Kentucky Cash Advance Interest Cap Fails

A proposal on Kentucky cash advances was shut down in the house Banking and Insurance Committee today. This proposal would have allowed the state government to place a tough restriction on payday loans and cash advances, capping the interest rates at 36 percent. Other states where the interest was capped at 36 percent has lead many of these cash advance lenders to shut down their operations. Every state is in charge of placing laws on cash advances and payday loans. This means as a consumer, the laws regarding a Colorado cash advance can be extremely different from a California cash advance. Some states have banned online cash advances. Many states have followed in the same suit to start lowering and capping the interest rates on cash advances. Consumer groups wanted to add Kentucky to this list of states that have forced a set interest rate on cash advances. There are currently 17 states and the District of Columbia that have a capped interest rate. Many other states are currently in the talks for setting limitations. The legislation will not be revived this year but due to the close vote 10-13, it is likely that Kentucky will once again encounter a vote on capping the interest rates in Kentucky.

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