Kentucky Online Payday Lenders
We have reviewed 7 Kentucky payday loan lenders.
Online payday lenders can often provide quick access to cash overnight. They do not require collateral or good credit. Although convenient these loans are very expensive. These loans are due in full on your next payday and the fees are much higher fees than credit unions, banks, credit cards, friends, and family.
Online payday lenders are best used only if completely necessary. For example, a typical situation that might justify one of these loans is in an un expected, emergency situation where the loan can be paid off by your next pay period. We review online payday lenders based on their reputation, cost, and features. Reputation considers state licensing and Better Business Bureau scores. Cost is based on terms, fees, and rates. Features include things like credit reporting or fee transparency.
Our review of online payday lenders considers three areas: reputation, cost, and features. Reputation considers state licensing and Better Business Bureau scores. Cost is based on terms, fees, and rates. Features include things like credit reporting or fee transparency.
A listing in this table is not an endorsement. This table includes all lenders we have reviewed who offer loans to Kentucky residents.
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Advance America
$50 - $25,000
Loan amounts
36% - 664%
APRs
All
Credit type ⓘ Visit Advance America for product eligibility. Our eligible credit type estimate is a general guide based on FICO® Scores:
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State Licensed Lender
Lender status
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Cash Advance Now
$300 - $1,500
Loan amounts
725%
APRs
All
Credit type ⓘ Visit Cash Advance Now for product eligibility. Our eligible credit type estimate is a general guide based on FICO® Scores:
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Tribe Based Lender
Lender status
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Big Valley Financial
$300 - $500
Loan amounts
780%
APRs
All
Credit type ⓘ Visit Big Valley Financial for product eligibility. Our eligible credit type estimate is a general guide based on FICO® Scores:
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Tribe Based Lender
Lender status
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Tremont Lending
$100 - $750
Loan amounts
495%
APRs
All
Credit type ⓘ Visit Tremont Lending for product eligibility. Our eligible credit type estimate is a general guide based on FICO® Scores:
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Tribe Based Lender
Lender status
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NationalPayday
$200 - $1,500
Loan amounts
782%
APRs
All
Credit type ⓘ Visit NationalPayday for product eligibility. Our eligible credit type estimate is a general guide based on FICO® Scores:
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Unlicensed Lender -- Costa Rica
Lender status
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Cash in a Wink
$100, - $1,000
Loan amounts
456% - 2,281%
APRs
All
Credit type ⓘ Visit Cash in a Wink for product eligibility. Our eligible credit type estimate is a general guide based on FICO® Scores:
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Unlicensed Lender
Lender status
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East Side Lenders
$300 - $1,000
Loan amounts
550% - 780%
APRs
All
Credit type ⓘ Visit East Side Lenders for product eligibility. Our eligible credit type estimate is a general guide based on FICO® Scores:
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Unlicensed Lender
Lender status
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- Based on our analysis these lenders offer loans to Kentucky residents. Check each lender's website for up-to-date information.
Kentucky Online Payday Lenders Details
For payday loans Kentucky residents can choose from Kentucky licensed, out-of-state licensed, tribal-based and foreign-based lenders for their.
Doshound strongly prefers licensed payday lenders as the Kentucky Office of Financial Institutions evaluates, regulates, and monitors the payday loans made by these lenders. See Kentucky Payday Loan Laws for more details on Kentucky laws and regulations or Online Payday Lenders for more general information.
Unlicensed payday lenders include tribe-based lenders, lenders licensed in other states, and foreign-based lenders. Tribal and out-of-state licensed payday lenders operate under the interpretation that they can export their tribe or state laws into Kentucky and are required to adhere to federal lending laws but not Kentucky regulations. Federal laws may be less restrictive and less frequently enforced. The final group of lenders is foreign-based payday loan lenders. They export their countries' laws into Kentucky and are highly unregulated. See How to Choose A Payday Loan for more details.
The above is our understanding of how payday lending works in Kentucky, but we are not a law firm. Please contact the Kentucky Office of Financial Institutions for more information.
What Are Payday Loans
These loans are short-term, employment-based loans. They do not require collateral and are typically available to people with all types of credit. Funds can be deposited into your checking account overnight. Full payment is due your next pay period. Fees range from around $9 to $45 per $100 borrowed. For example, if $300 is borrowed, then $327 to $435 will be automatically deducted from your account on your next pay period. If the full deduction is made, the loan is paid in full and you are done. If you are unable to pay in full some lenders allow loan renewals usually at the same rate. You will pay fees on the unpaid fees from the previous period. Now, at your next payday (the second payday since you took the loan) $356 to $631 will be automatically deducted from your account. The fees add up fast. Please be careful with these loans. If you think you will be unable to pay the loan off in one or two pay periods it might make sense to consider Kentucky installment loans
Who Offers Kentucky Online Payday Lenders
They are direct lenders who offer loans based on your paycheck amount, pay date, and access to your checking account. Their loans are typical available to all credit profiles and do not require collateral.
They differ from companies who provide matching services because payday lenders underwrite and lend money. Many sites will advertise loans and even take an application, but they are not lenders. Instead, they are matching services representing a network of lenders. These sites take your application and then pass them on to the lenders in their network. These networks can consist of hundreds of lenders. In some cases, if the lender may even pass your application on to another lender if they are unable to make a loan to you. One can distinguish direct lenders from matching services by looking at the fine print of most websites. Matching services will say something like, "the operator of this website is NOT A LENDER." Direct lenders will not include this disclaimer.
Kentucky Direct Lenders Versus Matching Service
The main advantage of using a matching service is that only one application is required to apply to multiple lenders. This can save time and effort as each application can take 5 to 15 minutes to complete. It can also increase your chances of getting approved as you will hit multiple lenders all at once.
The downside to using a matching services is you are unable to pick the lenders. This means the lenders may include unlicensed lenders as well as licensed lenders. We prefer state-licensed lenders. It also means you may not get the best loan possible as the matching service generally sells the loan to the highest bidder versus the lender with the best deal for you. If you use a matching service, once you are offered a loan, make sure you are comfortable with your lender and the terms. You are never under an obligation to accept the loan you are offered.
Whether you use a matching service or a direct lender there is a high likelihood that your data will end up with other lenders. An NPR article recounts a story where after applying via a matching service (with fake data) the author received calls months later from possible lenders.
We generally do not see anything wrong with a matching service in concept but one should be aware of how the services work. For more information see Direct Lenders or Matching Service.
Licensed Versus Unlicensed Lenders
We prefer Kentucky lenders licensed in your state because they are typically more closely regulated and monitored. State-licensed lenders generally must apply, register, and remain compliant in every state in which they operate. As a result, state-licensed lenders are typically larger more permanent companies.
Unlicensed online payday lenders operate in Kentucky by exporting laws from their state or tribe into Kentucky. Tribes are formally recognized American Indian Tribes and generally treated as separate federal entities that operate under their own laws. We have seen an increase in the number of tribal-based lenders. Doshound believes in transparent markets, fair regulations, and consumer choice. To the extent, the existence of tribal lenders increase consumer choice we like this. The creation of the self-regulating Native American Financial Services Association (NAFSA) is also a good thing. We hope to see continued transparency and enforcement to create safer choices for borrowers. For more information see Kentucky Payday Loan Laws.
The above is our understanding of how payday lending works in Kentucky but we are not a law firm. Please contact the Kentucky Office of Financial Institutions for more information.