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Payday Loans In Kentucky, What You Need To Know
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Payday Loans In Kentucky, What You Need To Know

I wanted to write an article on Payday loans in Kentucky, and what you need to know about them so people can make a good decision on using these services. The state is pushing hard to put an end to these loans completely, but as of today they are alive and growing.

There are 707 payday loan companies in the state of Kentucky at the writing of this article. No shortage of availability at all. You are allowed to take payday loans out for up to 60 days, about twice the length of most other states.

The state of Kentucky charges $15.00 per $100.00 borrowed plus administrative fees, and the loan limit per loan is $500.00. If you are like most people who take out a payday loan, you will roll this loan over between 4 to 5 times before paying it in full, and your total payback on $500.00 will be over double.

It does not take long to get caught in a payday loan trap, and if you use these services you need to know that paying them off in full, one at a time, when the first due date comes along, is the only way to properly use these services.

This state lets you take out multiple payday loans at one time, and does not have a roll over limit, so before you know it you are literally robbing Peter to pay Paul by taking out loans to cover loans.A pad payday trap to get caught in, and one that is near impossible to get out of on your own.

If you are stuck in this situation in Kentucky or any other state, it is time to get some help. You can get all your loans consolidated into one low bi-weekly or monthly payment, free up your paydays and get the companies off your backs. You can start by checking out some payday loan consolidation companies.

There are many so be careful, most are not looking out for you, the borrower, but there are a few who really care about your situation and are willing to work with you and your lenders one on one. look for ones that do not hold your money over two weeks before they start paying your loans, and make sure the company you use will stop the calls and help get rid of the interest rates.

I hope this article on Kentucky state payday loan laws helps you make good choices in using these services, and if you are in trouble with payday loan debt, I hope I headed you in the right direction for help.

Please feel free to share this article and leave any questions and comments below!


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