Payday Loans in Cannel City, Kentucky

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

Company nameAddressZip codePhone number
Pioneer Credit Company now Mariner Finance 106 W Flaget St, Bardstown, KY 40004 +1 (502) 349 - 3288
Central Financial Services 125 Cowtown Rd, Hindman, KY 41822 +1 (606) 785 - 9871
Woodforest National Bank 2988 Burkesville Rd, Columbia, KY 42728 +1 (270) 385 - 9666
Ez Mortgage Loans Inc 308 Horton St # 3, Grayson, KY 41143 +1 (606) 325 - 4500
South Central Bank 211 Main St, Fountain Run, KY 42133 +1 (270) 434 - 2281
Cinfed Credit Union 333 Scott Blvd 1, Covington, KY 41011 +1 (513) 333 - 3890
U.S. Bank Branch 119 S Main St, Dawson Springs, KY 42408 +1 (270) 797 - 2976
Kentucky Farmers Bank 2500 Broadway St, Catlettsburg, KY 41129 +1 (606) 929 - 5000
Crossroads Cash Advance 284 Main St, Beattyville, KY 41311 +1 (606) 464 - 9250
Inez Deposit Bank Home Loan 151 E Main St, Hazard, KY 41701 +1 (606) 439 - 1348

Payday Loan Companies in Nearby Cities

If there are no payday loan companies in Cannel City, KY, you can try to find different companies in big cities near by. Check out the following pages here: Short-term Loans in Florence, KY, Same Day Loans in Georgetown, KY, Payday Loans in Hopkinsville, KY, Online Loans in Louisville, KY, Short-term 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 Cannel City, KY.

Are Payday Loans Legal In Cannel City, 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

Cannel City, KY payday loan calculator

Exploring Payday Loans in Cannel City, Kentucky

Payday loans are financial instruments that have been gaining popularity in recent years. These loans are designed to help people get through short-term financial difficulties by providing them with quick access to cash. However, despite their popularity, many people are still unaware of how payday loans work or whether they are the right choice for them.

How do payday loans work in Kentucky?

Payday loans are legal in Kentucky, but there are certain restrictions in place to protect borrowers. In the state of Kentucky, payday loans are only available from licensed check cashing businesses. The loan amount cannot exceed $500, and the loan term cannot be longer than 60 days. Additionally, lenders are restricted from charging more than $15 per $100 borrowed.

It’s important to note that payday loans are short-term loans, which means they must be paid back in a relatively short amount of time. This can make them a useful tool for those who need quick access to cash to cover unforeseen expenses but may not be the best choice for those who cannot afford to make repayment on time.

Identifying the Pros and Cons of Payday Loans

Like any other financial product, payday loans have both pros and cons. Here are some of the pros and cons to consider:

Pros

  • Easy application process – Payday loans typically have a quick and simple application process, and you can usually get your loan approved within an hour.
  • No credit checks – Unlike traditional loans, payday lenders don’t usually perform extensive credit checks. This means that if you have poor credit or no credit history, you can still apply for a payday loan.
  • Quick access to cash – If you’re in a tight financial spot and need cash quickly, payday loans can provide you with the money you need within a short timeframe.

Cons

  • High interest rates and fees – Payday loans come with high interest rates and fees, which can add up quickly if you don’t pay the loan back on time.
  • Short repayment terms – Payday loans must be repaid within a short timeframe, usually within two weeks to a month. This can be difficult for some borrowers who struggle to make ends meet.
  • Debt cycle – In some cases, borrowers may find themselves caught in a debt cycle, where they must take out another payday loan to repay the first one.

Interesting facts and statistics about Payday loans in Cannel City, Kentucky

According to a report by the Kentucky Department of Financial Institutions, there were 334 licensed payday lending locations in Kentucky in 2019.

The report also stated that the average payday loan amount in Kentucky was $335, and the average loan term was 14 days. Additionally, the report found that the average APR for a payday loan in Kentucky was 391%.

Apply Now

At TheGuaranteedLoans, we are a connector service that can help connect you with potential lenders who offer payday loans in Cannel City, Kentucky. If you are in need of quick access to cash, you can fill out an online application on our website, and we will match you with a lender who can provide you with the funds you need.

It’s important to remember that we are not a direct lender, and we do not make lending decisions. Our role is to facilitate the connection between borrowers and lenders, making it easier for you to get the money you need quickly and efficiently.

Conclusion

Payday loans can be a useful tool for those who need quick access to cash to cover unforeseen expenses. However, it’s important to be aware of the risks associated with these loans, such as high interest rates and short repayment terms. If you decide to take out a payday loan, it’s important to make sure that you can afford to repay it on time.

At TheGuaranteedLoans, we strive to provide our readers with accurate and useful information on payday loans in Cannel City, Kentucky. If you have any questions or concerns about payday loans, we encourage you to reach out to us for more information.

F.A.Q.

Are there any alternatives to payday loans in Cannel City, Kentucky?

Yes, there are several alternatives to payday loans in Cannel City, Kentucky, such as small personal loans, credit union loans, or borrowing from friends or family.

What should I do if I am unable to repay my payday loan in Cannel City, Kentucky?

If you are unable to repay your payday loan in Cannel City, Kentucky, you should contact your lender immediately and discuss your options, such as negotiating a payment plan or seeking financial counseling.