FAQ

What is a payday loan/advance? 

A payday loan is a short term loan usually paid back in two weeks or your next payday. A payday loan is usually used to cover unexpected expenses or to help carry you through until your next payday. It is an alternative to overdraft charges or late fees. *Payday loans should be used for short-term financial needs, not as a long-term financial solution. Customers with credit difficulties should see credit counseling.

Is there a difference between an in-store and online payday loan/advance?

KY Cash Advance is not affiliated with any online payday loan advances and as a business we are bound by state laws.  Most online loans are able to lend more than the regulated $500 in Kentucky and are subject to their own contracts.

What do I need to get a payday loan/advance?
In order to get a payday loan/advance you must have your most recent bank statement, proof of income, photo id, social security card, and a personal check.

If I get direct deposit, is my bank statement okay for proof of income?
No, we must have a physical copy of a pay stub in your file.  State law mandates that employers must be able to provide employees with proof of earnings/withholding.

What if I don't have a checking account, but I have a savings?
KY Cash advance holds a check as collateral until your next payday.  So without a check we can not loan to you.
What if I don't have checks?

How much money can I borrow?
Typically we loan out about what you make in a weeks time.  However there are some cases where more or less can be loaned.  State law allows us to loan out no more than $500.00.


Can I use a starter check or counter check?
No, in order to process a loan you must have a check with your name, address, account number and routing number printed on it.  There are some exceptions because some banks counter checks have it printed, i.e. Chase counter checks.  


How long do I have to be employed before I can receive a payday loan/advance? 
You must be employed for at least 30 days in order to qualify for a payday loan/advance.

How long does my checking account need to be open before I can qualify for a payday loan/advance?
You must be employed for at least 30 days in order to qualify for a payday loan/advance.
Why is the APR so high?

What are the fee rates for my loan?
Pursuant to Kentucky Law, the fee charged for a deferred deposit is a service fee and not interest.  This disclosure is provided to you pursuant to the federal truth in lending act, 15 U.S.C. 1601 ET. SEQ and the regulations promulgated thereunder, in particular regulation Z, 12 CFR PART 226, the service fee charged for a deferred deposit transaction is included in the calculation of an annual percentage rate.  This document is for disclosure purposes only and does not affect the character of the fee under Kentucky Law.
Will my rate ever increase?

How do I get out of a payday loan/advance?
If you are unable to pay the loan back and walk away from it we highly recommend renewing it for a lesser amount until it is a managable amount to walk away from.  For example lets say you have a $500.00 loan and are unable to pay $589.24 and still pay the rest of your bills.  You should reloan for $450.00, and bring it down bi-weekly until you are able to pay in full and not reloan.

Can I use a debit/credit card to pay back my loan?
You can pay back your loan in person via cash or money order or you can just allow the check that you wrote to KY Cash Advance to be withdrawn from your account on the due date.


Can I use a money order to pay back my loan?
You can pay back your loan in person via cash or money order or you can just allow the check that you wrote to KY Cash Advance to be withdrawn from your account on the due date.


Can I pay back just the fee and renew my loan?
​No, state law regulates that you must pay back your loan in full.  If you want to renew your loan you may but at intial payment you must have the full amount.


Can I pay off my loan early?
Yes, you are able to pay back your loan on or before the due date.


Can I make a partial payment?

No, we are set up as a short-term loan and must follow rules given to us.  Therefore we are unable to receive partial payment, the loan must be paid off in full.


What if I can't repay my loan on the due date?

We as a company understand that people experience financial problems, it is highly recommended that you call the location you loaned from and discuss your financial situation with them if you are unable to pay back by your due date.  In most cases if you do not pay off by your due date your check will be deposited.

What if I change my mind after taking out a payday loan/advance?
As set by Kentucky law you have 24 hours to decide if you really want to take out a loan or not.  So if you change your mind within that 24 hour period you may bring back the loaned amount and your check will be returned to you.