Payday Loan Laws - KY
The rules and regulations issuers of payday loans must abide by in the state of Kentucky.
Legal Status:
Legal
Loan Terms:
Maximum Loan Amount: $500
Loan Term: 14-60 days
Maximum Finance Rate and Fees: $15 per $100
Finance Charge for 14-day $100 loan: $17.65
APR for 14-day $100 loan: 459%
Debt Limits:
Maximum Number of Outstanding Loans at One Time: Two ($500 aggregate loans outstanding to all licensees)
Rollovers Permitted: None (cannot renew, rollover, or consolidate)
Cooling-off Period: None
Collection Limits:
Collection Fees: One NSF fee (if disclosed)
Criminal Action: Prohibited
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