Kentucky Payday Loan Laws Details
The data provided here is for general informational purposes and should not be used as legal reference. If you have questions regarding Kentucky payday loan laws contact the Kentucky Office of Financial Institutions.
Payday loans are legal (applies to check cashers only) in Kentucky (see Kentucky Payday Loans or Kentucky Installment Loans to compare fees and requirements for individual lenders).
| Feature | Specification |
|---|---|
| Amount (max) | $500 |
| Rates or Fees (max) | $15 per $100 on face value of check + $1 database fee |
| Term Limitations | 14-60 days |
In Kentucky, no rollovers are permitted (cannot renew, rollover, or consolidate). There is no cooling period specified between loans. Kentucky has no requirements for extended repayment plans.
For example, in Kentucky the rates and fees on a 14 day, $100 loan are:
| Terms | Amount |
|---|---|
| Loan Amount | $100 |
| Fees | $17.65 |
| APR | 459% |
Kentucky also defines regulations around collections. If available, the table below lists the fees lenders are permitted to charge if the loan is not repaid and/or whether a lender can threaten use of or use criminal action if a borrower is unable to repay a loan.
| Feature | Specification |
|---|---|
| Collection Fees | One NSF fee (if disclosed) |
| Criminal Action | Prohibited |
A licensee shall not charge a service fee in excess of $15 per $100 on the face amount of the deferred deposit check. A licensee shall prorate any fee, based upon the maximum fee of $15.