Federal Payday Lending Rule a Win for Kentuckians

To see KCEP’s submitted reviews regarding the guideline, click the link.

The buyer Financial Protection Bureau (CFPB) circulated its long awaited proposed guideline to reign in several abusive methods of payday loan providers nationwide. In Kentucky, this might affect approximately 200,000 mostly low-income lending that is payday.

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While Kentucky legislation limits yearly interest levels on financial loans to at the most 36 per cent, payday loan providers are exempt, and certainly will iue quick unsecured loans for $15 per $100 lent, for approximately $500, usually for a 2-week term. (more…)