Legal Status: Legal (Applies to check cashers only)
Citation: Kentucky Rev. Stat. Ann. §§ 286.9.010 et seq.
Loan Terms:
Maximum Loan Amount: $500
Loan Term: 14-60 days
Maximum Finance Rate and Fees: $15 per $100 on face value of check + $1 database fee
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 for a fee)
Cooling-off Period: None
Repayment Plan:
Collection Limits:
Collection Fees: One NSF fee (if disclosed)
Criminal Action: Prohibited
Where to Complain, Get Information:
Regulator: Kentucky Office of Financial Institutions
Address: 1025 Capital Center Drive, Suite 200 Frankfort KY 40601
Phone: (800) 223-2579
Fax: (502) 573-8787
Sourced from paydayloaninfo.org
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