Payday Loans in Mackville, Kentucky

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

Company nameAddressZip codePhone number
Check Into Cash 2247 Hikes Ln, Louisville, KY 40218 +1 (502) 456 - 2231
Security Bank & Trust Co 1 W 2nd St, Maysville, KY 41056 +1 (606) 564 - 3304
Sandy Valley Financial Services 439 North S Mayo Trail, Paintsville, KY 41240 +1 (606) 788 - 9930
Bluegrass Check Advance 121 Copper Creek Dr, Powderly, KY 42367 +1 (270) 377 - 3646
Bluegrass Check To Cash 1939 Midland Blvd, Shelbyville, KY 40065 +1 (502) 633 - 1896
River City Pawn 713 S 12th St, Murray, KY 42071 +1 (270) 761 - 7296
Check `n Go 790 N Dixie Hwy STE 300, Elizabethtown, KY 42701 +1 (270) 765 - 9999
First American Cash Advance 935 Paris Rd Suite B, Mayfield, KY 42066 +1 (270) 247 - 2188
Woodforest Bank 120 Sam Walton Dr, Russellville, KY 42276 +1 (270) 725 - 9415
Cash Express 1851 Main St, Cadiz, KY 42211 +1 (270) 522 - 4050

Payday Loan Companies in Nearby Cities

If there are no payday loan companies in Mackville, KY, you can try to find different companies in big cities near by. Check out the following pages here: 24-Hour Loan in Florence, KY, Same Day Loans in Georgetown, KY, Guaranteed Loans in Hopkinsville, KY, No Credit Check Loans in Louisville, KY, 24-Hour Loan in Owensboro, KY and Bad Credit 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 Mackville, KY.

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

40040

Are Payday Loans Legal In Mackville, 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

Mackville, KY payday loan calculator

Understanding Payday Loans in Mackville, Kentucky

When financial hardships hit, it may be difficult to know where to turn for help. Payday loans are one option for Mackville residents who need access to quick cash to cover unexpected expenses. Here’s what you need to know about these loans and the regulations surrounding them in the state of Kentucky.

What Are Payday Loans?

Payday loans are short-term loans that are typically due within two weeks or on the borrower’s next payday. They are designed to help people bridge temporary financial gaps and cover unexpected expenses until they receive their next paycheck. These loans are often referred to as cash advances, check advances, or post-dated check loans.

To apply for a payday loan, borrowers must provide documentation of income and a checking account. Some lenders also require proof of identification and residency.

The Regulation of Payday Loans in Kentucky

Payday loans are legal in Kentucky, but with certain restrictions. Under Kentucky law, check cashers are allowed to offer payday loans. The state sets limits on the amount of money that a person can borrow, the fees and interest that can be charged, and the length of time that the loan can be outstanding.

Under Kentucky law, borrowers are limited to a maximum loan amount of $500. Lenders are allowed to charge fees of up to $15 per $100 borrowed, which means that a borrower who takes out a $500 loan would pay $75 in fees. The loan must be repaid within 14 to 60 days, depending on the lender’s terms.

It’s important to note that Kentucky law prohibits lenders from rolling over or refinancing payday loans. This means that borrowers cannot take out a new loan to pay off a previous loan, as this only creates a cycle of debt. Once a loan is repaid, there is a cooling-off period of at least 24 hours before a borrower can take out another loan.

Interest Rates and Fees

Payday loans in Mackville, Kentucky, come with high interest rates and fees. These loans should be taken out only in emergency situations and when other options have been exhausted. While the fees may seem reasonable for two weeks, the annual percentage rate (APR) can be as high as 400%. This means that a person who takes out a $500 loan and pays $75 in fees will have a total of $575 to repay in just two weeks.

Alternatives to Payday Loans

If you’re facing a financial emergency and need access to quick cash, there may be other options available to you besides payday loans. Some alternatives to consider include:

  • Getting an advance from your employer
  • Using a credit card cash advance
  • Working out a payment plan with your creditors
  • Seeking assistance from nonprofit organizations or government agencies

Interesting Facts and Statistics About Payday Loans in Mackville, Kentucky

  • In Kentucky, the average borrower takes out eight payday loans per year.
  • The average loan amount in Kentucky is $375.
  • Payday loans cost Kentucky residents more than $200 million per year in fees and interest.
  • In 2019, the Kentucky General Assembly passed a bill that would impose stricter limits on payday loans. However, the bill has yet to become law.

Apply Now

At TheGuaranteedLoans, we offer a simple online application process that connects borrowers to multiple potential lenders. Our service is free, and we work with both direct lenders and loan connection services to find a loan that fits your needs.

Remember that payday loans should be used only in emergency situations and when all other options have been exhausted. If you’re considering a payday loan, be sure to read the terms and conditions carefully and understand the fees and interest rates before signing any loan agreement.

Apply now with TheGuaranteedLoans and get connected with potential lenders who can help you get the funds you need.

F.A.Q.

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

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

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