Payday Loans in Melbourne, Kentucky

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

Company nameAddressZip codePhone number
Community Trust Bank 211 W Russell St, Elkhorn City, KY 41522 +1 (606) 754 - 5589
Speedy Cash 460 Allen Dr, Salyersville, KY 41465 +1 (606) 349 - 4700
World Finance 110 Corporate Dr Ste 100, Hazard, KY 41701 +1 (606) 439 - 1900
World Finance 792 W Main St, Lebanon, KY 40033 +1 (270) 699 - 2666
Peoples Exchange Bank 53 E Pendleton St, Stanton, KY 40380 +1 (606) 663 - 9500
Citizens Bank - Broadhead 53 S Main St, Brodhead, KY 40409 +1 (606) 758 - 8212
Check Into Cash 463 Eastern Bypass, Richmond, KY 40475 +1 (859) 624 - 5224
Crossroads Cash Advance 284 W Main St, Beattyville, KY 41311 +1 (606) 464 - 9250
Hancock Bank & Trust Co 8280 US-60 W, Lewisport, KY 42351 +1 (270) 295 - 3713
Peoples Cash Advance 801 Campbell Ln Ste C, Bowling Green, KY 42104 +1 (270) 842 - 7005

Payday Loan Companies in Nearby Cities

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

Beautiful sights of Melbourne, KY

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

41059

Are Payday Loans Legal In Melbourne, 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

Melbourne, KY payday loan calculator

What You Need to Know About Payday Loans in Melbourne, Kentucky

Payday loans can be a helpful financial solution in a tight spot, but it’s essential to understand what you’re getting into before applying. In this article, we’ll take an in-depth look at payday loans in Melbourne, Kentucky, and provide you with all you need to know before considering a payday loan.

What are Payday Loans?

Payday loans are a short-term loan that can help you cover unexpected expenses or emergency bills. Payday loan lenders offer a cash loan, and you’re expected to repay it when you get your next paycheck or within a few weeks. These loans are usually smaller sums of money, typically less than $500. Payday loans can be an excellent solution to a financial emergency, but you need to ensure you have the ability to repay the loan on time to avoid incurring additional fees or interest charges.

Payday Loan Regulations in Melbourne, Kentucky

In Melbourne, Kentucky, payday loans are legal but only apply to check cashers. The state law regulates the APR, fees, repayment period, and loan amounts. The payday loan lender can’t lend more than $500 within a 14-day period, and the interest rate can’t be more than 15% of the total loan amount. The maximum finance rate and fees usually shouldn’t exceed $15 for a $100 payday loan. If you’re unable to repay the loan by the due date, the lender can charge additional fees that will increase your loan amount.

Note: A payday loan isn’t meant to be a long-term financial solution. It’s essential to have a plan to pay off the loan on time and avoid further debt.

The Application Process

To apply for a payday loan in Melbourne, Kentucky, you can visit a storefront lender or apply online. The application process is simple, and you’ll need to provide some basic information, such as your name, contact information, employment details, and banking information. The lender may perform a credit check, but a bad credit score won’t necessarily disqualify you from receiving a loan. If you meet the eligibility requirements, you can usually receive a loan decision within minutes.

Repaying the Loan

The repayment of a payday loan in Melbourne, Kentucky, is typically due on your next payday or within a few weeks. The lender will usually withdraw the loan amount and fees from your bank account. It’s vital to ensure you have enough funds in your account to cover the loan payment. If you’re unable to repay the loan on time, you can ask the lender for an extension, but it will come with an additional fee. If you continue to default on the loan payments, the lender can take legal action, which can impact your credit score and financial situation.

Interesting Statistics about Payday Loans in Melbourne, Kentucky

  • Payday loans are legal in Kentucky since 1998.
  • The average payday loan amount in Kentucky is $350.
  • The maximum loan term is 14 days in Kentucky.
  • As per Kentucky state law, the interest rate can’t be more than 15% of the total loan amount.
  • In Kentucky, a person can’t take more than two payday loans at a time.

Apply Now for a Payday Loan

At TheGuaranteedLoans, we understand how challenging unexpected expenses can be. As a connector service, we don’t provide payday loans directly. But we can connect you with many lenders in Kentucky who may be able to assist you. To apply, fill out our easy online form, and we’ll match you with a lender who meets your needs. Remember, only use payday loans as a last resort and ensure you can repay the loan on time to avoid further debt.

Conclusion

A payday loan can be a helpful option when you have a sudden financial emergency or unexpected expenses. But it’s essential to understand the regulations in Kentucky, the repayment process, and additional fees or charges that you may incur. Before applying, make sure you have a plan to repay the loan on-time to avoid negative consequences to your credit score or financial situation.

F.A.Q.

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

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

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

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