Payday Loans in Prospect, Kentucky

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

Company nameAddressZip codePhone number
First National Bank of Grayson Viking Dr, Morehead, KY 40351 +1 (606) 784 - 4000
World Finance 232 Skywatch Dr, Danville, KY 40422 +1 (859) 236 - 9119
Bank of Edmonson County 109 Main St, Brownsville, KY 42210 +1 (270) 597 - 2175
Chase Bank 6000 Crestwood Station Ste 17A, Crestwood, KY 40014 +1 (502) 566 - 8151
ABC Finance Co., Inc. 430 US-62, Princeton, KY 42445 +1 (270) 365 - 7444
First American Cash Advance 219 Prince Royal Dr Suite 1, Berea, KY 40403 +1 (859) 985 - 0939
Check Advance 828 Lane Allen Rd Suite 160, Lexington, KY 40504 +1 (859) 278 - 3000
Community Trust Bank 1918 Cumberland Ave, Middlesboro, KY 40965 +1 (606) 248 - 9600
Cash Express 856 Paris Rd, Mayfield, KY 42066 +1 (270) 247 - 2012
United Citizens Bank & Trust 5364 S Main St, Eminence, KY 40019 +1 (502) 518 - 9152

Payday Loan Companies in Nearby Cities

If there are no payday loan companies in Prospect, KY, you can try to find different companies in big cities near by. Check out the following pages here: Short-term Loans in Florence, KY, Payday Loan Without a Credit Check in Georgetown, KY, Payday Loans in Hopkinsville, KY, No Credit Check Loans in Louisville, KY, Payday Loans 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 Prospect, KY.

Beautiful sights of Prospect, KY

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

40059

Are Payday Loans Legal In Prospect, 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

Prospect, KY payday loan calculator

Understanding Payday Loans in Prospect, Kentucky

Payday loans can be a helpful financial tool for those in need of quick cash. With high approval rates and relatively easy application processes, these short-term loans can provide relief to those who need it most. While payday loans may be legal in Prospect, Kentucky, it’s important to understand the terms and conditions of these loans before applying.

How Do Payday Loans Work?

Payday loans are typically small, short-term loans designed to cover unexpected expenses between paydays. Borrowers typically provide a post-dated check or give the lender access to their bank account as collateral. The loan amount, plus fees and interest, is typically due on the borrower’s next payday.

With high interest rates and short repayment terms, payday loans can be costly. It’s important to understand the fees and interest rates associated with these loans before applying.

Payday Loans in Prospect, Kentucky

In Kentucky, payday loans are legal for check cashers only. The maximum loan amount is $500, and lenders can charge up to $15 per $100 borrowed in fees. Additionally, the loan term cannot exceed 14 days, and lenders cannot charge more than a 36% annual percentage rate (APR).

It’s important to note that payday loans may not be the best option for everyone. Consumers should consider all of their options before applying for a payday loan, including personal loans, credit cards, and other forms of credit.

Applying for a Payday Loan

When applying for a payday loan in Prospect, Kentucky, it’s important to do your research and select a reputable lender. Look for lenders that are licensed and regulated by the state, and be sure to read the terms and conditions of the loan before signing any papers or agreeing to any terms.

Additionally, borrowers should consider their ability to repay the loan before applying. It’s important to only borrow what you can afford to repay, and to avoid rolling over the loan or taking out multiple loans at once.

Interesting Facts and Statistics

  • According to the Center for Responsible Lending, the average payday loan borrower in Kentucky takes out 10 payday loans per year, with an average loan amount of $319.
  • In 2019, Kentucky lawmakers passed a bill that would cap interest rates on payday loans at 36%, but the bill did not pass in the Senate.
  • According to a report by the Kentucky Coalition for Responsible Lending, payday loans cost Kentucky residents $133 million per year in fees and interest.

Apply Now

If you’re in need of quick cash in Prospect, Kentucky, TheGuaranteedLoans can help connect you with potential lenders. Fill out our online application to get started today.

Remember, TheGuaranteedLoans is a connector service, not a direct lender. We work with a network of trusted lenders to help you find the best loan option for your needs. The application process is quick and easy, and you could receive your funds in as little as one business day.

Whether you’re facing unexpected expenses or simply need a little extra cash to make ends meet, a payday loan may be the right choice for you. But before applying, make sure you understand the terms and conditions of the loan, and consider all of your options before making a decision.

F.A.Q.

What are the requirements to be eligible for a payday loan in Prospect, Kentucky?

To be eligible for a payday loan in Prospect, Kentucky, you must be at least 18 years old and have a valid government-issued ID and proof of income.

How long do I have to repay a payday loan in Prospect, Kentucky?

Payday loans in Prospect, Kentucky must be repaid within 60 days.