Payday Loans in Fedscreek, Kentucky

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

Company nameAddressZip codePhone number
Advance America 1224 Old Gallatin Rd, Scottsville, KY 42164 +1 (270) 237 - 3176
Hyden Citizens Bank: Wooton Branch 5244 KY-80, Wooton, KY 41776 +1 (606) 279 - 2344
Citizens Commerce Bank 108 Sea Hero Rd A, Frankfort, KY 40601 +1 (502) 695 - 7233
World Finance Corporation 1729 KY-44, Shepherdsville, KY 40165 +1 (502) 543 - 1550
Cash Express 101 Old Dixie Hwy, Horse Cave, KY 42749 +1 (270) 786 - 1205
SunLendingUSA 1030 Monarch St STE 330, Lexington, KY 40513 +1 (859) 233 - 0143
Commonwealth Bank & Trust Co 422 Main St, Shelbyville, KY 40065 +1 (502) 232 - 7020
Community Trust Bank 38720 KY-194, Phelps, KY 41553 +1 (606) 456 - 8701
Lendmark Financial Services LLC 391 S Mayo Trail, Paintsville, KY 41240 +1 (606) 789 - 9200
Speedy Cash 311 Morton Blvd # 102, Hazard, KY 41701 +1 (606) 439 - 5050

Payday Loan Companies in Nearby Cities

If there are no payday loan companies in Fedscreek, 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, Payday Loans in Georgetown, KY, Payday Loan Without a Credit Check in Hopkinsville, KY, Payday Loans in Louisville, KY, Payday Loan Companies 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 Fedscreek, KY.

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

41524

Are Payday Loans Legal In Fedscreek, 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

Fedscreek, KY payday loan calculator

Payday Loans in Fedscreek, Kentucky: What You Need to Know

If you live in Fedscreek, Kentucky, and find yourself in a financial pinch, payday loans might be an option worth considering. These short-term loans are designed to help you cover unexpected expenses between paychecks, but understanding how they work is critical to avoiding debt traps. Read on to learn more about how payday loans work in Kentucky and whether they might be the right option for you.

What are Payday Loans?

Payday loans are a form of short-term credit that typically lasts for two weeks to a month. They’re designed to help people who need fast cash due to financial emergencies, such as unexpected medical bills or car repairs. In Kentucky, payday loans are legal for check cashers only and are subject to certain terms and limitations.

The Process

To get a payday loan, you typically need to provide proof of income, a valid photo ID, and your checking account information. If you meet the lender’s eligibility criteria, you’ll receive your loan money in cash, or it will be deposited directly into your checking account.

The Cost

Payday loans are notorious for their high-interest rates and fees. In Kentucky, lenders can charge up to $15 per $100 borrowed for loans up to $500. For loans over $500, they can charge an additional rate of $10 per $100 borrowed. This means that if you borrow $100, you can expect to pay back $115.

The Risks

While payday loans can be a lifesaver in times of financial hardship, they also come with risks. The high-interest rates mean that if you’re unable to repay the loan on time, you could quickly find yourself trapped in a cycle of debt. Lenders may charge high fees for late payments or offer to roll over your loan, which can add more interest and fees to what you already owe.

Payday Loans in Kentucky: The Laws

As we mentioned earlier, payday loans are legal for check cashers only in Kentucky. However, the state has put in place some regulations to protect borrowers from predatory lending practices. The Kentucky Department of Financial Institutions oversees the state’s payday lending industry and enforces the following regulations:

  • Maximum loan amount: $500
  • Maximum finance charges: $15 per $100 borrowed for loans up to $500 and an additional $10 per $100 borrowed for loans over $500
  • Maximum loan term: 14-60 days, depending on the amount borrowed
  • Maximum number of outstanding loans allowed at one time: 2, with a total combined amount of $500
  • Cooling-off period: 7 days after 5 consecutive loans

Interesting Facts and Statistics About Payday Loans in Fedscreek, Kentucky

Did you know that according to a report by the Kentucky Coalition for Responsible Lending, the average payday loan borrower in Kentucky takes out 10 loans per year? Or that over 80% of payday loans are rolled over or reborrowed within two weeks of the original loan? These statistics highlight the risks of payday loans and why it’s essential to consider all options before taking out a loan.

Apply Now

If you’re considering a payday loan in Fedscreek, Kentucky, TheGuaranteedLoans can help. As a connector service, we work with a network of trusted lenders to help you find the best loan option for your needs. Our online application process is easy and straightforward, and you’ll receive a decision in just a few minutes.

Please note that TheGuaranteedLoans is not a direct lender, and we do not make lending decisions. Our role is to connect you with potential lenders and facilitate the loan application process. If you’re approved for a loan, you’ll work directly with the lender to agree on loan terms and complete the transaction.

In Conclusion

Payday loans can be a viable option for those facing financial emergencies, but they come with risks and should only be considered after all other options have been exhausted. Remember to read the fine print, understand the loan terms and costs, and only borrow what you can afford to repay.

If you’re considering a payday loan in Fedscreek, Kentucky, use TheGuaranteedLoans to find lenders and make an informed decision.

F.A.Q.

Are there any alternatives to payday loans in Fedscreek, Kentucky?

Yes, there are several alternatives to payday loans in Fedscreek, 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 Fedscreek, Kentucky?

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