Payday Loans In Your State
Legal Status of Payday Loans by State
Most people today have at least a basic understanding of how online loans, like payday loans, work. Payday loans and title loans, for example, have a high-interest rate, typically over 300 percent, but they can run much higher in some states.
Whether or not you are allowed to take a payday or other small personal loan will depend on the state you live in. Find your state in the list below, and learn what are the legal provisions for taking short-term loans in your state.
States Where Payday Loans are Allowed
Payday loans are legal in most of the USA states. In these states, you'll be able to borrow without restrictions single-payment online loans like payday loans, and other high-interest short-term loans.
States Where Restrictions Apply to Payday Lending
In some states Payday lending is allowed under certain limitations. There might be specific rules regarding the maximum loan amount, interest rate, APR, rollovers, and the maximum loan term.
States Where Payday Lending is Prohibited
Payday lending is prohibited in: Arizona, Arkansas, Connecticut, Georgia, Maine, Maryland, Massachusets, New Jersey, New York, North Carolina, Pennsylvania, Vermont, West Virginia.
1F Cash Advance Payday Loan Stores Near You
Check the Details Related to Payday Lending in Your State
Regulating Authority: State Banking Department Interest, Fees and Charges: 17.5% of amount of advance Statute Citation: Alabama Code, §§ 5-18A-1 et seq. Rollovers: 1 Maximum Loan Amount: $500 Minimum Loan Term: 10 days
Regulating Authority: Department of Commerce, Community & Economic Development Interest, Fees and Charges: 15% of loan amount, and $5 nonrefundable origination fee Statute Citation: Alaska Statute 06.50.010 et seq. Rollovers: 2 Maximum Loan Amount: $500 Minimum Loan Term: 14 days
Regulating Authority: Department of Business Oversight Interest, Fees and Charges: 15% of loan amount Statute Citation: California Civil Code 1789.30, California Financial Code, § 23000 et seq. Rollovers: Not allowed Maximum Loan Amount: $300 (maximum amount of customer's check) Minimum Loan Term: None
Regulating Authority: Attorney General Interest, Fees and Charges: 20% of first $300 and 7.5% above $300 loans; The maintenance fee of $7.50 per $100 loaned monthly. Statute Citation: Colorado Revised Statutes § 5-3.1-101 (Deferred Deposit Loan Act) Rollovers: 1 Maximum Loan Amount: $500 Minimum Loan Term: 6 months
Regulating Authority: State Banking Department Interest, Fees and Charges: No cap Statute Citation: Delaware Code Ann. Title 5, §2227 et seq. Rollovers: 4 Maximum Loan Amount: $1,000 Minimum Loan Term: None
Regulating Authority: Office of Financial Regulation Interest, Fees and Charges: 10% the loan amount, and $5 transaction verification fee Statute Citation: Fl. Stat. Ann. § 560.401 et seq. Rollovers: Not allowed Maximum Loan Amount: $500 Minimum Loan Term: 7 days
Regulating Authority: Department of Commerce Interest, Fees and Charges: 15% of loan amount Statute Citation: Hawaii Rev. Stat. Ann. §480F-1 et seq. Rollovers: Not allowed Maximum Loan Amount: $600 Minimum Loan Term: None
Regulating Authority: Department of Finance Interest, Fees and Charges: No cap Statute Citation: Idaho Credit Code § 28-46-401 et seq. Rollovers: 3 Maximum Loan Amount: $1000; max. 25% of your gross monthly income Minimum Loan Term: None
Regulating Authority: Department of Financial and Professional Regulation Interest, Fees and Charges: $15.50 per $100, and $1 database fee Statute Citation: Illinois Administrative Code Rollovers: Not allowed; However, installment payday loans may be refinanced once in certain circumstances Maximum Loan Amount: $1,000, or 25% of gross monthly income in case of multiple payday loans Minimum Loan Term: 13 days for payday loans, and 112 days in case of Installment Payday Loans.
Regulating Authority: Department of Financial Institutions Interest, Fees and Charges: 15% on first $250; 13% on amounts between $250-$400, and 10% on amount greater than $400; $25 NSF fee Statute Citation: Ind. Code §24-4.5-7-101 et seq. Rollovers: Not allowed Maximum Loan Amount: $605; Cannot exceed 20% of gross income per month, including fees Minimum Loan Term: 14 days
Regulating Authority: Division of Banking Interest, Fees and Charges: $15 on the first $100 on face amount of a check; $10 each $100 thereafter on face of check Statute Citation: Iowa Code §533D.1 et seq. Rollovers: Not allowed Maximum Loan Amount: $500 (maximum amount of customer's check) Minimum Loan Term: None
Regulating Authority: Office of the State Bank Commissioner Interest, Fees and Charges: 15% of the amount of the cash advance Statute Citation: Kansas Statutes Annotated Section 16a-2-404 Rollovers: Not allowed Maximum Loan Amount: $500 Minimum Loan Term: 7 days
Regulating Authority: Department of Financial Institutions Interest, Fees and Charges: $15 per $100 of loan amount, and $1 database fee) Statute Citation: Ky. Rev. Stat. Ann. §286.9-010 et seq. Rollovers: Not allowed Maximum Loan Amount: $500, no more than 2 transactions Minimum Loan Term: 14 days
Regulating Authority: Office of Financial Institutions Interest, Fees and Charges: 16.75% of loan amount, and a $10 documentation fee per transaction. The maximum fee is $45 Statute Citation: La. Stat. Ann. §9:3578.1 et seq. Rollovers: rollover allowed in case the customer pays 25% of the outstanding amount and additional fees Maximum Loan Amount: $350 Minimum Loan Term: None
Regulating Authority: Department of Insurance & Financial Services Interest, Fees and Charges: 15% on first $100; 14% on second $100; 13% on third $100; 12% on fourth $100; 11% on fifth $100; and 11% on sixth $100. Statute Citation: Mich. Comp. Laws §487.2121 et seq. Rollovers: Not allowed Maximum Loan Amount: $600 Minimum Loan Term: 7 days
Regulating Authority: Department of Commerce Interest, Fees and Charges: $0-50=$5.50; $51-100=10% fee; $101-250=7% (or $10 min.); $251-350=6% (or $17.50 min.); Plus $5 administration fee Statute Citation: Minn. Stat. §47.60 Rollovers: Not allowed Maximum Loan Amount: $350 Minimum Loan Term: None
Regulating Authority: Department of Banking & Consumer Finance Interest, Fees and Charges: $20 per $100 for loan amounts not exceeding $250; $21.95 per $100 for loan amounts of more than $250 to $500 Statute Citation: Miss. Code Ann. §75-67-501 et seq. Rollovers: Not allowed Maximum Loan Amount: $500 Minimum Loan Term: 28 days (for loans that vary between $250 and $500)
Regulating Authority: Department of Insurance, Financial Institutions & Professional Regulation, Division of Finance Interest, Fees and Charges: Total fees for initial loan and all renewals may not exceed 75% of initial loan amount Statute Citation: Mo. Rev. Stat. §408.500 et seq. Rollovers: Up to 6 rollovers allowed (but a minimum of 5% of principal needs to be paid each time) Maximum Loan Amount: $500 Minimum Loan Term: 14 days
Regulating Authority: Department of Administration Interest, Fees and Charges: A cap of 36% per year applies to amounts up to $2,000. The charge for amounts between $75-$250 is min. $15, and $25 for higher than $250 amounts. Statute Citation: Montana Stat. 31-1-701 et seq Rollovers: N/A Maximum Loan Amount: N/A Minimum Loan Term: N/A
Regulating Authority: Department of Banking & Finance Interest, Fees and Charges: $15 per $100 of loan amount Statute Citation: Neb. Rev. Stat. §45-901 et seq. Rollovers: Not allowed Maximum Loan Amount: $500 Minimum Loan Term: None
Regulating Authority: Department of Business & Industry Interest, Fees and Charges: No cap Statute Citation: Nev. Rev. Stat. 604A.010 et seq. Rollovers: The existing limit is 10 weeks after the end of initial loan period Maximum Loan Amount: Max. 25% of gross monthly income Minimum Loan Term: None
Regulating Authority: Banking Department Interest, Fees and Charges: max. 36% APR including fees. Statute Citation: N.H. Rev. Stat. Ann. 399-A:1 Rollovers: Not Allowed Maximum Loan Amount: $500 Minimum Loan Term: 30 days
Regulating Authority: Regulation & Licensing Department Interest, Fees and Charges: $15.50 per $100, along with a $0.50 database fee Statute Citation: N.M. Stat. Ann. §58-15-32 et seq. Rollovers: Not Allowed Maximum Loan Amount: Cannot exceed 25% GMI (industry-wide) Minimum Loan Term: 14 days
Regulating Authority: Department of Financial Institutions Interest, Fees and Charges: 20% of loans amount Statute Citation: ND Cent. Code §13-08-01 et seq. Rollovers: 1 renewal allowed, for 15 day min. term Maximum Loan Amount: $600 Minimum Loan Term: N/A
Regulating Authority: Division of Financial Institutions Interest, Fees and Charges: Small Loan Act: 28% APR on unpaid principal up to $1,000; 22% APR on unpaid principal exceeding $1,000; late charge of 5% or $5; loan fee of 1% of principal or $15 on $500 or less loan, whichever is greater and 1% of principal or $30 on principal above $500; $20 NSF fee. OMLA: interests can accrue at 21% APR or 25% APR using the alternative as long as rate is contained in contract; $10 credit fee; 5% or $15, whichever is greater, default charge; loan fee $15 on loan of $500 or less, $30 on loan of $501-$1,000; $100 on loans of $1,001-$5,000, 1% or $250, whichever is higher, on loans above $5,001; $20 NSF fee Statute Citation: Ohio Mortgage Loan Act: 1321.51 Rollovers: N/A Maximum Loan Amount: No cap Minimum Loan Term: Not stated
Regulating Authority: Department of Consumer Credit Interest, Fees and Charges: $15 per $100 advanced up to first $300; $10 per $100 advanced for advance amounts in excess of $300 (plus lender's database cost, currently $0.56) Statute Citation: Okla. Stat. title 59 §3101 et seq. Rollovers: Not allowed; transaction is considered a renewal if customer pays off an existing loan with the proceeds of a loan from another lender Maximum Loan Amount: $500 Minimum Loan Term: 12 days
Regulating Authority: Department of Consumer & Business Service Interest, Fees and Charges: Annual interest rate capped at 36%. THe origination fee is max. $10 for each $100 of the loan or $30, whichever is less. Statute Citation: 54 Or. Rev. Stat. § 725A.064 Rollovers: Not Allowed Maximum Loan Amount: N/A Minimum Loan Term: 31 days
Regulating Authority: Department of Business Regulation Interest, Fees and Charges: 10% of amount of advance Statute Citation: R.I. Gen. Laws §19-14.4-1 et seq. Rollovers: 1 Maximum Loan Amount: $500 (maximum amount of customer's check) Minimum Loan Term: 13 days
Regulating Authority: State Board of Financial Institutions Interest, Fees and Charges: 15% of advance amount (plus one half of lender's database cost, which is currently equal to $0.40) Statute Citation: SC Code Ann. §34-39-110 et seq. Rollovers: Not allowed Maximum Loan Amount: $550 Minimum Loan Term: None
Regulating Authority: Department of Labor & Regulation Interest, Fees and Charges: 36% APR Statute Citation: SD Codified Laws §54-4-36 et seq. Rollovers: Allowed only if principal the loan loan is repaid (max. 4 renewals) Maximum Loan Amount: $500 Minimum Loan Term: None
Regulating Authority: Department of Financial Institutions Interest, Fees and Charges: 15% of the loan amount Statute Citation: T.C.A. §45-17-101 et seq. Rollovers: Not allowed Maximum Loan Amount: $500 Minimum Loan Term: None
Regulating Authority: Office of Consumer Credit Commissioner Interest, Fees and Charges: $18 per year for $300 loans, $8 per year on $301-$2,500 loans; $25 fee for loans exceeding $1,000 and $20 for loan less than $100; Statute Citation: Consumer Loans: Title 4, Subtitle B, Chapter 342 Rollovers: N/A Maximum Loan Amount: $2,500 Minimum Loan Term: Not stated
Regulating Authority: Department of Financial Institutions Interest, Fees and Charges: No cap Statute Citation: Utah Code §7-23-101 et seq. Rollovers: Yes, not allowed beyond 10 weeks after execution. Maximum Loan Amount: None Minimum Loan Term: None
Regulating Authority: Bureau of Financial Institutions Interest, Fees and Charges: 36% APR plus 20% of loan proceeds and a verification fee not to exceed $5 per loan Statute Citation: Va. Code Ann. §6.2-1800 et seq Rollovers: Not allowed Maximum Loan Amount: $500 Minimum Loan Term: N/A
Regulating Authority: Department of Financial Institutions Interest, Fees and Charges: 15% of advance amount for first $500; 10% of $500 to $700 Statute Citation: RCW §31-45-010 et seq. Rollovers: Not allowed Maximum Loan Amount: $700 or 30% of gross monthly income, whichever is lower Minimum Loan Term: Due date must be on or after next pay date
Regulating Authority: Department of Financial Institutions Interest, Fees and Charges: No cap (post maturity interest limited to 2.75% per month) Statute Citation: Wis. Stat. §138.14 Rollovers: 1 Maximum Loan Amount: Aggregate liability (principal, interest and fees to all licensees) may not be more than $1,500 or 35% of customer's gross monthly income, whichever is less Minimum Loan Term: None
Regulating Authority: Department of Audit Interest, Fees and Charges: $30 or 20% per month on the principal balance (whichever is greater) Statute Citation: WY. Stat. Ann. §40-14-362 et seq. Rollovers: Not allowed Maximum Loan Amount: None Minimum Loan Term: None
States Where Payday Lending is Banned
Payday lending is prohibited in Arizona.
Payday lending is prohibited in Arkansas.
Payday lending is prohibited in Connecticut.
Payday lending is prohibited in District of Columbia.
Payday lending is prohibited in Georgia.
Payday lending is prohibited in Maryland.
Payday lending is prohibited in Massachusetts.
Payday lending is prohibited in New Jersey.
Payday lending is prohibited in New York.
Payday lending is prohibited in North Carolina.
Payday lending is prohibited in Pennsylvania.
Payday lending is prohibited in Vermont.
Payday lending is prohibited in West Virginia.