Being in financial trouble can cause you a ton of stress. In turn, this stress makes a hard situation even worse and may make you feel hopeless. Sometimes, you may need to look for online payday loans in Kentucky to help ease the burden. Luckily, some reliable companies will help ease your financial trouble.
Short-term cash loans, known as payday loans, can help you out in these kinds of financial emergencies. However, it’s important to know that payday loan approval is solely based on the lender’s ability to collect and not how easy it is for you to pay it back. If you’re not careful, payday loans can be a neverending debt cycle that’s hard to stop.
Payday loans are legal in Kentucky and the maximum amount you’re able to get is $500. Some other important information to know:
- The maximum loan term is up to 60 days.
- There is no minimum amount or minimum term specified, and you’re not allowed to roll over a payday loan.
- Kentucky law states that you cannot have more than two loans taken out at the same time from the same lender per two weeks.
- There’s no cool-off period either, meaning that as long as you pay back your original loan, you’re eligible to take another immediately.
Keep reading to learn more about the best online payday loans in Kentucky and how they can help you get back on your feet financially.
Table of Contents
- The 9 Best Online Payday Loans in Kentucky
The 9 Best Online Payday Loans in Kentucky
Here are the best online payday loans available in Kentucky:
1. Opp Loans
Over the last 12 years, this Chicago-based lending company has specialized in offering unsecured payday loans to customers. OppLoans is known for its experienced staff and friendly, reliable customer service representatives that make it easy to apply for online payday loans in Kentucky.
With today’s modern technology, a lot of companies have started using robotic, electronic chat features to assist customers. However, OppLoans lets customers speak with real customer service representatives by email and phone, seven days a week.
OppLoans also has a quick turn-around time that lets customers know whether they are approved or not within just a few minutes and deposits loan funds into consumers’ accounts by the next business day. OppLoans uses an alternative credit reporting agency instead of hard credit checks to assess customers’ online payday loan applications.
That means you do not have to worry about your credit score being affected! Plus OppLoans makes it easy to build your credit by reporting to the three major credit bureaus (Equifax, TransUnion, and Experian).
OppLoans also does not have any penalties or charge any prepayment fees for their online payday loans. They even offer refinancing options and free financial education resources to help customers.
2. 1 First Cash Advance
1FirstCashAdvance is an online service that was founded in 2006 that matches borrowers with potential lenders using just one application. It is free to apply for online installment loans in Kentucky with 1FirstCashAdvance. They make the application as fast and easy as possible so customers can get the funds they need when they need them.
They believe that everyone deserves a fair opportunity to apply for online payday loans, even if they do not have the highest credit scores. 1FirstCashAdvance is here to help those who cannot get approved for traditional bank loans. 1FirstCashAdvance uses the most up-to-date security systems to protect customers’ personal information.
1FirstCashAdvance strives to help strengthen customers’ long-term credit profiles by offering educational financial resources on how to borrow responsibly. A few years ago, they also started advising and funding different charities and environmental improvement projects. They even started a Financial Championship Scholarship to contribute to students’ financial education.
1FirstCashAdvance is transparent about the interest rates and terms of the online payday loans customers sign up for. Their customer service representatives are friendly and easy to communicate with, and make applying for online payday loans in Kentucky a breeze.
3. Advance America
Advance America opened in 1997 as a direct lender. Since then, they have issued over 124 million consumer loans and now operate over 1,900 stores around the U.S. Advance America uses a simple application process that allows customers to apply for online payday loans in Kentucky.
Customers can get approved within minutes and receive their loan funds within one business day. However, one disadvantage to using Advance America is that there is no definitive way to know if your online payday loan application will affect your credit score or not. On their website, Advance America indicates that they run credit checks on online payday loan applicants, but they do not say whether they use a soft or hard pull credit score.
Another possible disadvantage to using Advance America is that they do not report to traditional credit bureaus when you make payments on your loan. Advance America may also have higher online rates than their in-store rates and are not openly transparent about their loan fees, terms, and interest rates.
However, one of the most unique and biggest advantages to using Advance America over other online lenders is their Worry-Free Advance policy. This policy guarantees that if consumers lose their job and have any outstanding loans, Advance America will waive their loan fees.
4. Money Mutual
Money Mutual is a member of the Online Lenders Alliance and is a payday loan network that helps match borrowers with payday lenders. Celebrity and former talk-show host Montel Williams has personally endorsed Money Mutual and their services.
Money Mutual is known for its straightforward application process and easy-to-navigate website that helps match customers and payday loan lenders. The turn-around time on payday loan applications is quick, and those who are approved for online short-term loans in Kentucky can receive their funds within 24 hours.
Unlike some similar payday loan networks, Money Mutual does not charge any fees to submit applications for online payday loans in Kentucky. However, it is important to note that three different states have brought class-action lawsuits against Money Mutual.
The lawsuits allege that Money Mutual has knowingly and willfully matched borrowers with lenders who charge exorbitant interest rates. Since a portion of these lenders operates outside of the United States, they are outside of the country’s jurisdiction.
In general, terms of online personal loans in Kentucky depend upon which lender a borrower is matched with. That means there is no guarantee that Money Mutual customers will have a positive experience. Hypothetically though, online payday loans with Money Mutual are low-risk.
5. DLL Green Finance
DLL Green Finance Inc., previously known as DirectLoanLenders.org, was founded in 2015. This online lender service is based out of Sheridan, Wyoming, and matches consumers with direct lenders based on one application. If you need online payday loans in Kentucky, DLL Green Finance may be able to help.
To apply for a payday loan, you need to be a U.S. citizen that’s at least 18 years old, have a verifiable checking account, and have a verifiable, stable income of at least $1,000. If you have a bad credit score or no credit score, DLL Green Finance may still be able to help, but it’s not guaranteed.
DLL Green Finance will match Kentucky residents to reliable lenders who supply payday loans, installment loans, and personal loans. You only need to fill out one application, which will then be subject to instant approval. If approved, the funds will be in your account within a single business day.
Most online sites don’t offer any information about the lenders they work with, but DLL Green Finance breaks this norm. The website lists responsible lending practices and encourages people who are on the receiving end of illegal lending actions to report the lender to DLL Green Finance. The company also offers information about lender options, Kentucky regulations, and your rights as a borrower.
6. 12M Loans
12M Loans is not a direct lender, but they are an online loan matching website that was founded in California in 2015. When you fill out an application with 12M Loans, they find the best loan you qualify for from the best lender available in their vast network of lenders.
12M Loans only works with legitimate lenders and does not tolerate lenders who use abusive or predatory collections tactics. 12M Loans lenders must follow the Fair Debt Collection Practices Act. 12M Loans is committed to finding lenders for borrowers even if they have bad credit and ninety percent of 12M Loans applicants have received loan offers!
12M loans can get customers an offer within seconds and have funds in their accounts within one business day. It is important to note that most lenders in the 12M Loans network do a soft credit check on applicants. The downside to using 12M Loans is that the terms, policies, and rates of your online payday loans in Kentucky will depend on the lender you are matched with.
Using 12M Loans may also hurt your credit because they may report unpaid loans to the major credit bureaus.
7. Big Picture Loans
Previously known as CastlePayday Loans, Big Picture Loans specializes in installment and personal loans. The primary motivation of the company is helping borrowers find lenders who will provide short-term relief without hitting them with hidden regulations or fees.
This company is one of several that’s run by the Lac Vieux Desert Band of Lake Superior Chippewa Indians — a recognized American Indian Tribe. Big Picture Loans does not check credit scores, so you could get a loan even if you’ve got a bad credit score. The company will also get money into your bank account within 24 hours if you’re approved.
Unfortunately, the company’s reputation is less than stellar. Many complaints revolve around the company supplying misleading information about repayment amounts, fees, and due dates. Additionally, all transactions are considered to have happened on Tribal land, meaning state laws do not apply.
The laws put forth by Kentucky do not have to be followed when you agree to a payday loan from Big Picture Loans. Most payments made to Big Picture Loans are due over 6 to 22 months, meaning what you pay back will be a lot more than the initial cost of the loan.
Big Picture Loans has a lot of good qualities to its service, but you’ll need to be sure to read the fine print if you choose to get an online payday loan from it.
8. Check n Go
Check ‘n Go is an industry-leading online payday loan lender that first opened in 1994 in Kentucky. They are also a founding member of the Community Financial Services Association of America that protects borrowers and promotes responsible lending practices. Today, Check ‘n Go offers online payday loans in Kentucky.
Check ‘n Go’s online application process is simple to follow and easy to fill out. They are transparent about the terms and conditions of their payday loans and explain them upfront. Check ‘n Go’s online payday loan applications are quickly assessed and customers can receive their funds in as little as one business day.
Check ‘n Go protects customer data with an advanced online security system provider. Compared to other online payday lenders, Check ‘n Go’s annual percentage rates are lower. Most other online payday lenders will not fulfill money orders on Fridays, but Check ‘n Go will.
One downside to using Check ‘n Go for your online payday loans in Kentucky is that they do not offer a lot of educational financial resources for borrowers who are new to using payday loans. This could potentially hurt borrowers and give them the wrong idea about payday loans from the start of their application process.
500FastCash is owned by the Native American Modoc Tribe of Oklahoma. Their online payday loan application process takes just a few minutes to complete, and they only require a few documents to apply to keep the process short. If you apply and are approved for your online payday loans in Kentucky, you can receive your funds as soon as the next business day.
One downside to using 500FastCash for your online payday loans in Kentucky is that their website can sometimes be difficult to navigate. Clicking on links can open up pop-ups instead of pulling up internal pages.
500FastCash is also not transparent about their loan fees, penalties, or rates and does not have any specific amounts listed on their website for late or missed payment fees. It may be hard to know the loan agreement you are signing before accepting an offer with 500FastCash.
500FastCash also does not offer loans to members of the armed forces or their dependents. They also do not list any specific information about loan processing time on their website. Still, 500FastCash has a reputation for providing cash quickly to those who are approved for online payday loans in Kentucky.
Every state has risks associated with its online payday loans. However, getting an online payday loan in Kentucky may be just the help you need that keeps a roof over you and your family’s heads in a time of need. Short-term loans are sometimes necessary, even as a last resort, and can help you while you wait for your next payday.
With our reviews of the nine best online payday loans in Kentucky, we have helped you better understand the risks of payday loans so that you can stay financially prepared while still protecting your credit score. Our guide on the best online payday loans in Kentucky can also help you find the best lender for all your needs, no matter the interest rate or terms you are looking for for your loans.
Remember to think smart, keep your information safe, and have a back-up plan in case you are at risk of missing your payment. Online payday loans may come with risk, but they can also yield a great reward.