Payday Loan Regulations

The table below represents each states/territories minimum and maximum loan amount as well as finance fee’s and associated charges.

State	Term	Loan	Fees	Laws
Alabama	10-31 days	$500	17.5% of loan	The loan is due and payable after one rollover. If the borrower is unable to repay the outstanding balance in full, the payday lender may offer to break the loan down into four monthly installment payments. If there are not funds available to cash the personal check at the agreed upon date, the Payday lender may charge an additional fee. – (Alabama Deferred Presentment Services Act, Title 5, Chapter 18A)
Alaska	14 days min.	$500	15% or the lesser of $15 per $100 loaned + $5 fee	The borrower has the right to return the loan at cost, without paying interest or financing fees, within one business day of receiving the loan. Payday lenders are then prohibited from aggressively pursuing debt collections, including the threat of criminal charges. Payday lenders are also restricted to only being able to collect the personal check as security against the loan. Lastly, lenders are required to clearly disclose the full terms of the loan. – S.B. 272 Signed by governor 6/29/04, (Chapter 116)
Arizona	5 days min.	$50-$500	15% of amount loaned	A borrower may have only one outstanding payday loan at once, with a face value that does not exceed $500. From there, the loan may not be refinanced more than three times.
Arkansas	6-31 days	$400	10% of amount loaned + $10 fee max	Lenders must be licensed, and must abide by additional rules when lending to active military personnel.
California	31 days	$300	15% of amount loaned	Financing fees may not exceed an annual rate of return greater than 10%. The personal check from the borrower must then be made out to the personal name of the franchise owner of the Payday loans shop. Lastly, checks may not be held by the payday lender for more than 31 days.
Colorado	40 days	$500	20% first $300; 7.5% of amount loaned in excess of $300	Only one loan per borrower at a time.
Connecticut	NA	NA	No limit	Lenders may charge any interest rate or fee to which a borrower agrees to.
Delaware	60 days	$500	No limit	Lenders may charge any interest rate or fee to which a borrower agrees to. There are also laws in place that protect financing and NSF fees may not be paid for through the use of payday loans. Essentially, you aren’t allowed to borrow from payday loans to pay back payday loans.
District of Columbia	31 days	$50 min; up to $1,000 per borrower	$5 on amounts up to $250; $10 on amounts $250-500; $15 on amounts $500-750; and $20 on face amounts of $750-1,000.	The District of Columbia passed statutes specifically authorizing payday lending. The interest rates and fees that lenders are permitted to charge amount to very large annual percentage rates. The APR for a 14-day $100 loan is 419%. Payday lenders are permitted to add additional fees for handling, processing and verification on a sliding scale based on the amount borrowed.
Florida	7-31 days	$500 exclusive of fees	10% max + $5 fee	Florida passed statutes specifically authorizing payday lending.
Georgia	N/A	$3,000 min	16%	Loans under $3,000 are highly scrutinized by Georgia law. Effective interest rates may only lend as much as 16% so long as the lender is situtated in-state, and has at least 50% of their own capital at-stake in the debt. That being said, FDIC insured lenders from out-of-state are not bound by the rate cap. (See Georgia Code Ann. §§16-17-1 to 16-17-10).
Hawaii	32 days	$600	15% of face amount of the check	Hawaii passed statutes specifically authorizing payday lending, with fairly loose rules surrounding interest rate caps. That being said, the legal system allows for discretionary review of individual loan cases.
Idaho	NA	$1,000	No limit	Lenders may charge any interest rate or fee to which a borrower agrees to.
Illinois	13-45 days	The lesser of $1,000 or 25% of borrower’s gross monthly income, whichever is less.	$15.50 per $100	Lenders may charge any interest rate or fee to which a borrower agrees to. However, no borrower may hold more than one Paydal loan from a given lender at any given time. The law caps the fee that can be charged to $15.50 per each $100, making for an annual interest rate of 403%. Lastly, lenders must be licenced, and abide by an explicit set of public terms.
Indiana	14 days min.	$50-$500 ( but may not exceed borrower’s gross income)	15% on amounts <$250; 13% $251-400; 10% $410-500	Lenders may charge any interest rate or fee to which a borrower agrees to. Financing fees are allowed to be $33 on a Payday loan, making for an APR of 390%.
Iowa	31 days	$500	$15 on first $100; $10 on each $100 after	A lender may not lend more than $500 to a single customer at any given time.
Kansas	7-30 days	$500	15% + administrative fee	A borrower may not take out more than 2 loans from the same lender at any given time, and may not have more than 3 loans from any one borrower within 30days of each other. There are also restrictions on the lending practices associated with military personnel Specifically, wages may not be garnished from military borrowers. Lastly, lenders must defer collections activity against a borrower who is deployed in active duty, or contact any person in the military chain of command in an attempt to make a collection.
Kentucky	14-60 days	$500	$15 per $100 on amount loaned
Louisiana	60 days	$350	16.75% max. of amount loaned; $45 max fee	Lenders must be licensed, and may not lend against property as security.
Maine	N/A	N/A	17.50%	Lenders may charge any interest rate or fee to which a borrower agrees to. Proposed changes to laws would allow lenders to charge as much as 17.5%. In addition, payday lenders would be permitted to use advertising methods that are currently prohibited, and have greater leeway in collection methods.
Maryland	NA	NA	No limit	Because the allowable interest rates and fees of Maryland state laws are much lower than what the payday industry usually charges, payday lenders in these states are probably operating illegally.
Massachusetts	NA	NA	No limit	Because the allowable interest rates and fees of Maryland state laws are much lower than what the payday industry usually charges, payday lenders in these states are probably operating illegally.
Michigan	<31 days	$600	15% or the first $100; 14% of amounts $100-200 13% of amounts $200 – $300; 12% of $300-400 the fourth $100; 11% of amounts $400-$600 plus administrative fees	Loan amounts are limited to no more than $600 in a 31 day period and allow lenders to charge up to 15% depending on the size of the loan. Lenders also require licensing, which is tracked by a state-wide database. This database allows lenders to determine if customers have other open transactions with other shops, while allowing consumers to file complaints. Borrowers are allowed only one loan at a time.
Minnesota	30 days	$350	Ranges from $5.50 for loans up to $50 to 6% + $5 for loans $250 to $350	After maturity, a contract rate must not exceed 2.75 percent per month after the maturity date. (Minnesota Small Loans – Chapter 47.60)
Mississippi	30 days	$400	18% loan amount	Payday lending has been explicitly authorized in this state. The fees and interest rates amount to very large annual percentage rates. The APR for a 14-day $100 loan is 572%.
Missouri	14-31 days	$500	75%	Payday lending has been explicitly authorized in this state. Lenders may not charge interest and fees in excess of 75% for the initial loan term, as well as any additional renewals Otherwise, interest is set similarly to a small loan, which requires contractual agreement. The APR for a 14-day $100 loan is 1980%.
Montana	31 days	$50-$300	25% of face value of the check	Loans cannot exceed $300 in value, and must be larger than $50. A loan also may not exceed 25% of the borrower’s monthly net income. Additionally, a borrower cannot have more than 2 loans at any one time with a single payday lender, and their totals cannot exceed the $300 maximum. Payday lenders are prohibited from renewing, refinancing or consolidating payday loans. However a payday lender may extend the term of the loan beyond the due date for no additional charge. Lastly, borrowers have the right to return the funds at no charge within 1 business day of the transaction
Nebraska	31 days	$500	15% per $100	Loans may not exceed $500.
Nevada	NA	Not to exceed 25% of the expected gross income of the borrower when the loan is made	NA	Any interest rate may be charged, so long as the borrower agrees to those fees in writing. Lenders much then be licensed.
New Hampshire	7-30 days	$500	Only interest may be charged on loans; No fees are permitted	Any interest rate may be charged, so long as the borrower agrees to those fees in writing. There is then no interest rate cap on these loan.
New Jersey	NA	NA	No limit	Any interest rate may be charged, so long as the borrower agrees to those fees.
New Mexico	NA	NA	No limit	Any interest rate may be charged, so long as the borrower agrees to those fees.
New York	NA	NA	No limit	Any interest rate may be charged, so long as the borrower agrees to those fees.
North Carolina	NA	$300	15%	A maximum charge of 15% may be charged on a maximum loan amount of $300. This means that the consumer will receive $255 in cash and the lender will pocket a $45 fee. If a $300 loan at this rate is repaid in two weeks, the APR is about 458%.
North Dakota	60 days	$500	20% of loan plus database fee	The maximum rate of interest that can be charged on a $200 loan is 30%. From there, the cap is 20%.
Ohio	6 months	$800	5% per month on unpaid balance plus $5 fee; plus $3.75 fee for every $50 above $500	The APR for a 14-day $100 loan is 390%.
Oklahoma	12-45 days	$500	15% up to $300; 10% $300 to $500	APR for a 14-day $100 loan is 390%.
Oregon	60 days	No more than 25% of net monthly income	No limit	Loan terms must not have a term longer than 31 days, and may not charge fees other than interest, origination, and non-sufficient funds on the personal check Payday loans may then not be renewed more than twice, or made to a customer within 7 days of the previous loan’s expiry. Lastly, statutory and attorney fees are not recoverable by the lender, even though the governing body has discretionary authority over disputes.
Pennsylvania	NA	NA	No limit	Any interest rate may be charged, so long as the borrower agrees to those fees in writing.
Puerto Rico	NA	NA	No limit	Lenders are required to follow state-wide lending regulation. Because of the way in which the allowable interest rates and fees of these rules are much lower than what the payday industry usually charges, payday lenders in these states are probably operating illegally.
Rhode Island	13 days min.	$500	15% of the face amount of the check	The APR for a 14-day $100 loan is 390%.
South Carolina	31 days	$300	15% of the face amount of the check	The APR for a 14-day $100 loan is 459%.
South Dakota	NA	$500	No limit	Any interest rate may be charged, so long as the borrower agrees to those fees.
Tennessee	31 days	$500	15% of the face amount of the check	The effective APR for a 14-day $100 loan is 459%.
Texas	7-31 days	None	10% per loan plus 48% annual interest + $12 monthly fee	Any interest rate may be charged, so long as the borrower agrees to those fees. However, special disclosures must be made by lenders to military personnel, and restrictions are placed on the collection practices used when pursuing military personnel.
Utah	NA	None	No limit
Vermont	NA	NA	No limit	Any interest rate may be charged, so long as the borrower agrees to those fees in writing.
Virgin Islands	NA	$7,500	NA	Interest rates are capped at 26% per year. Basically since the allowable interest rates and fees are lower than that which the payday lenders usually charge, payday loans are not practical.
Virginia	7 days min.	$500	15% plus a fee for 6% late payments	Lenders must be licensed, and may not make more than one loan to a borrower at any time. Additionally, loans may not be renewed, extended, or garnished from military wages. Last certain residents of specific military locations are declared off-limits as borrowers.
Washington	45 days	$700	15% up to $500; 10% of the principal in excess of $500	Loans may not exceed $700 at any given time. From there, interest rates may not exceed 12% for financial institutions, or 15% for credit unions. Lenders then may not garnish a military borrower’s wage, contact the borrower’s chain of command in an effort to collect, make a loan to a resident of a listed military base, or collect a loan from an individual that has been actively deployed. Lastly, the lender must honors the terms of any repayment agreement negotiated through third party counseling, or direct agreement.
West Virginia	NA	NA	No limit	Lenders must comply with state-wide lending restrictions. Since the allowable interest rates and fees are substantially below that which the payday industry charges, payday lenders in these states are likely operating illegally.
Wisconsin	NA	NA	No limit	Any interest rate may be charged, so long as the borrower agrees to those fees in writing.
Wyoming	30 days	NA	$30 or 20%, of the principal whichever is greater	Lenders must be licensed Interest rate restrictions are then implemented on a monthly basis, meaning that, if the total amount loaned is $100 the most that could be charged is $30 since $30 is greater than $20 which is 20% of the amount borrowed. Rolling a loan over is prohibited. However, a lender may permit the borrower to repay original finance charges in installments but may not charge an additional fee for that convenience. The APR for a 14-day $100 loan is 780%.