Payday Loans in Big Laurel, Kentucky

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

Company nameAddressZip codePhone number
Cash In Hand 180 Town Mountain Rd # 112, Pikeville, KY 41501 +1 (606) 437 - 4308
Edmonton State Bank 608 E Main St, Scottsville, KY 42164 +1 (270) 237 - 4474
U.S. Bank Branch 303 Ridgeway Ave, Falmouth, KY 41040 +1 (859) 654 - 3301
Advance U Cash 4997 Houston Rd, Florence, KY 41042 +1 (859) 746 - 2274
Heights Finance Corporation 658 N 12th St, Murray, KY 42071 +1 (270) 759 - 0310
Quick-Cash Inc. 1914 Monmouth St, Newport, KY 41071 +1 (859) 261 - 7296
Walmart Money Center 725 Campbellsville Bypass, Campbellsville, KY 42718 +1 (270) 789 - 0707
Community Trust Bank 1918 Cumberland Ave, Middlesboro, KY 40965 +1 (606) 248 - 9600
Community Trust Bank 205 S Main St, Greensburg, KY 42743 +1 (270) 932 - 7464
Benchmark Mortgage - London KY Home Loans 830 S Main St 1, London, KY 40741 +1 (606) 862 - 0909

Payday Loan Companies in Nearby Cities

If there are no payday loan companies in Big Laurel, KY, you can try to find different companies in big cities near by. Check out the following pages here: Payday Loans in Florence, KY, Guaranteed Loans in Georgetown, KY, Payday Loans in Hopkinsville, KY, Payday Loans in 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 Big Laurel, KY.

Are Payday Loans Legal In Big Laurel, 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

Big Laurel, KY payday loan calculator

Payday Loans in Big Laurel, Kentucky: Understanding Your Options

When it comes to financial emergencies, it’s easy to feel overwhelmed and unsure of where to turn. For some people, payday loans can offer a much-needed solution. However, before you jump at the first lender that comes your way, it’s important to take a step back and do your due diligence.

In this comprehensive guide, we’ll look at the ins and outs of payday loans in Big Laurel, Kentucky. We’ll discuss the legal requirements, what to look for in a lender, and alternative options you may want to consider.

What are Payday Loans?

Payday loans are a type of short-term loan that are typically due on the borrower’s next payday. They are also sometimes referred to as cash advances or paycheck loans.

These loans are often used by people who need quick access to cash but may not have the credit score or income requirements to qualify for a traditional loan. The application process is usually fast and simple, and borrowers can receive their funds within a matter of days or even hours.

Legal Requirements in Kentucky

In Kentucky, payday loans are legal but are only allowed to be offered by check cashers. The loans cannot exceed $500, and the term must be between 14 and 60 days.

Additionally, lenders cannot charge more than $15 per $100 borrowed. This means that if you borrow $300, the maximum finance charge would be $45. Note that this does not include any other fees or charges that may be assessed.

It’s important to note that while payday loans may be legal in Kentucky, they are not without risks. Like all loans, payday loans can have high interest rates and fees, which can lead to a cycle of debt if not handled responsibly. It’s essential to read the terms and conditions carefully and make sure you understand all fees and charges before signing on the dotted line.

Choosing a Payday Loan Lender

When it comes to choosing a payday loan lender, there are a few things you should look for:

  • Reputation: Look for a lender with a solid reputation and positive customer reviews.
  • Transparency: Choose a lender who is upfront about fees and terms.
  • Certification: Check to see if your lender is certified by the Community Financial Services Association of America (CFSA).
  • Customer Service: Make sure you have a way to get in touch with your lender if you have questions or concerns.

Alternatives to Payday Loans

If you’re hesitant to take out a payday loan, there are other options you can consider, including:

  • Personal Loans: You may be able to qualify for a personal loan with a lower interest rate and longer repayment terms than a payday loan.
  • Credit Cards: If you have good credit, using a credit card to cover your expenses may be a better option than a payday loan.
  • Salary Advance: Some employers offer salary advances or employee loans at lower interest rates than payday loans.
  • Borrowing from Friends and Family: While it can be uncomfortable to ask for help from loved ones, this may be a better option than taking on debt with high interest rates.

Interesting Statistics About Payday Loans in Big Laurel, Kentucky

Here are some interesting statistics according to the Pew Charitable Trusts:

  • The average payday loan borrower takes out eight loans per year.
  • One in 10 Kentucky adults has taken out a payday loan in the past year.
  • The average payday loan in Kentucky is $340, with an average finance charge of $42 per $200 borrowed.
  • 76% of payday loans in Kentucky are taken out by borrowers who take out at least seven loans per year.

Apply Now

If you’ve decided that a payday loan is the right option for you, TheGuaranteedLoans can help facilitate your connection with potential lenders. Our process is fast, simple, and secure.

Remember, we are a connector service, not a direct lender. This means that we will help you find the right lender for your needs, but we do not make the lending decision or set the loan terms.

Fill out our online application today to get started. Our customer service team is available to answer any questions you may have and help you navigate the lending process.

Conclusion

Payday loans can be a helpful solution to a financial emergency, but it’s essential to understand the risks and do your research before taking out a loan. By following the tips and guidelines outlined in this article, you can make an informed decision that is right for your individual needs and circumstances.

F.A.Q.

What are the requirements to be eligible for a payday loan in Big Laurel, Kentucky?

To be eligible for a payday loan in Big Laurel, Kentucky, you must be at least 18 years old and have a valid government-issued ID and proof of income.

How long do I have to repay a payday loan in Big Laurel, Kentucky?

Payday loans in Big Laurel, Kentucky must be repaid within 60 days.