From a distance, life in Kentucky seems to be nothing but wide-open spaces, country music, horses, and fast cars. While this would be amazing, the truth is that Kentuckians also must deal with the same financial struggles as everyone else, including loans. Finding the right personal loan for your situation can seem daunting, but with America Loan Service the solution is only a few clicks away.

By plugging your zip code into our quick and easy lender connection tool, we can connect you with all the lenders in your area that can offer you loans. Using our tool, all your options are listed in one place with all the information you need to pick the right loan for your circumstances.

As far as loan types go there are two major options, unsecured personal loans and secured loans. Unsecured personal loans max out at $100,000 and have a maximum repayment time of up to 7 years. If you need more capital, a secured loan can be a more suitable option. Secured loans include home equity loans, auto loans, and home equity lines of credit, which can be drawn against for up to 20 years before repayment and be worth 70-90% of the equity in your home. The decision between secured and unsecured really comes down to how much you need, and when you want to pay it back. Through our lender connection tool, you can see all of the loan options that you qualify for, and decide from there which lender is best suited to your needs.

Many Kentucky residents describe their greatest financial hurdles to be educational debts and mortgages. Using a personal loan to consolidate debt is a great way to save money in your budget, and whether you are finding the first mortgage or refinancing an existing one, our lenders can walk you through the process step by step.

Bad Credit Options in Kentucky

Usury laws have been enacted in Kentucky to combat predatory lenders that take advantage of desperate consumers. These laws set the maximum interest rate at 8% without a contract, and with a contract either 4% above the federal discount rate or 19%, whichever is less. These usury laws are only valid for loans under $15,000 so are more directed toward companies like payday lenders. On top of this, there is a range of loans that are exempt from these laws as they are regulated at a federal level.

Loans exempt from the usury law include mortgages, credit cards, home equity loans, business loans, auto leases, second mortgages, and home equity lines of credit. For more information as well as a complete list of exceptions, visit the link below this article titled “Exceptions to the Usury Law” from the Washington Department of Financial Institutions.

Even with Kentucky law cracking down on high-interest rates, finding a loan when your credit score is below 600 can seem next to impossible. When you suffer from bad credit, our advice is to first sign up for a secured credit card. We also highly recommend contacting a credit repair specialist, our favorite of which is Novita.

Novita was built for Americans with chronic financial troubles, whether from bad credit, overspending, or financial emergencies. Novita is a Personal Financial Guide that identifies and demonstrates how you can prevent or fix your financial issues yourself. Unlike other personal financial services, Novita gives you actions to perform instead of numbers to look at.

America Loan Service recommends Novita not only because of their excellent pricing but because of their focus on redirecting the poor spending habits that cause poor credit in the first place. When customers work with Novita, not only do they repair their credit score but they prevent themselves from falling into bad credit ever again.

No matter what Kentucky decides to throw at you, a new business opportunity, a broken down car, a heatwave that demands air conditioning, or just the need for a good vacation, a personal loan is the first step to achieving your goal. With America Loan Service, you can take the guesswork out of lending, and focus your time on reaching your next financial milestone sooner.

Quick Personal Loan Information in Kentucky

Access Over 100 Lenders With One Application

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ALS Detailed Review

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The America Loan Service online request form connects consumers to hundreds of personal loan lenders at one time with rates starting at 5.99%. The service is designed to connect consumers based on lender credit criteria. 

The process is very simple:

  • Fill out the short form, it is safe and secure
  • See if you are approved in real time from a large network of lenders
  • Check your bank account to see if the money arrived as early as the next business day if you are approved

Quick Snapshot

  • Loan Amounts: $1000 to $35,000 
  • Credit Score:  580+
  • APR:  See ALS Detailed Review for up to date APR information
  • Terms:  3 to 36 months
  • Fees: Vary by the lender

The lenders will review your request quickly to determine whether your information meets the lender's loan qualification criteria. You will receive notice within a few minutes if there is a lender interested in discussing a loan. Loans are normally funded within 1-5 business days depending on the lender and if they have all information required to fund.

If a lender is satisfied with all of the information with your request and has decided to offer you a loan, you will be directed to the lender's website. At this point, you will leave America Loan Service and we recommend that you review the terms and conditions of the lender. Take your time to go through all of the information from the loan provider. We recommend that you ask every question to be sure you fully understand the loan. The lender should explain the following information:

  • Loan amount offered
  • Finance charge and fees
  • Annual percentage rate (APR)
  • Loan term
  • Payment schedule 

Upgrade Detailed Review

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Quick Snapshot

  • Loan Amounts: $1,000 to $50,000 
  • Credit Score:  620+
  • APR: See Upgrade Detailed Review for up to date APR information
  • Terms: 36 to 60 months
  • Fees: 1% to 6% Origination Fee and will vary by loan term
  • Check this out Kentucky
    • Debt to income of 50%
    • Funds will be sent to your bank via ACH within one (1) business day of clearing necessary verifications.
    • Unsecured Line Of Credit to $50,000 (coming soon)


SoFi Detailed Review

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Quick Snapshot

  • Loan Amounts: $5,000 to $100,000 
  • Credit Score:  660+
  • APR: See SoFi Detailed Review for up to date APR information
  • Terms:  3,4,5,6, or 7 years
  • Fees: No application fees, no origination fees, and no prepayment penalties
  • Check this out Kentucky
    • Will consider borrowers with limited credit history with great cash flow
    • Unemployment protection: If you lose your job, SoFi will temporarily pause your payments and help you find a new job (unique to SoFi. Check out their disclaimer on the SoFi website for full details)

Payoff Detailed Review

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Quick Snapshot

  • Loan Amounts: $5000 to $35,000 
  • Credit Score:  660+ 
  • APR:  See Payoff Detailed Review for up to date APR information
  • Terms:  2 to 5 years
  • Fees: No fees for origination, prepayment, or loan disbursement
  • Check this out Kentucky
    • Payoff is a team of financial services professionals, research and clinical psychologists, data scientists, neuroscientists, Member Advocates and technology experts working together to better understand and accelerate people’s journey toward financial wellness.
    • Soft Pull only to start
    • Specialize in consolidating credit card debt

LendingPoint Detailed Review

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Quick Snapshot

  • Loan Amounts: $2000 to $25,000 
  • Credit Score:  590+ 
  • APR: See LendingPoint Detailed Review for up to date APR information
  • Terms:  2 to 5 years
  • Fees: Origination fees range from 0 to 6%
  • Check this out Kentucky
    • The company specializes in fair credit loans starting at 590+.
    • Soft Pull only to start
    • Was established in 2014 offering personal loans throughout America. The company is based in Kennesaw Georgia and has an A+ rating with the BBB.

Freedomplus Detailed Review

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Quick Snapshot

  • Loan Amounts: $10,000 to $35,000 
  • Credit Score:  600+ Rates decrease with a qualified Co-signer or a retirement fund with a minimum of $40,000
  • APR:  See freedomplus Detailed Review for up to date APR information
  • Terms:  2 to 5 years
  • Fees: Origination fees range from 0 to 5%
  • Check this out Kentucky
    • Offering co-signer loans
    • Minimum income of $30,000 to apply
    • Soft Pull only to start
    • Debt to income of 40%

Credible Detailed Review

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Quick Snapshot

  • Loan Amounts: $1000 to $50,000 
  • Credit Score:  640+ 
  • APR: See Credible Detailed Review for up to date APR information
  • Terms:  2 to 5 years
  • Fees: Fees will vary by lender
  • Check this out Kentucky
    • Apply once to Lending Club, Prosper, Avant, Upstart, FreedomPlus, Payoff, Best Egg
    • Soft Pull only to start
    • Unemployment protection: If you lose your job, SoFi will temporarily pause your payments and help you find a new job (unique to SoFi. Check out their disclaimer on the SoFi website for full details

Secured Personal Loans

  1. Usually a larger loan amount
  2. Access to capital can take longer if the asset used for security requires an appraisal.

Secured auto loans are processed quickly with lower interest rates because the vehicle secures the loan.

home equity loan or Home Equity Line of Credit (HELOC) is an excellent option for higher loan amounts, and you have the time to wait. For many people that have just purchased their home or if the equity is not available to secure a home equity loan, an unsecured personal loan can get the job done, and it can be completed very quickly.

When to consider a Secured Loan and Line of Credit

Secured Loan

Secured loans and lines of credit are protected against assets and provide the lenders the ability to increase the borrowing amount, lower interest rates and work with a lower credit score. The main advantage of a secured loan is that you can access more capital when you use an asset to protect the lender. Secured loans require collateral, and the process can be longer as the collateral must be verified by the lending institution. This step can be well worth your time when you receive lower interest rates. If you need a larger amount of capital for debt consolidation or home repairs, you may want a Home Equity line of credit or secured loan. If you have a low credit score, the lender is usually more willing to lend you money as they have security that they could take to repay the loan.

Where to find the best Secured Loan

LendingTree is a great option for those looking for a secured loan with over 1500 providers to choose from. 

Business Loan vs. Personal Loan

When you're just starting your business or made a big sale, you may need a cash injection. If your business in grossing over $50,000 annually, you can qualify for a loan using for business for security even with a poor credit score as low as 500.

Small business loans can be taken with your name as collateral for secured or unsecured loans.

The Difference between Secured and Unsecured Personal Loans

A personal loan is unsecured based on your signature and credit report where a secured personal loan is protected by the collateral you provide. Typical uses of unsecured loans are credit cards, lines of credit, student loans and personal loans for debt consolidation and home improvements. Secured loan collateral may be the item you’re purchasing an RV or vehicle that the lender is securing. In many cases, a secured loan could also be referred to as a home equity loan as they both require collateral. The home equity loan is your house as the collateral and lenders feel secure in that none of us want to risk losing our home. Interest rates may be less with a secured loan as the lender is taking less risk in the transaction. If you are not taking out a lot of credit, a secured loan may be the way for you to go if it saves you money in interest over the long term.

Net-Worth Statement to prepare for a Personal Loan from a Bank

If you decide to go to a bank to apply for a personal secured or unsecured loan, you will need to complete a personal net worth statement. This link will offer you an example of what most banks will be looking for today. You can also go online to the bank you are planning on using, and they may have their net worth documentation online. This may save you a trip back to the bank if you have this prepared before you go. Completing a net-worth statement will also help you understand the positive and negative issues the lender will question. Take the time to answer these questions before you get to the bank. The person you are talking to will need to forward information up to the bank's risk assessment group. In most cases, they are not making the decision, only passing along what you are telling them. Write out your explanation or email it to the bank, so it is easy for the lender to get the information into the right hands. Remember that we are all responsible for our financial futures and if we don’t look after it, someone else will.

Electronic Records

Online lenders will require that you agree to the use of electronic records. As the entire transaction is completed online, the lenders are sending and receiving your private information over the Internet. Read the statement of the use of Electronic records to make sure you are comfortable with any lenders policies and their terms of use. 

  1. TIME Average income by state - Average income by state acquired July 2018
  2. Population distribution by age - Population distribution by age Acquired July 2018
  3. Exceptions to the usury law - Exceptions to the usury law
  4. Kentucky interest rate laws - Kentucky interest rate laws acquired July 2018
  5. Understanding FICO Scores - Understanding FICO Scores acquired July 2018