Signature loans tend to be very small, short-term personal loans. As a rule, most people who obtain these sorts of debt instruments will write a post dated check for the amount of money that they are looking to borrow, plus any and all associated interest. The lender who makes this loan usually holds onto the check until the subsequent payday (which is usually 14 days) for the borrower and then they will deposit the check. The people who obtain these types of loans will then be given the option to either return the money to get back the check or, in some rare occasions, the borrower is given the option to repay the loan, together with a signed agreement.
Signature Loans in Kentucky:
- Maximum: Signature Loans in Kentucky may not exceed $500
- Interest: The maximum interest fee is $15 per $100. Lenders must prorate fees
- Term: Signature loans must be no less than 14 days long, and no more than 60 days long
- Rollovers: No rollover loans are allowed in Kentucky. Therefore, one signature loan can not be used to pay off another one
- Maximum Loans: A lender may offer up to two loans to a borrow, not to exceed $500
- Fees: Lenders may charge a one-time insufficient funds fee (if disclosed). However, the borrower’s bank may also charge fees as well
- Limits: There are no limits as to the number of signature loans that a borrower may obtain during any year
FastSignatureLoan.com works with several networks, each with well over 150 different lenders who are prepared to offer financing products which are similar to payday loan advances or other unsecured personal loans, like signature loans, at terms that are extremely competitive in that lending environment.
IMPORTANT: A signature loan is intended to be utilized only after ever other option has been exhausted. Potential borrowers who are considering undertaking such a loan need to consider any and all other options,. Examples include loans from traditional banking institutions, credit unions, peer lending websites. These lenders may offer small, short-term personal loans at considerably more acceptable terms. A cash advance on a credit card should not be considered before these other lending options, but before a signature loan. Borrowers are advised to do their own research and compare offers before borrowing any money.
It is extremely important that borrowers repay any outstanding loan in a timely manner. Failure to do so will result in late payment penalties. These penalties may carry significant consequences, which will potentially make it considerably more difficult to obtain any future financing Make absolutely every effort to avoid this situation.
Online signature loan lenders, those who offer payday loans to residents of the State of Kentucky are required to be licensed and must adhere to their loan limits and terms. If you are interested, you may verify the license of am signature loan lender who offers payday loans to residents of the State of in Kentucky by calling 800-223-2579.
Signature loans are offered as a result of an application process which includes the presentation of proof of employment and current income. This is unlike traditional banks. Traditional banks will assess the potential borrowers credit history as a part of their assessment to determine if the borrower is credit worthy. Loans for bad credit risks are subprime loans. As a subprime borrower, the borrower must be certain that they fully understand all of the terms of signature loans before they agree to obtain any such financing products.
- Charge you late fees
- Send your account to a collection agency
- Report your information to a consumer reporting agency, which may negatively affect your credit score
- Offer to renew, extend or refinance your loan, which may cause you to incur additional fees, charges and interest