Payday Loans in Letcher, Kentucky

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

Company nameAddressZip codePhone number
Cash Express 1989 Harrodsburg Rd, Lexington, KY 40503 +1 (859) 277 - 0548
Community Trust Bank 107 W Main St, Hindman, KY 41822 +1 (606) 785 - 5095
First State Bank 240 1st Ave, Irvington, KY 40146 +1 (270) 547 - 2271
Personal Finance Company 739 Fleming Rd, Maysville, KY 41056 +1 (606) 564 - 3993
Cash Express 1302B E Main St, Cumberland, KY 40823 +1 (606) 589 - 2525
World Finance Corporation 1916 Bypass Rd, Winchester, KY 40391 +1 (859) 737 - 6281
Vic Huntsman Auto Sales 1230 Nashville Rd 8934, Franklin, KY 42134 +1 (270) 598 - 8822
Citizens Bank of Kentucky 3651 KY-2565, Louisa, KY 41230 +1 (606) 638 - 9473
ARH Federal Credit Union 3805 W Cumberland Ave, Middlesboro, KY 40965 +1 (606) 248 - 8566
Exchange Bancshares Inc 223 S 6th St, Mayfield, KY 42066 +1 (270) 247 - 1403

Payday Loan Companies in Nearby Cities

If there are no payday loan companies in Letcher, KY, you can try to find different companies in big cities near by. Check out the following pages here: Payday Loans in Florence, KY, Quick Loan in Georgetown, KY, Payday Loans in Hopkinsville, KY, Same Day Loans in Louisville, KY, 24-Hour Loan 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 Letcher, KY.

Beautiful sights of Letcher, KY

Are Payday Loans Legal In Letcher, 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

Letcher, KY payday loan calculator

Understanding Payday Loans in Letcher, Kentucky

Payday loans are small, short-term loans that provide fast cash to cover unexpected expenses. These loans are intended to be repaid in full on the borrower’s next paycheck. In Letcher, Kentucky, payday loans are legal to be offered only by check cashers.

How Payday Loans Work in Letcher, Kentucky

The process of applying for a payday loan in Letcher, Kentucky is relatively simple. A borrower needs to provide a valid photo ID, proof of income, and a checking account. The lender then determines the loan amount and the loan term based on the borrower’s income and the amount of the loan. Once approved, the lender will transfer the funds to the borrower’s checking account, and the borrower will be required to repay the loan plus interest and fees on their next payday.

The Pros and Cons of Payday Loans in Letcher, Kentucky

  • Pros:
    • Quick and easy access to cash in emergencies
    • No credit check required
    • Simple eligibility requirements
  • Cons:
    • High fees and interest rates
    • Short-term repayment period may lead to a debt cycle
    • Not a long-term financial solution

Interesting Facts and Statistics About Payday Loans in Letcher, Kentucky

  • In 2019, Kentucky payday lenders charged an average annual interest rate of 391%, which is higher than the national average of 391%. However, the state has implemented new laws that cap the interest rate at 36%.
  • In 2018, the total number of payday loans made in Kentucky was more than 539,000, and the average loan amount was $380.
  • Kentucky law permits borrowers to take out no more than two payday loans at a time, and the total amount borrowed cannot exceed $500.

Applying for a Payday Loan in Letcher, Kentucky

At TheGuaranteedLoans, we make it easy for borrowers in Letcher, Kentucky, to access payday loans. As a connector service, we work with a large network of lenders to match borrowers with the best loan offers available based on their needs and qualifications. Our online application process is simple and secure, and our service is available 24/7. To apply for a payday loan, simply visit our website and complete the application form. We will then connect you with a potential lender who will provide you with loan terms and conditions.

Please note that TheGuaranteedLoans is not a direct lender, and we do not make credit decisions. We are committed to providing borrowers in Letcher and other areas of Kentucky with the best loan options available.

Conclusion

Payday loans can be a useful option for borrowers who need fast cash to cover unexpected expenses. However, they come with high fees and interest rates that can lead to a cycle of debt. In Letcher, Kentucky, payday loans are legal, but borrowers should be aware of the risks and consider other options before taking out a loan. At TheGuaranteedLoans, we are committed to providing borrowers with the information and resources they need to make informed borrowing decisions.

F.A.Q.

Are payday loans legal in Letcher, Kentucky?

Yes, payday loans are legal in Letcher, Kentucky.

What is the maximum loan amount I can borrow in Letcher, Kentucky?

The maximum loan amount you can borrow in Letcher, Kentucky is $500.