Payday Loans in Benham, Kentucky

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No payday loan companies in Benham, KY. Consider companies in other cities:

Company nameAddressZip codePhone number
Advance America 3 N Bloomfield Rd, Winchester, KY 40391 +1 (859) 901 - 1717
World Finance 2551 KY-227 Ste A, Carrollton, KY 41008 +1 (502) 732 - 0965
Advance America 14949 N. US Hwy. 25, Ste. 2, Corbin, KY 40701 +1 (606) 258 - 8148
World Finance 215 N Main St, Marion, KY 42064 +1 (270) 965 - 1981
Mariner Finance 102 Corporate Dr, Lebanon, KY 40033 +1 (270) 692 - 0126
Cash Master Inc 928 Broadway St, Paintsville, KY 41240 +1 (606) 789 - 3111
Cash Express 302 Lancaster St, Stanford, KY 40484 +1 (606) 365 - 8066
Lendmark Financial Services LLC 216 William Thomason Byway, Leitchfield, KY 42754 +1 (270) 259 - 9614
Hometown Mortgage of Ky 41 E Main St, Owingsville, KY 40360 +1 (606) 674 - 8289
Citizens Bank & Trust Co 1138 Main St, Jackson, KY 41339 +1 (606) 666 - 7576

Payday Loan Companies in Nearby Cities

If there are no payday loan companies in Benham, KY, you can try to find different companies in big cities near by. Check out the following pages here: Payday Loans in Florence, KY, Payday Loans in Georgetown, KY, Online Loans in Hopkinsville, KY, Payday Loan for Louisville, KY, Payday Loans in Owensboro, KY and Payday Loans in Richmond, KY. But also, you can apply for a loan online, not coming out of your home. Just fill out a simple application on our website and we will connect you with trusted direct lenders in Benham, KY.

Beautiful sights of Benham, KY

Payday Loans Available in Benham, KY By The Following ZIP Codes:

40807

Are Payday Loans Legal In Benham, Kentucky?

Loan Rates and Fees, Laws and Regulations in Kentucky.

Kentucky Loan Regulations

Legal StatusLegal (Applies to check cashers only)
Interest Rate (APR, %)460
Maximum Loan Amount$500
Minimum Loan TermNot Specified
Maximum Loan Term60 days
Number of Rollovers Allowed0
Finance Charges$15 per $100

Benham, KY payday loan calculator

Payday Loans in Benham, Kentucky

Income insecurity is a common problem in the United States. As a result, people often turn to short-term loans to make ends meet. Payday loans are a popular option for those who need to borrow money quickly, although they can come with high-interest rates and potentially serious financial consequences if not managed responsibly. In the state of Kentucky, this type of loan is legal but only applies to check cashers. In this article, we’ll explore payday loans in Benham, Kentucky, including their legality, benefits, drawbacks, and important information for those considering this type of lending.

What Are Payday Loans?

Payday loans are short-term loans that aim to provide quick cash to borrowers between paychecks. These loans are typically for small amounts, ranging anywhere from $100 to $1000, and can be taken out in-person or online. In Benham, Kentucky, payday loans are regulated by the state government and have specific rules regarding interest rates and fees.

Are Payday Loans Legal in Benham, Kentucky?

Payday loans are legal in Kentucky but only to check cashers. These lenders must be licensed by the state government to operate legally. Borrowers can take out a maximum of two loans at a time from any one lender and can borrow up to $500 per loan. Lenders are also prohibited from charging more than 15% of the loan amount in fees.

The Benefits of Payday Loans

Payday loans have some benefits worth considering, although these benefits may not always outweigh their drawbacks. Some potential benefits include:

  • Quick Access to Cash: Borrowers can typically receive funds within 24 hours of application approval or can receive cash on the same day in-person.
  • Easy Application Process: The application process for payday loans is generally quick and easy, with few requirements aside from a steady income source.
  • No Credit Check: Payday loans do not typically require a credit check, making them an option for those with poor credit or who don’t want a hard inquiry on their credit report.

The Drawbacks of Payday Loans

Payday loans also have some significant drawbacks that borrowers should consider, including:

  • High-Interest Rates: Payday loans can have an APR (annual percentage rate) that exceeds 300%, making them one of the most expensive forms of borrowing available. This can lead to debt cycles that are difficult to escape from.
  • Fees: Payday loans can come with additional fees beyond interest rates, including late payment fees and prepayment penalties.
  • Short-Term Solution: Payday loans are designed to be short-term solutions and can quickly spiral into long-term debt if not repaid quickly.

Important Information for Borrowers

Borrowers considering a payday loan in Benham, Kentucky, should keep the following in mind:

  • Never borrow more than you can afford to repay on time.
  • Read the loan agreement carefully before signing to ensure you understand all fees and terms.
  • Make sure the lender is licensed by the state government.
  • Consider alternative options for borrowing, such as personal loans or credit cards with lower interest rates.

Interesting Facts and Statistics about Payday Loans in Benham, Kentucky

  • Kentucky has the eighth-highest poverty rate in the United States.
  • According to the Kentucky Coalition for Responsible Lending, the average payday borrower takes out 10 loans per year, with the average loan being $340.
  • A report from the Center for Responsible Lending found that in Kentucky, payday lending results in nearly $60 million in fees each year.

Apply Now

If you are considering a payday loan in Benham, Kentucky, TheGuaranteedLoans can assist you in finding a potential lender. Note that TheGuaranteedLoans is a connector service and not a direct lender. By filling out an online application, you can be connected to a lender within minutes and could receive funds as soon as the next business day. Remember to always borrow responsibly and consider alternatives before committing to any loan.

In conclusion, payday loans can be a solution for those who need quick cash in Benham, Kentucky. However, potential borrowers should be aware of their drawbacks, including high-interest rates and fees. By understanding the terms and their obligations, borrowers can make informed decisions about whether to take out a payday loan or explore alternative options for borrowing.

F.A.Q.

Can I be sued or have my wages garnished if I default on my payday loan in Benham, Kentucky?

Yes, you can be sued or have your wages garnished if you default on your payday loan in Benham, Kentucky.

Are there any consumer protection laws for payday loans in Benham, Kentucky?

Yes, Kentucky has consumer protection laws for payday loans that regulate the terms and conditions of these loans.