Payday Loans in Mayking, Kentucky

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

Company nameAddressZip codePhone number
New Manchester Finance Co 309 Bridge St, Manchester, KY 40962 +1 (606) 598 - 2164
Check Exchange Hit 405 Flemingsburg Rd, Morehead, KY 40351 +1 (606) 783 - 0717
Cash Express 1832 N Main St, Beaver Dam, KY 42320 +1 (270) 274 - 8232
BB&T 164 Main St, Pikeville, KY 41501 +1 (606) 433 - 5500
Cash Express 101 W 8th St, Benton, KY 42025 +1 (270) 252 - 0100
Regency Finance Company 5006 Atwood Dr #4, Richmond, KY 40475 +1 (859) 623 - 0955
World Finance Corporation 217 Boone Station Rd, Shelbyville, KY 40065 +1 (502) 647 - 5940
World Finance 276 Cassidy Blvd Suite 2, Pikeville, KY 41501 +1 (606) 437 - 1431
Regions Bank 507 Main St, Benton, KY 42025 +1 (270) 906 - 0360
World Finance 1215 N Main St Ste 18, Monticello, KY 42633 +1 (606) 348 - 9308

Payday Loan Companies in Nearby Cities

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

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

41837

Are Payday Loans Legal In Mayking, 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

Mayking, KY payday loan calculator

Payday Loans in Mayking, Kentucky: A Comprehensive Guide

Payday loan services are a growing industry within the United States that provides consumers with the ability to take out short-term loans to help them cover unexpected expenses or other financial emergencies. In Mayking, Kentucky, payday loans are legal for check cashers according to state law, though there are certain restrictions and regulations in place to help protect borrowers from predatory lending practices. In this article, we’ll take an in-depth look at payday loans in Mayking, Kentucky, and explore the options available to locals in need of financial assistance.

The Basics of Payday Loans

Payday loans are essentially short-term loans that are designed to be paid back by the borrower’s next paycheck. These loans are typically in smaller amounts, with interest rates and fees that are higher than traditional bank loans. In Mayking, Kentucky, the maximum amount of a payday loan is $500, with a maximum loan term of 60 days.

To take out a payday loan, the borrower will typically need to provide the lender with proof of income and employment, a government-issued ID, and a postdated personal check or consent form for an electronic transfer that will cover the loan amount plus applicable interest and fees. In some cases, lenders may also ask for collateral such as a car title or checking account access.

The Legal Landscape of Payday Loans in Mayking, Kentucky

In 2010, the Kentucky legislature passed a set of measures that placed certain regulations on the payday lending industry in the state. These regulations included limits on loan amounts, loan terms, and fees, as well as a statewide database to track payday loan usage and prevent borrowers from taking out multiple loans at once.

It’s worth noting that while Kentucky law allows payday loans, individual cities and counties may have their own regulations in place. As of the time of this writing, there are no specific regulations in place for payday loans in Mayking, Kentucky.

The Risks and Benefits of Payday Loans

Like any financial product, payday loans come with their own set of risks and benefits. For borrowers, the main advantage of a payday loan is the ability to access quick cash when they need it, with minimal credit requirements and a simple application process.

However, in exchange for this convenience, borrowers may be subject to high interest rates and fees that can quickly add up and make the loan difficult to pay back. Additionally, some payday lenders may engage in predatory lending practices and take advantage of vulnerable borrowers who are in dire financial situations.

Interesting Facts About Payday Loans in Mayking, Kentucky

  • The average annual percentage rate (APR) for a payday loan in Kentucky is 460%.
  • In May 2021, the average payday loan amount in Kentucky was $380.
  • According to the Kentucky Coalition for Responsible Lending, more than 83,000 Kentuckians took out a payday loan in 2019, resulting in more than $90 million in fees.

How to Apply for a Payday Loan

If you’re in need of a payday loan in Mayking, Kentucky, TheGuaranteedLoans can help you connect with potential lenders who may be able to assist you. As a connector service, we work with a network of reputable lenders who operate in Kentucky and other states across the U.S.

To get started with your application, simply visit our website and fill out our online form. We’ll ask you a few basic questions about your income and employment status, as well as the amount of money you’re looking to borrow and your preferred repayment term.

Please note that TheGuaranteedLoans is not a direct lender and does not underwrite loans. We simply facilitate connections between borrowers and lenders, and cannot guarantee loan approval or terms.

Conclusion

Payday loans can be a helpful financial tool for people in Mayking, Kentucky who are faced with unexpected expenses or other emergencies. However, it’s important to carefully consider the risks and benefits before taking out a loan, and to choose a reputable lender who will work with you to find the best repayment terms and interest rates.

At TheGuaranteedLoans, we’re committed to helping our customers find the financial assistance they need, at a fair and reasonable cost. Contact us today to learn more about our services and how we can help you.

F.A.Q.

Can I apply for a payday loan if I am receiving Social Security benefits in Mayking, Kentucky?

Yes, individuals who are receiving Social Security benefits are eligible to apply for payday loans in Mayking, Kentucky. However, they will need to provide proof of income in order to qualify.

Can I apply for a payday loan if I am a student in Mayking, Kentucky?

Yes, students are eligible to apply for payday loans in Mayking, Kentucky, as long as they meet the other eligibility requirements. However, it is important to carefully consider whether a payday loan is the best option for managing their finances as a student.