The Lowdown on Payday Loans in Walker, Kentucky
Payday loans are a type of short-term loan that is typically granted to borrowers who need money to tide them over until their next paycheck. They come in handy when you need to pay unexpected bills, cover unexpected expenses or purchase an item you’ve been eyeing.
While payday loans have been around for a long time, there has been an increase in demand for them in recent years, particularly in the state of Kentucky. For folks who reside in Walker, Kentucky, it might be a worthwhile option when you are in dire straits.
What are Payday Loans?
Payday loans, also known as cash advances, are unsecured loans that usually range from $100 to $500. In Kentucky, you can borrow up to $500 with a repayment period of up to 60 days. Typically, payday loans are granted to borrowers who have a stable income but don’t have a credit history that qualifies them for a traditional loan.
For all intents and purposes, payday loans may seem like a good idea when you’re in a bind. However, they can be exceedingly difficult to repay because of their high interest rates and unreasonably short repayment periods. If you don’t have the funds to repay your payday loan, you may be forced to take out another loan to cover your previous loan, and you end up in a vicious cycle of debt.
Payday Loans in Kentucky
Kentucky law allows payday loans in the state, but the rules are heavily regulated. The maximum amount you can borrow is $500, and the repayment period cannot be more than 60 days. While payday lenders can charge a maximum of $15 for every $100 borrowed in Walker, some can go as high as 461%. That’s why it is essential to be mindful of the interest rates and the terms before taking out a payday loan in Kentucky.
You should also keep in mind that payday lenders cannot charge a fee over $25 for every $100 you borrow. If the loan amount is less than $20, they can charge no more than $1.50 per $5 borrowed. If the loan amount is between $20 and $350, the maximum fee a lender can charge is $15.
It’s important to note that payday loan companies are prohibited from lending to individuals who already have outstanding payday loans. It’s illegal to take another payday loan just to pay off the previous loan. The only recourse you may have is to file a complaint with the Kentucky Department of Financial Institutions or seek legal action.
How to Apply for a Payday Loan
When you need cash in a hurry, a payday loan can be a saver. The process of applying for one is fast and straightforward. Simply fill out the online application on our website, and we will match you up with a potential lender.
At TheGuaranteedLoans, we connect borrowers with trustworthy lenders in Walker who offer payday loans. After filling out your application, if you meet the lender’s requirements, they will deposit the loan amount directly into your bank account. If, for any reason, you are unable to repay the loan on time, be sure to speak with the lender about options, such as an extension.
Interesting Facts about Payday Loans in Walker, Kentucky
- Kentucky law allows for payday loans, but the annual percentage rate for a two-week payday loan can reach over 400%
- As of 2021, there are over 730 payday loan providers in Kentucky
- The average Kentuckian takes out eight payday loans each year, with an average loan amount of $375
- Kentucky payday lenders made over 3 million loans in 2020, totaling over $1 billion in loan funds
Apply Now
Are you in need of cash, and considering a payday loan in Walker, Kentucky? Don’t hesitate, click the ‘Apply Now’ button on our website and fill out our secure online application. We will match you up with trusted lenders in Kentucky who will review your application and offer you the best deal possible. Remember, TheGuaranteedLoans is not a lender, but we work with lenders who offer payday loans at competitive rates. We are here to help you find the loan you need, when you need it most.