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Payday Loan State Laws

by Payday expert on Sep 12, 2012

Alabama

Maximum Loan Amount:
$500
Loan Term:
10 to 31 days
Maximum Finance Charges:
No more than 17.5 percent of the amount advanced.

Alaska

Maximum Loan Amount:
$500
Loan Term:
14 days
Maximum Finance Charges:
No more than $5 + the lesser of 15% or $15 per $100

Arkansas

Prohibited

Arizona

Prohibited

California

Maximum Loan Amount:
$300
Loan Term:
Maximum 31 days
Maximum Finance Charges
no more than 15%

Colorado

Maximum Loan Amount:
$500
Loan Term:
6 months minimum to no maximum
Maximum Finance Charges:
20% for a loan of $0-$300 + 7.5% for a loan of $301-$500

Connecticut

Prohibited

Delaware

Maximum Loan Amount:
$500
Loan Term:
60 days
Maximum Finance Charges:
No limit

Florida

Maximum Loan Amount:
$500
Loan Term:
7 to 31 days
Maximum Finance Charges:
10% + Fees for verification

Georgia

Prohibited

Hawaii

Maximum Loan Amount:
$600
Loan Term:
Maximum  32  days
Maximum Finance Charges:
15% of amount on check

Idaho

Maximum Loan Amount:
$1000
Loan Term:
Any
Maximum Finance Charges:
No Limit

Illinois

Maximum Loan Amount:
$1,000 or 25 percent of the consumer’s gross monthly income,
Loan Term:
13-120 days
Maximum Finance Charges:
$15.50 per $100

Indiana

Maximum Loan Amount:
$50-$550
Loan Term:
More than 14 days
Maximum Finance Charges:
5% for a loan of $0-$250, 13% for a loan of $251-$400, 10% for a loan of $401-$500

Iowa

Maximum Loan Amount:
$500
Loan Term:
Maximum 31 days
Maximum Finance Charges:
$15 for a loan of $0-$100, $10 for every $100 thereafter

Kansas

Maximum Loan Amount:
$500
Loan Term:
7 to 30 days
Maximum Finance Charges:
15%

Kentucky

Maximum Loan Amount:
$500
Loan Term:
14 to 60 days
Maximum Finance Charges:
$15 for every $100

Louisiana

Maximum Loan Amount:
$350
Loan Term:
Maximum 30 days
Maximum Finance Charges:
16.75% of check

Maine

Maximum Loan Amount:
None
Loan Term:
Any
Maximum Finance Charges:
No Limit

Maryland

Prohibited

Massachusetts

Prohibited

Michigan

Maximum Loan Amount:
$600
Loan Term:
Maximum 31 days
Maximum Finance Charges:
15% interest rate on the first $100 loan, 14% interest rate on the second $100 loan, 13% interest rate on the third $100 loan, 12% interest rate on the fourth $100 loan, 11% interest rate on the fifth $100 loan, 11% interest rate on the fifth $100 loan + fees for any database verification

Minnesota

Maximum Loan Amount:
$350
Loan Term:
Maximum 30 days
Maximum Finance Charges:
$5.50 for a loan of $0-$50, 10% plus $5 for a loan of $51-$100, 7% (minimum $10) plus $5 for a loan of $101-$250, 6% (minimum $17.5) plus $5 for a loan of $251-350

Mississippi

Maximum Loan Amount:
$350
Loan Term:
Maximum 30 days
Maximum Finance Charges:
18% of the amount on check

Missouri

Maximum Loan Amount:
$500
Loan Term:
14 to 31 days
Maximum Finance Charges:
75 percent of the initial loan amount

Montana

Maximum Loan Amount:
$300
Loan Term:
31 days
Maximum Finance Charges:
25%

Nebraska

Maximum Loan Amount:
$500
Loan Term:
Maximum 34 days
Maximum Finance Charges:
$15 per $100 or pro rata for any part thereof on the face amount of a check

Nevada

Maximum Loan Amount:
Maximum 25 percent of the expected gross monthly income
Loan Term:
Any
Maximum Finance Charges:
No Limit

New Hampshire

Maximum Loan Amount:
$500
Loan Term:
7 to 30 days
Maximum Finance Charges:
36%

New Jersey

Prohibited

New Mexico

Maximum Loan Amount:
$2500
Loan Term:
14 to 35 days unless agreed to in writing
Maximum Finance Charges:
$15.50 per $100; verification fee of $.50 per $100

New York

Prohibited

North Carolina

Prohibited

North Dakota

Maximum Loan Amount:
$500
Loan Term:
Maximum 60 days
Maximum Finance Charges:
20% plus fees for making database

Ohio

Maximum Loan Amount:
$500
Loan Term:
Minimum 31 days
Maximum Finance Charges:
28% annual

Oklahoma

Maximum Loan Amount:
$500
Loan Term:
12 to 45 days
Maximum Finance Charges:
$15 per $100 for a loan of $0- $300, $10 per $100 for a loan of $301-$500

Oregon

Maximum Loan Amount:
None
Loan Term:
31 to 60 days
Maximum Finance Charges:
36% per annum

Pennsylvania

Prohibited

Rhode Island

Maximum Loan Amount:
$500
Loan Term:
Minimum 13 days
Maximum Finance Charges:
15%

South Carolina

Maximum Loan Amount:
$550
Loan Term:
Maximum 31 days
Maximum Finance Charges:
15%

South Dakota

Maximum Loan Amount:
$500
Loan Term:
Any
Maximum Finance Charges:
No Limit

Tennessee

Maximum Loan Amount:
$500
Loan Term:
31 days
Maximum Finance Charges:
$30 or 15% of the check, whichever is less

Texas

Maximum Loan Amount:
$500
Loan Term:
7 to 31 days
Maximum Finance Charges:
$10 per loan plus 48% rate of interest (annually)

Utah

Maximum Loan Amount:
Any
Loan Term:
Maximum 12 weeks after the day on which the deferred deposit loan is executed
Maximum Finance Charges:
No Limit

Vermont

Prohibited

Virginia

Maximum Loan Amount:
$500
Loan Term:
2 pay cycles
Maximum Finance Charges:
36% annual

Washington

Maximum Loan Amount:
$700 or 3% of the gross monthly income, whichever is lower.
Loan Term:
Minimum 45 days
Maximum Finance Charges:
15% on a loan of $0-500, 10% on the remaining $500-$700

West Virginia

Prohibited

Wisconsin

Maximum Loan Amount:
Any
Loan Term:
Any
Maximum Finance Charges:
No Limit

Wyoming

Maximum Loan Amount:
Any
Loan Term:
1 month
Maximum Finance Charges:
$30 or 20% of the total amount,whichever is greater

Comment

  1. matthew christen on   

    this site offers that NY has prohibited loans of this type. As in lenders can’t reside here, or clients can’t take them out from other states? I live in NY and have obtained multiple loans I now regret. Are they even legal?

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