Payday Loans in Means, Kentucky

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

Company nameAddressZip codePhone number
Cash Express 949 Louisville Rd, Frankfort, KY 40601 +1 (502) 223 - 8104
Citizens Deposit Bank 10 2nd St, Vanceburg, KY 41179 +1 (606) 796 - 3001
Cash Express 231 W College Ave, Stanton, KY 40380 +1 (606) 663 - 0209
Peoples Security Finance Co 231 Madison Square Dr, Madisonville, KY 42431 +1 (270) 825 - 4494
Mortgage Suppliers 8771 Rockwell Rd, Winchester, KY 40391 +1 (859) 737 - 1902
Edmonton State Bank 608 E Main St, Scottsville, KY 42164 +1 (270) 237 - 4474
Heights Finance Corporation 1560 Hustonville Rd, Danville, KY 40422 +1 (859) 936 - 0248
Forcht Bank 58 Broadway St, Dry Ridge, KY 41035 +1 (859) 824 - 6300
Fortera Credit Union 3225 Lafayette Rd, Hopkinsville, KY 42240 +1 (931) 431 - 6800
MoneyGram 1869 N 25th St, Middlesboro, KY 40965 +1 (606) 248 - 5117

Payday Loan Companies in Nearby Cities

If there are no payday loan companies in Means, KY, you can try to find different companies in big cities near by. Check out the following pages here: Online Loans in Florence, KY, Payday Loans in Georgetown, KY, Payday Loans in Hopkinsville, KY, No Credit Check Loans in Louisville, KY, Payday Loans in Owensboro, KY and Same Day 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 Means, KY.

Are Payday Loans Legal In Means, 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

Means, KY payday loan calculator

What Are Payday Loans and How Do They Work?

Payday loans are short-term loans, usually due on the borrower’s next payday, that provide a quick cash infusion for individuals who need funds immediately. These loans are typically for small amounts, ranging from $100 to $1,000, and have a short repayment period of two weeks to one month, depending on the lender and state regulations. In Means, Kentucky, payday loans are legal for check cashers to offer.

Payday loans are often associated with higher interest rates and fees than traditional loans due to the short-term nature of the lending. These loans are secured against the borrower’s upcoming paycheck and typically require a post-dated check, electronic access to the borrower’s bank account, or a signed agreement granting the lender the right to withdraw payment from the borrower’s account on the due date.

When considering a payday loan, it’s important to carefully review the lender’s terms and fees, as they can vary significantly. It’s also crucial to understand the potential risks associated with these loans, including the risk of falling into a cycle of debt if the loan cannot be repaid in full at the end of the term.

Advantages of Payday Loans

One of the main advantages of payday loans is the speedy availability of funds. When a borrower needs cash quickly, payday loans can provide a rapid solution that traditional lenders may not be able to match. Additionally, payday loans do not typically require a credit check, which can be a benefit for individuals with poor credit history.

Another benefit is the ease of applying for a payday loan. Many lenders offer online applications, allowing borrowers to apply from the comfort of their homes without the need to visit a physical location. Furthermore, payday lenders may approve applications in as little as a few minutes, providing a fast and easy application process.

Disadvantages of Payday Loans

While payday loans can be useful in certain situations, they also come with disadvantages that should be carefully considered before deciding to take out a loan.

  • High Interest Rates and Fees: Payday loans typically have higher interest rates and fees than traditional loans, which can lead to significant costs over time. This is largely due to the short repayment period.
  • Risk of Debt Cycle: If the borrower is unable to repay the loan in full by the end of the term, they may be required to take out another loan to cover the fees and interest. This can lead to a cycle of debt that is difficult to break.
  • Impact on Credit Score: While payday lenders do not typically check credit scores, failure to repay a loan can result in negative marks on the borrower’s credit report.

Interesting Facts About Payday Loans in Means, Kentucky

According to a report from the Kentucky Coalition for Responsible Lending:

  • The average APR for a payday loan in Kentucky is 391%.
  • More than 80% of payday loans in Kentucky are taken out by borrowers who end up taking out multiple loans in a year.
  • In 2019, payday loan borrowers in Kentucky paid over $186 million in fees to payday lenders.

Apply Now for a Payday Loan in Means, Kentucky

If you’re in need of quick cash, TheGuaranteedLoans can help connect you with potential lenders in Means, Kentucky. Simply fill out our online application to get started. Please note that we are a connector service and do not directly lend funds. We work with a network of trusted lenders to help you find the best loan option for your needs.

F.A.Q.

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

Yes, individuals who are receiving Social Security benefits are eligible to apply for payday loans in Means, 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 Means, Kentucky?

Yes, students are eligible to apply for payday loans in Means, 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.