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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