Kentucky Financial Snapshot
The Bluegrass State’s poverty rate of 16.9% means that more than 700,000 Kentucky residents live at or below the poverty line.

- Nickname: The Bluegrass State
- Population: 4,411,989
- Capital: Frankfort
- Website: Kentucky.gov
Payday Loans in Kentucky
A payday loan is a small cash loan, typically for under $500, that uses the promise of a borrower’s next paycheck as collateral. There are 707 payday lenders in Kentucky, which means there are more places to take out a payday loan than there are McDonald’s restaurants in the state.
The maximum amount a payday loan in Kentucky is legally allowed to be is $500.
- Maximum Loan Amount:$500
- Maximum Loan Term:60 days
- Rollovers Permitted?:No
- Finance Charges:$15 per $100
- Average APR on a $300 Loan:460%
Consumer Protection in Kentucky
Borrowers may contact the Kentucky Department of Financial Institutions at:
- Phone: 502-573-3390 or 800-223-2579 (Toll Free)
- Website: http://kfi.ky.gov/complaint/Pages/financial.aspx
- Check the license of a lender: http://kfi.ky.gov/industry/Pages/checkcasher.aspx
Borrowers may also file a complaint with the Kentucky Attorney General’s Consumer Protection Division:
- Website: https://ag.ky.gov/safeguarding-kentuckians/consumer-protection
- Phone: 502-696-5389
Guides to Payday Loans in Kentucky Cities
Check out these payday loan guides to the following cities in Kentucky:
Works Cited
- “Kentucky Quickfacts” United States Census Bureau. Accessed March 14, 2018. https://www.census.gov/quickfacts/KY
- “What is the current poverty rate in the United States?” UC Davis Center for Poverty Research. Accessed March 14, 2018. https://poverty.ucdavis.edu/faq/what-current-poverty-rate-united-states
- “States With the Highest Poverty Rate” US News. Accessed March 14, 2018. https://www.usnews.com/news/best-states/slideshows/the-10-states-with-the-highest-poverty-rate?slide=8
- “McDonalds vs Payday Lenders” California State University Northridge. Accessed February 27, 2018. http://www.csun.edu/~sg4002/research/mcdonalds_by_state.htm
- “Legal Status of Payday Loans by State” Consumer Federation of America. Accessed March 17, 2018. http://www.paydayloaninfo.org/state-information
- “Payday Loan Consumer Information” Consumer Federation of America: Kentucky. Accessed Accessed March 14, 2018. http://www.paydayloaninfo.org/state-information/25
- “KRS Chapter 286.9-100” Kentucky Revised Statutes, updated 03/16/2018. Accessed March 17, 2018. http://www.lrc.ky.gov/Statutes/statute.aspx?id=14913
- “Kentucky payday lending Web tracker launched” Louisville Business First. Accessed March 17, 2018. https://www.bizjournals.com/louisville/stories/2010/04/26/daily42.html
- “Kentucky Deferred Presentment Transaction Database.” Accessed March 17, 2018. https://www.kydpp.com
- “Payday Lending Database Set to Launch” Department of Financial Institutions. Accessed March 17, 2018. http://migration.kentucky.gov/Newsroom/eppc_ofi/043010database.htm
- “Ky. law sets limits on payday lending” Op-Ed in Lexington Herald Leader. Accessed March 17, 2018. http://www.kentucky.com/opinion/op-ed/article44144784.html
- “KRS Chapter 286.9-020” Kentucky Revised Statutes, updated 03/16/2018. Accessed March 17, 2018. http://www.lrc.ky.gov/Statutes/statute.aspx?id=14899
- “Search for a Licensee” Kentucky Department of Financial Institutions. Accessed March 17. http://kfi.ky.gov/industry/Pages/checkcasher.aspx
- “Federal Payday Lending Rule a Win for Kentuckians” Kentucky Center for Economic Policy. Accessed March 17, 2018. https://kypolicy.org/federal-payday-lending-rule-big-win-kentuckians/
- “KRS Chapter 286.10” Kentucky Revised Statutes, updated 03/16/2018. Accessed March 19, 2018. http://www.lrc.ky.gov/Statutes/chapter.aspx?id=38643
- “KRS Chapter 286.4-530” Kentucky Revised Statutes, updated 03/16/2018. Accessed March 19, 2018. http://www.lrc.ky.gov/Statutes/statute.aspx?id=42999
- “CFPB Finds One-in-Five Auto Title Loan Borrowers Have Vehicle Seized for Failing to Repay Debt” Consumer Financial Protection Bureau. Accessed March 1, 2018. https://www.consumerfinance.gov/about-us/newsroom/cfpb-finds-one-five-auto-title-loan-borrowers-have-vehicle-seized-failing-repay-debt/
- “New Suit Targets Title Loan Scam” Craig Henry PLC. Accessed March 19, 2018. https://craighenrylaw.com/new-suit-targets-title-loan-scam/
- “KRS Chapter 286.4-460” Kentucky Revised Statutes, updated 03/16/2018. Accessed March 19, 2018. http://www.lrc.ky.gov/Statutes/statute.aspx?id=14635