Kentucky was earlier known for its excellent farming conditions, it is the birthplace of first winery in United States. The bluegrass region being rich in calcium was known for horse breeding. Today Kentucky is known for goat farming, cattle production and corn production. It has been center of tobacco farming, Today Kentucky has expanded its sphere and is renowned for going beyond agriculture. Specially in the field of Automobile, energy fuel production and medical facilities .It houses the manufacturing of world famous Toyota Cameri and F- Series of Ford. It has also stepped into the field of energy fuel production and medical facilities. Kentucky was earlier a slave state when it was totally dependent on farming, still African live in the rural area.
The people of Kentucky face many problems .One of them is they do not dream big. Their fears hold them back. They suffer from excellence gap. The state is underfunded and it requires more funds to overhaul its economy to its modern version. It needs to take care of its citizen’s health. Many of them suffer from depression, it needs to spend more in this sector. It requires to do away poverty, requires some more good universities.
The rate of poverty is on higher side. The people are not able to make both ends meet. They live through one payday to next payday. In case there is some financial exigency in between then they take payday loan.
Payday Loan is a short term loan which is taken in order to meet some financial crunch.
One can run out of money when some unforeseen expenditure steps in. It can be an unplanned trip to your ailing mother; it can be throwing party for your sister who comes to visit you for the first time after marriage. In order to meet such unexpected expenditure, payday loan is taken.
It can be taken from lending store or online.
When you walk into a store for payday loan, you are expected to fill your personal details and the details of your employment . Carry along with you a post- dated check. The lender verifies the information and if satisfied , will lend you loan.
Payday Loans Kentucky
Online loan is even simpler. You just need to compare the rates of the different lenders. Choose one and proceed. You are to fill your personal and employment details along with the pay check number. On the day of payday the lender will deduct the due amount .Which will be the total of principal amount plus interest plus the fee.
There are state rules and one has to abide by them
Maximum loan amount– $500
Loan term:14-60 days
Rollovers : Strictly prohibited
Fee and finance charges: $15 per $100 plus $1 database fee.
Finance charge on a 14 day loan of $100 is 17.65
APR for 14day loan for$100 is 459%
Repayment plan– None
Cooling off period – None
Collection fee- One on non –sufficient funds
The Payday loan is a great hit because of the following reasons.
Easy– It is easy to access , there are a number of payday lending stores.
Speed– Unlike traditional banks, one need not go for long wait of four to five days.
No Documents– This loan is given against your pay.
No Collateral– It is unsecure loan and no collateral required.
Availability– 24×7 in case of online loan the facility is available round the clock.
Convenience– Online payday loan can be availed from anywhere, maybe you are stuck in the traffic and you require certain amount. You can apply from there too.
This is a short term lloan taken against a collateral. The collateral can be a car or other valuable .
In this the repayment is done through monthly installment. In case a person is not able to give then he loses his valuable.
Thus it has been seen that Kentucky people do not have extra money to deal with financial crisis so they have to depend on loans. This is not a good solution. Loans are just a stop gap arrangement. Economy of Kentucky seriously needs overhauling.