Payday Loans Rates by State

Payday Loans Rates by State

State Regulations

The lenders that we work with stand by federal laws as well as state regulations for both short term and online personal loan processes. The states commonly regulate points such as the legality of the lending process, the highest amount of a single loan, the number of unpaid loans that can be opened simultaneously, the interests and fees allowed to be charged, as well as the granted amount of them, the range of the terms, specific features of the payment timetable, the number of rollovers allowed for short term loans and the opportunity of payment extensions for online personal loans.

Short Term Loans

There are several lists of states available, ranked by the loan amounts and the necessary regulations for a short term loan. It is important to know that the regulations are prone to modifications, therefore the client should check the more specific information for each state. This can be found on the official website and the following source.

State Maximum Loan Amount Finance Charges
Alabama $500 May not exceed more than 17.5% of the total loan amount
Alaska $500 May not exceed more than 15% of the total loan amount
Lenders can charge a discretionary $5 origination fee
Arkansas $400 May not exceed 10% of the total loan amount
Origination fees may not exceed $10
California $300 May not exceed 15% of the total loan amount
Colorado $500 May not exceed 20% on the first $300 of the loan,
7.5% on amounts between $301 and $500
A $30 fee can be charged for each month the loan is unpaid
Delaware $500 There are no further regulations
Florida $500 May not exceed 10% of the total loan amount
Lenders may charge a reasonable verification fee
Hawaii $600 May not exceed more than 15% of the total loan amount
Idaho $1000 There are no further regulations
Illinois $1000 or
25% of Gross Monthly Income
May not exceed 15.5% of the total loan amount
Indiana $50 Minimum or
$500 Maximum
May not exceed 15% of the first $200
13% on amounts between $251 and $400
10% on amounts between $401 and $500
Iowa $500 May not exceed 15% for the first $100 of the loan
10% on the remaining amount of the loan
Kansas $500 May not exceed 15% of the total loan amount
Lenders may charge an administrative fee
Kentucky $500 May not exceed more than 15% of the total loan amount
No more than two loans are permitted at any given time
These loans may not exceed the state maximum
Louisiana $350 May not exceed 16.75% of the total loan amount
Maine There are no loan limits or state regulations
Michigan $600 May not exceed 15% of the first $100
14% for the next $100
13% for the third $100
12% for the fourth $100
11% for the fifth and sixth $100
Administrative fees are also allowable
Minnesota $350 May not exceed 5.5% on the first $10
7% for amounts between $101 and $250
6% on amounts between $251 and $350
Administrative fees are also allowable
Mississippi $400 May not exceed 18% of the total loan amount
Missouri $500 Any finance charges or interest is allowable
Total charges do not exceed 75% of the total amount of the loan
Montana $50 Minimum
$500 Maximum
Cannot exceed 36% of the total loan amount
Nebraska $500 Cannot exceed 15% of the total loan amount
Nevada No More than 25%
of Gross Monthly Income
There are no additional regulations
New Hampshire $500 May not exceed 6% of the total loan amount
New Mexico No More than 15%
of Gross Monthly Income
No additional regulations
North Dakota $500 Cannot exceed 20% of the loan amount
Ohio $500 May not exceed 28% of the total loan amount
Oklahoma $500 Cannot exceed 15% on the first $300
No more than 10% on any remaining loan amount
Oregon No More than 25%
of Gross Monthly Income
May not exceed 36% of the total loan amount
Origination fees of up to $30 are allowable
Rhode Island $500 Cannot exceed 15% of the face value
shown on the provided check
South Carolina $550 Cannot exceed 15% of the total loan amount
South Dakota $500 No additional regulations
Tennessee $500 May not exceed 15% of the total loan amount
Utah No minimum loan amounts or regulations
Virginia $500 May not exceed 15% of the total loan amount
Verification and origination fees are allowable
Washington $700 or 30%
of Gross Monthly Income
May not exceed 15% of the total loan amount
Verification fees are allowable
Wisconsin No loan limits or regulations
Wyoming No Maximum May not exceed $30 or 20% of the principle balance

The states in which short term cash loans are prohibited are: Arizona, Connecticut, Georgia, Maryland, Massachusetts, New Jersey, New York, North Carolina, Pennsylvania, Vermont and West Virginia (this list is not exclusive, the regulations in each state vary).

Online Personal Loans

Each state administers different regulations on online personal loan processes. Following this link, you can find out specific information on the fees, and terms in your state.

Consumer Notice: We do not provide you the specific information regarding any deal. This information can be found out by contacting the lender directly and by analyzing the loan agreement. Before closing in on the deal, we suggest reviewing the details on fees, rates, interests, additional charges, and any penalties that may occur.

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