- Payday loans in Mount Sterling follow Kentucky law (KRS 286.9 (deferred deposit transactions)).
- Borrowing $300 at the state maximum costs $45 ($15 per $100).
- The nearest larger city is Lexington, about 28 miles away.
Mount Sterling at a glance
| Mount Sterling | |
|---|---|
| Population (2024 Census estimate) | 7,588 |
| Change since 2020 | +0.7% (holding steady) |
| County | Montgomery County |
| Size rank among 359 Kentucky places we cover | 56th |
| Nearest larger city | Lexington (about 28 miles) |
| Credit unions headquartered in town (NCUA) | None |
| Other towns within 25 miles | 13 (about 43,116 residents) |
| Typical payday APR statewide (CRL 2023) | 450% |
There is no separate Mount Sterling payday law: Kentucky rules apply here, and any lender serving Mount Sterling residents, online or in person, needs a license from the Kentucky Department of Financial Institutions.
Credit unions near Mount Sterling
NCUA data (June 2026) shows no credit union headquartered in Mount Sterling or Montgomery County. Many credit unions have branches in other towns or accept members online. Use the NCUA’s Credit Union Locator to find one near you.
Only federal credit unions can offer payday alternative loans (PALs), capped at 28% APR; state-chartered credit unions often have their own small-loan products. Membership rules apply, and only main offices are listed here; find branches near you with the NCUA Credit Union Locator. See how PALs work.
Payday loan rules that apply in Mount Sterling
In short, Kentucky rules that cover Mount Sterling include: maximum: $600 in total proceeds under 2026 legislation (SB 219), indexed to inflation up to $850; previously $500; maximum fee: $15 per $100; loan term: 14 to 60 days. See the full Kentucky payday loan rules.
What a $300 loan costs in Mount Sterling
At Kentucky’s maximum fee, borrowing $300 costs $45 ($15 per $100). Statewide, the typical APR on a $400 payday loan was 450% (Center for Responsible Lending, June 2023). Check any offer with our payday loan calculator.
Other help in Montgomery County before you borrow
Before a payday loan, Mount Sterling residents can usually find something cheaper:
- Local assistance through 211 covering Montgomery County.
- A credit union payday alternative loan (max 28% APR). See PALs explained.
- Your bank’s small-dollar loan, if offered (compare banks).
- A cash advance app for $20–$500 (apps compared).
Towns near Mount Sterling
- Camargo · 6 mi
- Jeffersonville · 8 mi
- Sharpsburg · 9 mi
- North Middletown · 10 mi
- Owingsville · 12 mi
- Winchester · 14 mi
The nearest larger city is Lexington, about 28 miles away. See all 359 Kentucky cities.
Need cash before payday?Send one free request to our lender network. We are not a lender; offers and rates come from lenders.
Request a loanFrequently asked questions
Are payday loans legal in Mount Sterling?
Yes. Payday loans are legal in Mount Sterling under Kentucky state law, and lenders must be licensed by the Kentucky Department of Financial Institutions.
How much does a payday loan cost in Mount Sterling?
At Kentucky’s maximum fee, borrowing $300 costs $45 ($15 per $100). The typical statewide APR was 450% in 2023.
Where is the nearest credit union to Mount Sterling?
NCUA data shows no credit union headquartered in Mount Sterling or its county. Use the NCUA credit union locator to find branches and online credit unions.
Sources
- U.S. Census Bureau — City and town population totals, Vintage 2024
- U.S. Census Bureau — 2024 Gazetteer files (place locations)
- NCUA — Credit union call report data, June 2026 (FOICU)
- KRS 286.9-100
- Kentucky Acts 2026, ch. 98 (SB 219)
- Center for Responsible Lending — Red Alert Rates: APRs on $400 single-payment payday loans (June 2023)
- CDFI Fund — NCUA payday alternative loans summary