The laws on short term loans differ across the United States. To help avoid confusion, PaydayLoansOnline.net has compiled a table for consumers to use as a handy reference. The table also details minimum and maximum loan terms and total interest/fee charges in each state.
Simply look down the left-hand column to find your state and discover all the information you need to know.
The following information is correct as of March 12th 2013:
| State | Are Short Term Loans Permitted? | Maximum Loan Amount | Minimum/Maximum Length of Loan | Maximum Fees and Charges |
|---|---|---|---|---|
| State | Are Short Term Loans Permitted? | Maximum Loan Amount | Minimum/Maximum Length of Loan | Maximum Fees and Charges |
| Alabama | Yes | $500 | Minimum 10 days. Maximum 31 days | 17.5% |
| Alaska | Yes | $500 | Maximum 14 days | Whichever is less of the following: - $5; - $15 for each $100 of a loan; - 15% of the total amount of the loan. |
| Arkansas | No | |||
| Arizona | No | |||
| California | Yes | $300 | Maximum 31 days. | 15% on cashed check. |
| Colorado | Yes | $500 per consumer | Minimum 6 months. No Maximum. | - 20% of the first $300 loaned plus 7.5% of any loan amount more than $300. - 45% per annum for each loan. - If the loan is repaid before the end of the loan term, the lender must refund to the consumer a prorated portion of the annual percentage rate. - Monthly maintenance fee for each outstanding loan, of a maximum $7.50 per $100 loaned, up to $30 per month. |
| Connecticut | No | |||
| Delaware | Yes | $1,000 | Maximum 60 days. | |
| District of Columbia | No | |||
| Florida | Yes | $500 | Minimum 7 days. Maximum 31 days | 10% fee of the amount borrowed plus identification fee. |
| Georgia | No | |||
| Hawaii | Yes | $600 | Maximum 32 days | 15% on cashed check. |
| Idaho | Yes | $1,000 | ||
| Illinois | Yes | $1,000 or 25% of consumer's gross monthly income. | Minimum 13 days. Maximum 120 days. | $15.50 fee per $100 loaned when loan term is passed. |
| Indiana | Yes | Minimum $50. Maximum $550 | Minimum 14 days. | - 15% on first $250 of loan. - 13% above $250 to $400. - 10% above $400 to $500. |
| Iowa | Yes | $500 | Maximum 31 days. | - 15% on first $100 of loan. - $10 on every additional $100 borrowed. |
| Kansas | Yes | $500 | Minimum 7 days. Maximum 30 days. | - 15% of the loan. - Contract rate of 3% per month of the loan. - No other charges allowed except for returned check fees. |
| Kentucky | Yes | $500 from maximum two payday loans. | Maximum 60 days. | - $15 service fee per $100 on the face amount of a deferred deposit check. |
| Louisiana | Yes | $350 | Maximum 30 days. | - 16% of the face amount of loan. |
| Maine | Yes | None | None | - Maximum $15 fee on a loan of $250 |
| Maryland | No | |||
| Massachusetts | No | |||
| Michigan | Yes | $600 | Maximum 31 days. | - 15% of the first $100 borrowed. - 14% of the second $100 borrowed. - 13% of the third $100 borrowed. - 12% of the fourth $100 borrowed. - 11% of the fifth $100 borrowed. - 11% of the sixth $100 borrowed. |
| Minnesota | Yes | $350 | Maximum 30 days | - $5.50 on loan of up to $50. - 10% of loan plus $5 administrative fee for loans of $50 to $100. - 7% of loan plus $5 administrative fee for loan of $100 to $250. - 6% of loan with minimum fee of $17.50 plus $5 administrative fee for loans of $250 to $350. - Contract rate of maximum 2.75% per month for outstanding loan. |
| Mississippi | Yes | $500 total inclusive of fees. | $250 for a maximum of 30 days. $251 - $500 for a minimum of 28 days and a maximum of 30 days. | - 3% on check or $5, whichever is greater for state, federal government issued checks. - 10% on check or $5, whichever is greater, for personal checks; or - 5% on check or $5, whichever is greater for all other checks or money orders. - For a check cashed up to $250, $20 per $100. - For a check cashed from $251 - $500, $21.95 per $100. |
| Missouri | Yes | $500 | Minimum 14 days. Maximum 31 days. | 75% |
| Montana | Yes | Minimum $50. Maximum $300. | 36% plus any insufficient funds fee for returned check. | |
| Nebraska | Yes | $500 | Maximum 34 days. | $15 per $100. |
| Nevada | Yes | Maximum 25% percent of the expected gross monthly income of the customer. | ||
| New Hampshire | Yes | $500 | Minimum 7 days. Maximum 30 days. | - 6% interest per year on payday loan. - Maximum 36% APR on a payday loan. |
| New Jersey | No | |||
| New Mexico | Yes | Maximum loan and fees to 25% of consumer’s gross monthly income. | Minimum 14 days. Maximum 35 days. | - $15.50 administrative fee per $100 borrowed. - Additional verification fee of 50 cents. |
| New York | No | |||
| North Carolina | No | |||
| North Dakota | Yes | $500 No more than $600 outstanding in aggregate loans at any one time. | Minimum 15 days. Maximum 60 days. | - 20% of amount paid to customer. - Database registration fee. |
| Ohio | Yes | $500 | Minimum 31 days. | 28% |
| Oklahoma | Yes | $500 | Minimum 12 days. Maximum 45 days. | - $15 for every $100 up to the first $300. - For loans of more than $300, maximum additional charge of $10 for every $100. |
| Oregon | Yes | None | Minimum 31 days. Maximum 60 days. | - 36% APR one-off origination fee for a new loan. - Maximum origination fee: $10 per $100 of loan or $30, whichever is less. |
| Pennsylvania | No | |||
| Rhode Island | Yes | $500 | Minimum 13 days. | - 3% of the amount on check or $5, whichever is greater, if the check is from any kind of state public assistance or federal social security benefit. - For personal checks, 10% of the amount on the check or $5, whichever is greater; or - For all other checks, 5% of the amount on the check; or $5, whichever is greater. - No fees can be in excess of 10% of the amount. |
| South Carolina | Yes. | $550 | Maximum 31 days. | Maximum fees 15%. |
| South Dakota | Yes | $500 | ||
| Tennessee | Yes | $500 | Maximum 31 days. | Maximum administrative fee of 15%. |
| Texas | Yes | Minimum 7 days. | ||
| Utah | Yes | Maximum 12 weeks. | ||
| Vermont | No | |||
| Virginia | Yes | $500 | Minimum of double the borrower’s pay cycle. | - 36% APR interest. - Loan fee of 20% of amount - $5 verification fee. |
| West Virginia | No | |||
| Wisconsin | Yes | No outstanding aggregate payday loan debt of more than $1,500 or 35% of their gross monthly income, whichever is less. | - Unlimited interest. - 2.75% per month can be charged after the repayment date. | |
| Wyoming | Yes | None | Maximum 1 month. | $30 or 20%. |
** The information on this table is provided for educational or information purposes only; it is not intended to be a substitute for professional advice, legal advice, or otherwise.
