Cash Advance and Payday Loans in Kentucky

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In Kentucky, cash advances and payday loans are regulated by the Kentucky Department of Financial Institutions. Officially, they are called deferred deposit transactions, and lenders are licensed as check cashers. Payday loans are meant to be paid back in full on a specific due date.

Kentucky Cash Advance and Payday Loan Rules and Regulations

Overhead view of lake, bridges, and buildings in downtown Kentucky.

In Kentucky, the maximum cash advance and payday loan amount are $500. Borrowers can pay back the loan in up to 60 days. Roll-overs and loan extensions are not allowed at the end of the loan term. The lender can charge up to a $15 finance rate for a two-week, $100 loan. The lender can also charge a $1 database fee. Kentucky's state law permits borrowers to simultaneously obtain two loans from the same lender every two weeks. Still, the maximum total amount of all outstanding loans should not exceed $500. The APR on cash advances and payday loans in Kentucky is around 460%.

If a borrower fails to pay back the loan on time, the lender has the right to charge one non-sufficient funds (NSF) fee. However, the lender must first disclose the fee in the original loan agreement. Additionally, pursuing criminal actions against a borrower is prohibited.

Kentucky Cash Advance Lenders by City

Residents of Kentucky have many options to choose from when they want to get cash advances and payday loans. Listed below are a few cities and lending companies that operate in the area.

Bowling Green: Check into Cash, Quik Cash, Cash Express, Check ‘n Go, Advance America

Frankfort: World Finance, Quik Cash, Check ‘n Go, Advance America, Check into Cash

Owensboro: Zippi Cash Advance, Cash Express, Advance America, Check into Cash, Check ‘n Go

Somerset: Check ‘n Go, Advance America, Check into Cash, Cash Express

Louisville: Advance America, Check Smart, Quik Cash, Check into Cash, Fast Payday Loans

Lexington: Check into Cash, Check ‘n Go, Advance America, Quik Cash

How to Get a Payday Loan in Kentucky

Submitting a request for a payday loan in Kentucky may be relatively simple. Consumers from different credit backgrounds may be eligible. Kentucky residents can visit a storefront lender or go online to complete a request to see if they qualify for a payday loan. If the lender approves the loan request, the borrower may receive the money in as little as one business day. To request a payday loan, borrowers must be at least 18 years of age and present the following documents:

  • Government-issued ID

  • Verifiable proof of income

  • Active bank statement

  • Personal checking account

  • Address

  • Phone number

Installment Loans in Kentucky

People may turn to installment loans when in need of money worth more than $500. Like cash advances and payday loans, people borrow installment loans when in need of quick cash, usually to cover an unexpected expense. However, unlike payday loans, installment loans are to be paid back in equal amounts over time.

The state of Kentucky doesn't specify the maximum and the minimum amount that can be borrowed; however, some lenders offer installment loans over $3,000. The loan term isn't stated either; therefore, each lender provides its own terms. The APR depends on the amount and term of the loan.

To request an installment loan, Kentuckians must be at least 18 years of age and present the same documents required for a payday loan.

Installment Loan Regulations for Kentucky

In Kentucky, other small loans are licensed and regulated by the Kentucky Department of Financial Institutions. Lenders who are not licensed don't have the right to operate in the state. Since borrowers will be providing the lender-sensitive information, they should check if the lender is clearly displaying their license in the store or online.

Requesting Title Loans in Kentucky

Auto title loans can be another viable short-term loan option for residents who are struggling financially and who may have exhausted other loan alternatives. These loans are taken out against a borrower's vehicle. This means that the vehicle's title may be used as collateral until the borrower can repay their loan.

Much like payday loans, title loans can be useful in emergency financial situations. However, consumers may also choose to request a loan for any number of non-emergency reasons, such as:

Medical expenses, including insurance co-pays and money for prescription drugs and over-the-counter medications

  • Vacation expenses

  • Home improvements

  • Personal expenses

  • Business opportunities

  • Child-related expenses

  • Educational costs

Car Title Loan Laws in Kentucky

The maximum car title loan amount in Kentucky is $15,000. When borrowing a car title loan, the loan limit is generally around 25% to 50% of the vehicle's value. Like installment loans, car title loans are paid back in equal monthly payments. The maximum and the minimum term are not stated; thus, each lender has its own term. The APR depends on the term and the amount that has been borrowed. Extra fees are prohibited from being charged on top of the interest.

Lenders may place a lien against the title of the vehicle in exchange for a loan amount. When the loan is fully repaid, the lien is removed. However, if the borrower defaults, the lender has the right to gain possession of the car and sell it to cover the outstanding debt.

Title Loan Requirements

When requesting a title loan, borrowers may have to present the following documents:

  • Valid government-issued photo ID

  • Proof of residence

  • Proof of ownership

  • Proof of insurance

  • Proof of income

  • Lien-free car title

  • Vehicle registration document

  • Active bank account

Some lenders may demand a physical inspection of the car to assess its value, and some may even ask for copies of the vehicle's keys. When completing a request online, the lender may ask for photos of the car.

Final Thoughts

We understand that finding a loan can be a hassle, which is why we aim to make our request form quick and easy. The form on this page makes it easy for Kentucky's residents to try and connect with a reputable lender. Although we're not a direct lender, we partner with a network of financiers. Since 2015, we have helped over a million consumers. Complete the request form and join the millions today.


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