Everything You Need to Know About Payday Loans in Ferguson, Kentucky
Payday loans are short-term loans that are designed to help individuals in need of fast cash. They can be a great option for people who need money quickly, and they are often used to cover unexpected expenses or emergencies.
In Ferguson, Kentucky, payday loans are legal for check cashers. This means that if you need a payday loan in Ferguson, you should be able to find a lender who can help you. However, it’s important to understand the rules and regulations surrounding payday loans in Kentucky before you apply.
Understanding Payday Loans in Kentucky
Before you apply for a payday loan in Ferguson, it’s important to understand the laws surrounding payday loans in Kentucky. Here are a few things you should know:
Loan Amount Limits
In Kentucky, payday loans are limited to $500 per loan. However, you can have up to two outstanding payday loans at any given time, as long as the total amount borrowed is not more than $500.
Loan Term Limits
Payday loans in Kentucky have a maximum term of 60 days. This means that you will typically have to pay back your loan within 60 days of receiving the funds.
Interest Rates and Fees
Kentucky law allows payday lenders to charge up to $15 per $100 borrowed in fees. This means that if you borrow $100, you could be charged up to $15 in fees. However, the actual interest rate on your loan could be much higher.
It’s important to note that payday loans are typically very expensive, so it’s important to use them responsibly and only if you have no other options. If you can’t pay back your loan on time, you could be hit with fees and additional charges, which could make it even harder to get out of debt.
Applying for a Payday Loan in Ferguson, Kentucky
If you need a payday loan in Ferguson, Kentucky, you can apply online or in person at a check cashing store. However, before you apply, it’s important to do your research and make sure you understand the terms and conditions of the loan.
When you apply for a payday loan, you will typically need to provide the following information:
- Your name, address, and contact information
- Your employment information, including your employer’s name and contact information
- Your bank account information, including your account number and routing number
- Your Social Security number
- Proof of income, such as a pay stub or bank statement
Once you have applied for a payday loan, the lender will review your information and determine whether to approve your application. If you are approved, you will typically receive your funds within a few business days.
Interesting Facts and Statistics About Payday Loans in Ferguson, Kentucky
- According to the Kentucky Coalition for Responsible Lending, the average interest rate on payday loans in Kentucky is 391 percent.
- In Kentucky, payday lenders are not permitted to threaten criminal action for non-payment of a loan.
- The Kentucky Center for Economic Policy reports that payday lenders in Kentucky took in over $184 million in fees in 2019.
Apply Now
At TheGuaranteedLoans, we are a connector service that can help you find a lender for your payday loan needs. Simply fill out our online application and we will connect you with potential lenders who can help you get the cash you need. Remember, we are not a direct lender, and we do not make credit decisions. Instead, we help connect borrowers with lenders who can meet their needs.
Apply now and get connected with a lender today!