Payday loan laws in Kentucky

  • Status: Legal (06.50.010 et seq.)
For Lenders

Lending specifications:

  • Maximum loan amount: $500
  • Loan tenure: Should 14-60 days
  • Fees and finance charges: $15 per $100 on amount loaned + $1 database fee
  • Finance charge on a 14-day $100 loan: $17.65
  • APR on 14-day $100 loan: 459%

Collection restrictions:

  • Collection fees: 1 NSF fee (in case disclosed)
  • Criminal procedures: Prohibited
For Borrowers

Debt limits:

  • Maximum no. of outstanding loans at a time: Two
  • Rollovers allowed: None
  • Cooling-off phase: None

Complaint cell:

  • Regulator: Kentucky Department of Financial Institutions (DFI)
  • Address: 1025 Capital Center Drive, Suite 200 Frankfort KY 40601
  • Phone: Toll-Free: (800) 223-2579
  • Fax: (502) 573-8787
  • Regulatory contact: Gary Davis; Branch Manager
  • Website: http://www.kfi.ky.gov/Pages/default.aspx
  • File Complaint: http://www.kfi.ky.gov/complaint/
    Pages/financial.aspx


Last Updated on: 07 Apr 2016

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