All internet payday loans illegal in Kentucky
Mon, 01/04/2010 13:11
Starting Jan 1, 2010 all internet payday loans are considered illegal. The Kentucky department of financial institutions does not issue licenses to internet lenders so there is no such thing as a legal online payday loan.
As an added bonus, all loans made prior to 2010 are considered invalid and are not collectable. This would include any fees AND the principle of the loan.
I look at this as more of a class action settlement since kentucky realizes that going after the lenders individually is nearly impossible.
Happy new year.