Yes, pdl lending is legal in Kentucky. Most IPDL companies don't follow the state laws and they lend money to the borrowers without being licensed in their state. Check the companies if they have a legit business in your state.
Posted: Fri Aug 17, 2007 4:07 pm Latest Blog Post : Decision
You can also PM Cannr who lives there too...she has quite a bit of experience...here are the laws for KY...
Quote:
Legal Status:
Legal
Loan Terms:
Maximum Loan Amount: $500
Loan Term: 14-60 days
Maximum Finance Rate and Fees: $15 per $100
Finance Charge for 14-day $100 loan: $17.65
APR for 14-day $100 loan: 459%
Debt Limits:
Maximum Number of Outstanding Loans at One Time: Two ($500 aggregate loans outstanding to all licensees)
Rollovers Permitted: None (cannot renew, rollover, or consolidate)
Cooling-off Period: None
Where to Complain, Get Information:
Regulator: Kentucky Office of Financial Institutions
Address: 1025 Capital Center Drive, Suite 200 Frankfort KY 40601
Phone: (800) 223-2579
Fax: (502) 573-8787
Regulatory Contact: Gary Davis,, Branch Manager
http://www.kfi.ky.gov/
_________________ If you think you can, you can...if you think you can't, your probably right...
STOP! STOP! browneyz, INTERNET pdl's are NOT legal in Kentucky! Store front pdl's are legal. Internet pdl's are NOT legal! Do not believe that they are. I am also in Kentucky. I have been dealing with internet/store front pdl's. Please tell me what internet pdl's you are dealing with. I can help you. I need to know the names.
