Payday Loans In Your State

<h2>Legal Status of Payday Loans by State</h2>

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

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

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

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.

Check the Details Related to Payday Lending in Your State

Payday Loans in Alabama Payday Loans in Alabama

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

Payday Loans in Alaska Payday Loans in Alaska

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

Payday Loans in California Payday Loans in California

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

Payday Loans in Colorado Payday Loans in Colorado

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

Payday Loans in Delaware Payday Loans in Delaware

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

Payday Loans in Florida Payday Loans in Florida

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

Payday Loans in Hawaii Payday Loans in Hawaii

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

Payday Loans in Idaho Payday Loans in Idaho

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

Payday Loans in Illinois Payday Loans in Illinois

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.

Payday Loans in Indiana Payday Loans in Indiana

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

Payday Loans in Iowa Payday Loans in Iowa

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

Payday Loans in Kansas Payday Loans in Kansas

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

Payday Loans in Kentucky Payday Loans in Kentucky

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

Payday Loans in Louisiana Payday Loans in Louisiana

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

Payday Loans in Michigan Payday Loans in Michigan

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

Payday Loans in Minnesota Payday Loans in Minnesota

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

Payday Loans in Mississippi Payday Loans in Mississippi

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)

Payday Loans in Missouri Payday Loans in Missouri

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

Payday Loans in Montana Payday Loans in Montana

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

Payday Loans in Nebraska Payday Loans in Nebraska

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

Payday Loans in Nevada Payday Loans in Nevada

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

Payday Loans in New Hampshire Payday Loans in New Hampshire

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

Payday Loans in New Mexico Payday Loans in New Mexico

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

Payday Loans in North Dakota Payday Loans in North Dakota

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

Payday Loans in Ohio Payday Loans in Ohio

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

Payday Loans in Oklahoma Payday Loans in Oklahoma

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

Payday Loans in Oregon Payday Loans in Oregon

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

Payday Loans in Rhode Island Payday Loans in Rhode Island

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

Payday Loans in South Carolina Payday Loans in South Carolina

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

Payday Loans in South Dakota Payday Loans in South Dakota

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

Payday Loans in Tennessee Payday Loans in Tennessee

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

Payday Loans in Texas Payday Loans in Texas

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

Payday Loans in Utah Payday Loans in Utah

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

Payday Loans in Virginia Payday Loans in Virginia

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

Payday Loans in Washington Payday Loans in Washington

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

Payday Loans in Wisconsin Payday Loans in Wisconsin

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

Payday Loans in Wyoming Payday Loans in Wyoming

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 Loans in Arizona Payday Loans in Arizona

Payday lending is prohibited in Arizona.

Payday Loans in Arkansas Payday Loans in Arkansas

Payday lending is prohibited in Arkansas.

Payday Loans in Connecticut Payday Loans in Connecticut

Payday lending is prohibited in Connecticut.

Payday Loans in District of Columbia Payday Loans in District of Columbia

Payday lending is prohibited in District of Columbia.

Payday Loans in Georgia Payday Loans in Georgia

Payday lending is prohibited in Georgia.

Payday Loans in Maryland Payday Loans in Maryland

Payday lending is prohibited in Maryland.

Payday Loans in Massachusetts Payday Loans in Massachusetts

Payday lending is prohibited in Massachusetts.

Payday Loans in New Jersey Payday Loans in New Jersey

Payday lending is prohibited in New Jersey.

Payday Loans in New York Payday Loans in New York

Payday lending is prohibited in New York.

Payday Loans in North Carolina Payday Loans in North Carolina

Payday lending is prohibited in North Carolina.

Payday Loans in Pennsylvania Payday Loans in Pennsylvania

Payday lending is prohibited in Pennsylvania.

Payday Loans in Vermont Payday Loans in Vermont

Payday lending is prohibited in Vermont.

Payday Loans in West Virginia Payday Loans in West Virginia

Payday lending is prohibited in West Virginia.