Payday Loans Online in Louisville, KY

People are often faced with financial emergencies that need to be addressed before their next paycheck. When in need of short-term financial help, cash advances and payday loans may come in handy. Payday lenders may offer money relatively quickly and require only a few documents.

Advantages of Taking Out a Payday Loan in Louisville, KY

Some lenders may be flexible regarding less-than-stellar credit, and they may consider income alongside credit scores when determining eligibility.

Another advantage of taking out payday loans is the fast and easy application process. Lenders may require minimal documents and no collateral.

How to Get a Cash Advance and Payday Loan in Louisville, KY

People wishing to apply for a cash advance in Louisville can visit a storefront lender in person or apply online by filling out an application form. Customers can apply for new loans once they have paid back the previous one.

Cash Advance and Payday Loan Requirements

To be eligible for a loan in Louisville, borrowers must be legal Kentucky residents of at least 18 years of age. They should present a government-issued photo ID, their bank account information, and proof of income. To make sure that the customer has the means to pay back the loan on time, some lenders have a minimum salary requirement.

Costs and Regulations of Cash Advances and Payday Loans in Louisville, KY

In the state of Kentucky, the maximum loan amount cannot exceed $500. Also, Kentucky's state law allows customers to borrow two loans simultaneously from the same lender every two weeks. However, when borrowing two loans at the same time, the maximum total amount of all outstanding loans cannot surpass $500. Customers can pay back their loans in up to 60 days. According to the law, lenders cannot charge finance fees that exceed $15 per $100 loan given for two weeks. Rollovers are not allowed, and the average annual percentage rate for a $300 payday loan is around 460%.

Installment Loans in Louisville, KY

An installment loan is another option for people who want quick cash that is greater than the amount that payday loans offer. Usually, the minimum amount of installment loans is $1,000; however, the minimum or maximum loan amount is not specified in Kentucky. Some lenders offer installment loans around $2,500 to $3000. The minimum and the maximum terms aren't set either; therefore, each lender offers its own terms based on the amount that will be borrowed and the customer's circumstances. The annual percentage rate may depend on the term.

Requesting Title Loans in Louisville, KY

People who cannot qualify for cash advances, payday loans, and installment loans may have the option to apply for title loans. A car title loan is a short-term loan where borrowers use their vehicle's title as collateral to secure the debt. Generally, the loan limit is around 25% to 50% of the vehicle's value.

It is important to note that the vehicle is not limited to a car. It can be a bus, a motorcycle, or a boat, etc.

To apply for an installment loan, vehicle owners should present the original vehicle title, government-issued ID, vehicle registration, and proof of vehicle insurance. Some lenders may ask for copies of the vehicle's keys and proof of income to assess the customer's ability to pay back the loan.

Usually, title loans are meant to be paid back in 30 days. However, some lenders may extend the period.

Favorite Louisville, KY, Cash Advance and Payday Loan Companies

Louisville offers many cash advance and payday loan companies from which customers can choose. Two companies operating in Louisville known for their quick services and application process are Advance America and Check Into Cash. Both companies offer cash advances, payday loans, installment loans, and title loans. They also provide their customers with the option to apply for a loan online or in person. If approved, the lender will deposit the money in the borrower's bank account.