The Associated Press recently reported that lenders of payday loans will not face a new cap on interest rates in the city of Frankfurt, Kentucky.

It has been reported that a proposal that would have placed a cap on interest rates at 36% failed to pass.  The vote was 10 - 13 in the House Banking and Insurance Committee.

For a long time, consumer groups were hoping to add the state of Kentucky to a growing list of states in the country that have set limits on interest rates for payday loans.

Following the vote, Democratic State Representative Darryl Owens said that he would not try to pass legislation in this year's legislative session.  If the outcome of the vote had turned out differently Kentucky would have joined the District of Columbia and 17 other states that have are ready to established caps on interest rates.

Are you in need of a payday loan?  If so, apply online to get the money you need until your next payday.