Q&A: What is a payday loan?

28 10 2010

According to the KY Deptarment of Financial Institutions:
“A payday loan, also called a deferred deposit, is issued when a financial institution (a payday lender or check casher) agrees to provide cash in the amount of the customer’s next expected payroll check for a fee. These short-term loans are required by state law to be paid in full before another one can be issued, and customers may not have more than two payday loans totaling $500 at a time. Internet payday lenders are not regulated in the state of Kentucky and are therefore illegal.”

Learn more at the Consumers’ Advisory Council’s  final public hearing in N.KY on Tuesday, Nov. 9 from 1:00 – 3:00 pm at the Brighton Center ~ 799 Ann St. in Newport.

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