Payday Loans in Hardin, Kentucky: What You Need to Know
For many people, unexpected expenses can leave them struggling to pay bills and make ends meet. If you’re in this situation and live in Hardin, Kentucky, you may be considering a payday loan.
Before you apply for a payday loan, it’s important to understand what they are and how they work. This article will provide a comprehensive guide to payday loans in Hardin, Kentucky.
What are payday loans?
Payday loans are short-term loans designed to help people bridge the gap between paychecks. They’re typically for small amounts, usually up to $500, and are meant to be paid back in full on your next payday.
Payday loans can be a useful tool for people in need of quick cash, but they come with high interest rates and fees. It’s important to be aware of these costs before you apply.
Payday loan regulations in Hardin, Kentucky
While payday loans are legal in Kentucky, the state has put regulations in place to protect consumers. Check cashers are the only entities allowed to provide payday loans in Kentucky. The maximum amount you can borrow is $500 and you’re only allowed to have two loans at a time. Loans can’t exceed a term of 60 days and the interest rate can’t exceed 15% of the loan amount.
What do you need to apply for a payday loan in Hardin, Kentucky?
To apply for a payday loan in Hardin, Kentucky, you’ll need to have a few things on hand:
- State-issued ID or driver’s license
- Proof of income and employment
- Checking account information
Most payday lenders in Hardin will also require you to provide a post-dated check or authorize a withdrawal from your bank account to repay the loan.
The pros and cons of payday loans
Payday loans can be a helpful solution to a short-term cash shortage, but they also come with risks. Here are some pros and cons to consider before you apply for a payday loan:
Pros:
- Fast approval process – You can often get approved for a payday loan in just minutes.
- No credit check required – Payday lenders don’t typically require a credit check, so you can get a loan even with poor credit.
- No collateral required – Payday loans are unsecured, so you don’t need to put up any collateral to get approved.
Cons:
- High interest rates – Payday loans come with high interest rates and fees, which can make them very expensive, especially if you can’t pay the loan back on time.
- Cycle of debt – Some borrowers can get trapped in a cycle of debt, where they take out a new loan to pay off the old one, which can lead to a cycle of high-interest debt.
- Low loan amounts – Payday loans are meant to be for small amounts, so if you need more than a few hundred dollars, a payday loan may not be enough.
Interesting Facts and Statistics About Payday Loans in Hardin, Kentucky
- According to a 2019 study by the Pew Charitable Trusts, the average payday loan borrower in Kentucky takes out eight loans per year, with an average loan amount of $375.
- As of 2021, there are over 1,000 licensed check cashers in Kentucky who are authorized to provide payday loans.
- One-fourth of payday loan borrowers in Kentucky are seniors, according to a 2021 report by the Kentucky Coalition Against Domestic Violence.
Apply Now for a Payday Loan in Hardin, Kentucky
If you’re in need of quick cash to cover an unexpected expense, TheGuaranteedLoans can help. We’re a connector service that works with a network of potential lenders to help you find the right loan for your needs.
To get started, fill out our online application and our team will work to connect you with a potential lender. Remember, payday loans are a short-term solution, so it’s important to make sure you’re aware of the costs before you apply.