Regulator Details

Kentucky Office of Financial Institutions

1025 Capital Center Drive, Suite 200
Frankfort, KY 40601
Phone: (800) 223-2579
Fax: (502) 573-8787

Kentucky Payday Loan Laws

Kentucky Payday Loan Laws Details

The data provided here is for general informational purposes and should not be used as legal reference. If you have questions regarding Kentucky payday loan laws contact the Kentucky Office of Financial Institutions.

Payday loans are legal (applies to check cashers only) in Kentucky (see Kentucky Payday Loans or Kentucky Installment Loans to compare fees and requirements for individual lenders).

Feature Specification
Amount (max) $500
Rates or Fees (max) $15 per $100 on face value of check + $1 database fee
Term Limitations 14-60 days
General Loan Terms

In Kentucky, no rollovers are permitted (cannot renew, rollover, or consolidate). There is no cooling period specified between loans. Kentucky has no requirements for extended repayment plans.

For example, in Kentucky the rates and fees on a 14 day, $100 loan are:

Terms Amount
Loan Amount $100
Fees $17.65
APR 459%
Sample Loan Terms

Kentucky also defines regulations around collections. If available, the table below lists the fees lenders are permitted to charge if the loan is not repaid and/or whether a lender can threaten use of or use criminal action if a borrower is unable to repay a loan.

Feature Specification
Collection Fees One NSF fee (if disclosed)
Criminal Action Prohibited
Regulations on Collections
Finally, a more detailed excerpt from Kentucky's statutes on finance charges is listed below. In general the tables above summarize this.

A licensee shall not charge a service fee in excess of $15 per $100 on the face amount of the deferred deposit check. A licensee shall prorate any fee, based upon the maximum fee of $15.

Citation: Kentucky Rev. Stat. Ann. Sections 286.9.0 et seq.