Payday Loans in Smithfield, KY: Rates, Rules & Calculator

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Payday lending Permitted under license Kentucky Department of Financial Institutions

Rate cap Up to 19% per annum, or 4% over the 90-day… Kentucky Legislative Research Commission (Kentucky Revised Statutes)

Licensing Consumer Loan Company license required… Kentucky Department of Financial Institutions

Regulator Kentucky Department of Financial Institutions… Kentucky Department of Financial Institutions

By the Paydayloaning Editorial Team · Last updated 2026-09-16

Payday lending in Kentucky

Permitted under license

Full Kentucky lending rules

The local picture

Payday loan rules that apply in Smithfield

Every figure below is published by the state or the regulator that sets it, with a link to the primary source. These rules apply to any lender serving Smithfield — Kentucky's fee cap is not adjusted city by city.

Rule	Detail	Source
Maximum legal interest rate (usury cap)	Up to 19% per annum, or 4% over the 90-day commercial-paper discount rate, whichever is less (by written agreement) Source quote Source says: "At a per annum rate not to exceed four percent (4%) in excess of the discount rate on ninety (90) day commercial paper ... or nineteen percent (19%), whichever is less".	Kentucky Legislative Research Commission (Kentucky Revised Statutes) as of 2026-09-16
Payday lending status	Permitted under license (deferred deposit service business; payday loans) Source quote Source says: "The Kentucky Department of Financial Institutions (DFI) has secured the services of Veritec Solutions, LLC to provide a common database with real-time access for deferred deposit transactions".	Kentucky Department of Financial Institutions as of 2026-09-16
Small-loan / installment lender licensing	Consumer Loan Company license required (KRS Chapter 286.4) Source quote Source says: "How to License a Consumer Loan Company: 1. Read KRS 286.4 and the applicable administrative regulations under KAR 808, Chapter 6".	Kentucky Department of Financial Institutions as of 2026-09-16
State lending regulator	Kentucky Department of Financial Institutions (DFI) Source quote Source says: "The Department of Financial Institutions' mission is to serve Kentucky residents by promoting access to a stable financial industry, implementing effective and efficient regulatory oversight".	Kentucky Department of Financial Institutions as of 2026-09-16
Consumer Loan Company license — statutory basis	License required from the commissioner to make loans at a greater rate of interest than otherwise permitted by law Source quote Source says: "No person shall, without first obtaining a license from the commissioner, engage in the business of making loans ... at a greater rate of interest".	Kentucky Legislative Research Commission (Kentucky Revised Statutes) as of 2026-09-16

What a payday loan costs in Smithfield

What you may be charged in Smithfield is capped by Kentucky's law, not by the lender's discretion — the maximum fee and the maximum advance are both in the sourced table above. Two things are worth checking before you borrow: that the lender is licensed in Kentucky, and that the APR on the disclosure matches what you were quoted. Our Kentucky lending reference lists the regulator you can verify a license with.

Cheaper alternatives in Smithfield

If you are already juggling payday loans, a nonprofit credit counselor can help you restructure the debt and deal with collectors. Nonprofit counseling is low-cost or free, and it is a better first call than taking a new loan to cover an old one. Getting out of payday debt.

About Smithfield

Population: 126 (US Census Bureau, Vintage 2023 subcounty estimate).
Size in Kentucky: the 399th-largest of 416 Census places in the state.
Population trend: Its population grew about 5.0% between the 2020 Census base and the 2023 estimate.
Nearest larger cities: Eminence, KY (5 mi); New Castle, KY (6 mi); La Grange, KY (7 mi). Bigger markets often have more lenders, but a lender licensed in Kentucky serves Smithfield under the same state rules.

Before you borrow in Smithfield

Confirm payday lending is permitted in Kentucky and check the maximum fee in the table above.
Compare the APR, not the dollar fee — that is the only way to compare a two-week loan with a two-year one.
Run the numbers with our loan payment calculator to price the same amount as an installment loan.
Verify the lender is licensed in Kentucky with the regulator listed above.
Never give a lender remote access to your bank account beyond the amount you actually owe, and ask for any repayment plan in writing.

Frequently asked questions

Can I get a payday loan in Smithfield?

Only if payday lending is permitted in Kentucky. Payday lending is regulated state by state, so whether a licensed lender may offer one in Smithfield depends on Kentucky law rather than on any local ordinance. See the sourced figure on our Kentucky lending reference page.

How much can I borrow with a payday loan in Smithfield?

State law sets the maximum advance, and many states cap payday loans at a few hundred dollars. The sourced limit for Kentucky is listed with its publisher on our state reference page, so you can see the current figure rather than an estimate.

How much does a payday loan cost in Smithfield?

Lenders charge a fee per $100 borrowed rather than a monthly interest rate, and Kentucky law sets the maximum fee. Because the term is only a couple of weeks, that fee produces a very high APR. Our state reference page lists the sourced fee cap, and our APR calculator shows the math.

Will a payday loan in Smithfield hurt my credit?

Many payday lenders do not report on-time payments to the major credit bureaus, so a payday loan usually will not build your credit. An unpaid balance that is sent to collections can still be reported and damage your score, which is why the repayment plan matters more than the application.

Nearby places

All Kentucky cities

Nearest Census places by distance.

Payday loans in Smithfield, KY