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If you're like many people these days, you live paycheck to paycheck. Unfortunately, there always seems to be some unexpected expense that you didn't budget for and that can really put you behind. If you have no credit cards or savings to fall back on, you may consider getting a payday loan. Payday loan costs, limitations, and benefits vary according to the state you live in.
In Kentucky payday loans are legal. The maximum single payday loan you may take out is $500. Each consumer is allowed by law to only have 2 payday loans active at any given time, for a maximum total of $1000 in loans at once. Generally, payday loans are designed to be paid back to the lender when you get your next paycheck. However, Kentucky payday loans are only authorized for periods of 14-60 days. This means that by law you will have a minimum of 14 days or 2 weekly pay periods to pay back your loan.
One big concern with payday loans is that the fees and interest associated with them can be enormous. However, Kentucky payday loans have a legal fee cap of 15% percent of the loan. So for every $100 you borrow, you cannot be charged more than $15 in fees per loan period. This fee is prorated for amounts over an even $100. So if you took out a $150 payday loan, your would pay at most a $15 fee for the first $100 and a $7.50 fee for the remaining $50, for a total maximum fee of $22.50. Since payday loans are a competitive business, you may find lenders who charge less than 15% or even some who offer no fee promotions for new customers for a certain amount. Payday lenders are required to give you information about all fees they charge.
Kentucky payday loans are not permitted to be renewed or rolled over. You must pay off each payday loan in full before getting a new one. This law is designed to protect you from getting caught in a cycle of continually paying fees and interest to rollover a payday loan without ever paying down the principal amount of the loan.
Financial emergencies can happen to anyone. If you do some research on lenders, know your rights, and never borrow more than you can repay, payday loans may be a perfect option for you in such times.
Oz Hoopes is a freelance writer. Learn more about kentucky payday loans at www.getecash.com/