Payday Loans in Holmes Mill, Kentucky

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

Company nameAddressZip codePhone number
First & Farmers National Bank 224 Public Square, Columbia, KY 42728 +1 (270) 384 - 2361
World Finance Corporation 942 S 12th St, Murray, KY 42071 +1 (270) 753 - 0735
HLT Check Exchange 441 S Mayo Trail, Paintsville, KY 41240 +1 (606) 789 - 2274
Cash Express 134 KY-80, Hyden, KY 41749 +1 (606) 672 - 4246
Abound Credit Union 121 Walmart Dr, Campbellsville, KY 42718 +1 (800) 285 - 5669
Cash Express 209 N Main St, Elkton, KY 42220
Old National Bank 130 N Morgan St, Morganfield, KY 42437 +1 (270) 389 - 5200
Cumberland Financial Inc 153 Patchen Dr 53, Lexington, KY 40517 +1 (859) 268 - 3028
Fast Payday Loans 553 US-31 BYP, Bowling Green, KY 42101 +1 (270) 796 - 8510
Diamond Finance 1675 Flemingsburg Rd, Morehead, KY 40351 +1 (606) 780 - 0000

Payday Loan Companies in Nearby Cities

If there are no payday loan companies in Holmes Mill, KY, you can try to find different companies in big cities near by. Check out the following pages here: Payday Loans in Florence, KY, Emergency Loan in Georgetown, KY, Payday Loans in Hopkinsville, KY, Quick Loan in Louisville, KY, Payday Loan for 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 Holmes Mill, KY.

Are Payday Loans Legal In Holmes Mill, 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

Holmes Mill, KY payday loan calculator

What You Need to Know About Payday Loans in Holmes Mill, Kentucky

With the rising cost of living expenses and unexpected financial emergencies, many people have found themselves in a financial bind at some point in their lives. When faced with such a challenge, payday loans are a viable option for those in search of quick cash. However, it is important to understand the pros and cons associated with these type of loans, as well as the legal requirements in Holmes Mill, Kentucky.

What are Payday Loans?

Payday loans are short-term loans granted to borrowers on the premise that repayment would be made when the borrower receives their next paycheck. These loans are granted with little to no regard to the borrower’s credit score, making them appealing to people with bad credit who cannot obtain loans from traditional lenders. Payday loans typically come with high-interest rates and fees, making it critical that borrowers understand their terms and repayment obligations before taking out the loan.

Requirements for Obtaining Payday Loans in Holmes Mill, Kentucky

The state of Kentucky allows check cashers to offer payday loans to residents. While these loans come with specific requirements, borrowers must adhere to certain legal requirements to qualify for the loan. These requirements include:

  • A borrower must be 18 years or older
  • Borrowers must provide a valid government-issued identification
  • Proof of income or employment
  • A borrower’s bank account number

Benefits of Payday Loans

Payday loans can offer immediate relief to people facing financial emergencies. Some advantages of obtaining a payday loan when compared to traditional loans include:

  • Minimal requirements: As mentioned earlier, borrowers with poor credit scores who cannot get loans from traditional lenders can easily access payday loans.
  • Quick approval and disbursement: Payday loans are known for their fast application process. Once borrowers fulfill the necessary requirements, loan approval and distribution usually take less than one business day.
  • No collateral necessary: Payday loans are unsecured loans, meaning that borrowers are not required to offer any collateral as assurance for the loan.

Drawbacks of Payday Loans

While payday loans may offer relief to individuals faced with financial emergencies, they also come with their drawbacks. It is essential that borrowers consider all these factors before deciding on a payday loan. The drawbacks include:

  • High-interest rates: As payday loans are usually unsecured and require no collateral, lenders charge high-interest rates to account for the high risk they are undertaking.
  • Cycles of debt: Due to the high-interest rates, borrowers may find themselves in a cycle of debt, continuously borrowing to repay old loans.
  • Impact on credit score: Non-repayment of payday loans can significantly damage borrowers’ credit scores, making it harder to access loans in the future.

Facts and Statistics about Payday Loans in Holmes Mill, Kentucky

  • The maximum payday loan amount available in Kentucky is $500.
  • The lending period for payday loans in Kentucky is a maximum of 60 days with a single renewal.
  • According to the Kentucky Department of Financial Institutions, in 2020, lenders issued 1.3 million payday loans in Kentucky alone.
  • As of 2021, the highest interest rates charged for payday loans in Kentucky are around 460% APR.

Apply Now

At TheGuaranteedLoans, we provide access to trusted lenders who can help you navigate the world of payday loans, title loans and more. We do not offer direct lending services. Instead, we facilitate a connection between borrowers and potential lenders, ensuring that borrowers have access to a wide variety of options. If you’re in need of a quick loan, visit our website to apply now and get connected with our network of reputable lenders.

Final Thoughts

Payday loans can offer a lifeline to borrowers in Holmes Mill, Kentucky, but they come with significant risks. As a borrower, it is crucial to understand the terms and conditions of the loan before making any commitments. Always remember your obligations, and ensure you have a solid repayment plan before taking out a payday loan. With these considerations in mind, applying for a payday loan through TheGuaranteedLoans offers a faster and safer way to gain access to quick cash.

F.A.Q.

What is the maximum interest rate allowed on payday loans in Holmes Mill, Kentucky?

The maximum interest rate allowed on payday loans in Holmes Mill, Kentucky is 36%.

Can I renew or rollover my payday loan in Holmes Mill, Kentucky?

No, renewing or rolling over payday loans is not allowed in Holmes Mill, Kentucky.