Payday Loans in Yerkes, Kentucky

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

Company nameAddressZip codePhone number
Forcht Bank 230 Violet Rd, Crittenden, KY 41030 +1 (859) 428 - 1900
Farmers National Bank 131 Frontier Blvd, Stanford, KY 40484 +1 (606) 365 - 8851
Walmart Money Center 201 Waldon Dr, Harlan, KY 40831 +1 (606) 573 - 2206
CFSB 456 5th Ave SE, Calvert City, KY 42029 +1 (270) 395 - 7616
BB&T 216 Glynnview Plz, Prestonsburg, KY 41653 +1 (606) 886 - 0192
Heights Finance Corporation 405 Richmond Rd N #2, Berea, KY 40403 +1 (859) 986 - 6000
First Financial Credit Inc 640 University Shopping, Center Dr, Richmond, KY 40475 +1 (859) 624 - 2149
Lendmark Financial Services 184 Collins Cir, Prestonsburg, KY 41653 +1 (606) 889 - 9400
Eagle Finance 2780 New Holt Rd Suite C, Paducah, KY 42001 +1 (270) 366 - 7004
Heritage Bank 1601 N 12th St, Murray, KY 42071 +1 (270) 767 - 2000

Payday Loan Companies in Nearby Cities

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

Beautiful sights of Yerkes, KY

Are Payday Loans Legal In Yerkes, 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

Yerkes, KY payday loan calculator

Payday Loans in Yerkes, Kentucky: An Overview

Payday loans are a type of short-term lending that have become increasingly popular in recent years, particularly in states where they are legal. In Kentucky, payday loans are legal but can only be offered by check cashers. In this article, we will take a look at what payday loans are, the laws and regulations surrounding them in Kentucky, and how to apply for a payday loan in Yerkes.

What are Payday Loans?

Payday loans are a type of short-term, high-interest lending that are typically used by people who need money quickly and don’t have access to traditional credit. They are usually for small amounts, ranging from a few hundred dollars to a couple of thousand dollars, and are designed to be repaid in full on the borrower’s next payday, hence the name.

Payday loans can be a convenient way to access cash quickly, but they come with a high cost. The interest rates on payday loans are usually much higher than other types of lending, and if the loan is not repaid on time, it can lead to a cycle of debt where the borrower has to take out more loans to cover the original loan and its fees.

Payday Loan Laws in Kentucky

  • In Kentucky, payday loans are legal, but they can only be offered by check cashers. Banks and other financial institutions are not allowed to offer payday loans.
  • The maximum amount you can borrow with a payday loan in Kentucky is $500.
  • Payday loans in Kentucky can only be taken out for a maximum of 60 days, and lenders cannot charge more than $15 per $100 borrowed. This means that if you borrow $500, the maximum fee you can be charged is $75.
  • Kentucky law also requires payday lenders to offer a payment plan to borrowers who have taken out three or more consecutive loans. The payment plan must be no less than 60 days and must allow the borrower to repay the loan in equal installments without additional fees.
  • Payday lenders in Kentucky are also required to be licensed with the Kentucky Department of Financial Institutions.

It’s important to note that payday loans should only be used as a last resort and when the borrower is confident that they can repay the loan on time, along with its fees. Failure to repay a payday loan can lead to legal action, damage to credit scores, and additional fees and charges, which can make the loan even more difficult to repay.

Applying for a Payday Loan in Yerkes, Kentucky

If you find yourself in need of a payday loan in Yerkes, Kentucky, there are a few things you will need to do. Firstly, you will need to find a licensed check casher in the area that offers payday loans. The Kentucky Department of Financial Institutions provides a list of licensed check cashers on its website.

Once you have found a licensed check casher, you will need to provide some basic information, including your name, address, and employment details. You may also need to provide proof of income, such as a recent pay stub, as this will help the lender determine whether you can afford to repay the loan.

If you are approved for a payday loan, the lender will usually provide you with the funds on the same day or within a few days. You will then need to agree to the terms of the loan, including the repayment schedule and any fees or charges.

Interesting Facts and Statistics about Payday Loans in Yerkes, Kentucky

  • According to the Kentucky Coalition for Responsible Lending, the average annual percentage rate (APR) on a payday loan in Kentucky is 460%. This is significantly higher than the average APR on credit cards, which is around 17%.
  • A study by the Consumer Financial Protection Bureau found that around 80% of payday loans are rolled over or renewed within 14 days, leading to a cycle of debt that can be difficult to escape.
  • As of 2021, there are over 550 licensed check cashers in Kentucky that offer payday loans.

Apply Now

If you are in need of a payday loan in Yerkes, Kentucky, TheGuaranteedLoans can help. Our online application process is fast and easy, and we work with a network of trusted lenders to find the best loan options for your needs. Remember, we are a connector service, not a direct lender, so we will facilitate your connection with potential lenders. Fill out an application today to get started.

F.A.Q.

Can I apply for a payday loan online in Yerkes, Kentucky?

Yes, you can apply for a payday loan online in Yerkes, Kentucky, as long as the lender is licensed to operate in the state.

Do I need a bank account to take out a payday loan in Yerkes, Kentucky?

Yes, you will need a valid bank account to take out a payday loan in Yerkes, Kentucky.