Kentucky Payday Loans - Kentucky's new payday lender database & what it means to the consumer
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To clear up and assist the consumer with better understanding and stronger protection, the state of Kentucky has now instituted new measures that will put stronger regulations and requirements on payday loan services. It has been rumored that these services charge exorbitant amounts of interest in the to unsuspecting and wary consumers. In order to clear up misconceptions and misunderstandings, the state has imposed House Bill 444, the brainchild of State Representative Johnny Bell, which calls for the development of a database that will enhance the capabilities of the state to better monitor payday loan services and track the lending activity of each company. According to state insiders, this new piece of legislation is expected to decrease the annual number of Kentucky payday loans by up to 30%. This reduction in loans is seen as a good thing, not because payday loans are a dirty and despicable creature, but because a reduction in that range is expected to ferret out some of the less desirable companies. It is estimated that 25 to 30% of the companies that have been providing cash advance services and the states are doing so outside of what we would consider to be the moral high ground; these companies have been charging exorbitant interest rates and pursuing borrowers in very unfriendly and unnecessary matters and tactics. Weeding out the chaff, as it were, will subtract from the overall industry activity, but these particular factions of the industry can definitely be done without. By illuminating these companies, the state can get down to business with more reputable providers of Kentucky payday loans, who are willing and able to operate within the confines of the laws that protect the consumer and provide them with guidance to a more legitimized and successful industry overall.
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Kentucky payday loans
So what this all means for the consumers in the state, who may be planning on obtaining Kentucky payday loans at some point or another, is that there will be appropriate protection in place - in the form of state watchdogs who will not allow the consumer to be taken advantage of. This might be one case where it is very helpful in gratifying to know that Big Brother is indeed watching. With the eyes of the Governor, the Senate and the House, all focused on providing the consumer with the best possible protection that they can muster, we should soon see a growing group of quality services developing our state. It is anticipated that in the very near future, this industry will be a booming part of the economy and the state of Kentucky, as more and more licensed and regulated companies become part of the rapidly evolving industry.