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Ky. legislation sets limitations on payday financing | Lexington Herald Leader

Ky. legislation sets limitations on payday financing | Lexington Herald Leader

The commentary that is recent that opponents of this payday financing industry are not capable of having a general public policy debate centered on facts and truth. Year in year out, opponents are forced to mislead the general public since the factual statements about present Kentucky legislation just do not fit their false narrative.

Inspite of the commentary’s statements towards the contrary, present Kentucky legislation helps it be unlawful to charge interest for a payday loan. Pay day loans are short-term, single-payment loans. A fee that is one-time charged to take out of the loan, and “rolling over” loans in Kentucky is unlawful.

Kentucky legislation additionally limits folks from taking out fully a lot more than two loans that are payday any onetime totaling a maximum of $500. Whenever borrowers sign up for that loan, they’ve been completely informed at that brief minute the expense of the deal so when they truly are anticipated to repay the loan.