal, and contact details. 

Can I Get Same-Day Payday Loans?

Usually, payday loans are cash advance online with same-day deposit, so you get the money very quickly, with no complex checks with credit bureaus that affect your credit score. They are also unsecured, small-dollar cash payday loans, meaning they don’t require a collateral.

How To Increase the Chances of Getting Kentucky Payday Loans

1. Apply early. AdvanceSOS’ offices process loan applications on weekdays until 6 PM CST, and on weekends until 2 PM. The best you can do is to apply during the week before lunchtime because most banks are unavailable for wire transfers on weekends.
2. Submit a perfect application. This doesn’t mean having a perfect credit score, but simply submitting an error-free and accurate form.
3. Follow all the requirements.
4. Have open communication with your payday lenders.

What Documents Are Needed for Payday Loans Kentucky?

To obtain Kentucky payday loans online, these are the documents you must submit:
– Social Security Number
– Government-issued ID
– Proof of steady income and employment
– Active bank account details

When Should I Apply for a Kentucky Payday Loan?

You should apply for fast payday loans when you are in need of emergency cash. For example, you can use a payday loan for rent, utility bills, medical bills, car repairs, monthly car lease, home renovations, and so on. As you can see, there are endless reasons for taking out a quick, short-term payday loan.

What Kinds of Payday Loans Are There?

Here are some terms related to cash advance types and payday loan alternatives to orient you better in the financial field:
– Cash loans are all types of loans in which the loan service provider lends money to a borrower. The loan amount depends on the state and of the type of contract.
– Personal loans are those for which the borrower repays the lender according to a monthly plan. It is the opposite of payday loans, which have to be repaid within the next paycheck.
– Online loans are all those for which a borrower has to apply through an online form.
– When it comes to title loans, you commit some asset of yours, such as a car or your house.
– If you fail to repay the loan in time, the collateral you committed can be taken away from you by the lender.
– If the amount of cash requested is small, such as $500, then you are applying for small dollar loans.

Where Can We Help You Get a Payday Loan in Kentucky?

AdvanceSOS offers quickly help you find the best payday loans offers in cities like Louisville, Lexington, Bowling Green, Paducah, Florence, Covington and Henderson.

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