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Interest Rates, Fees, Legal Status of Payday Lending by State

Instructions
Click on STATE where client resides or scroll down. Give client info listed under “Loan Terms” Have client write down the info.

Note
The information on this guide is the most up-to-date as of summer of 2015. Laws are subject to change, and lenders will sometimes try to come up with “new products” to circumvent any regulation that gets in the way of their financial products.
Be sure to report to management if a client tells you they have a financial product or loan that appears to be outside the state rules & regulations in this guide.

 

IMPORTANT
When You Are Giving A Client The Information Contained In This Guide, Be Very Care Not To “Interpret” Or Change The Wording. This Guide Has The Information From The Actual Laws Of Each State. It Is Perfectly Fine To “Read” Legal Information To A Client. However As Soon As You Start “Interpreting” What The Information Means, That Could Misconstrued By A Bar Association In Any State As Practicing Law Without A License. T State Bar Of California Has Shaped The Development Of The Law, Regulated The Professional Conduct Of The State’s Lawyers And Provided Greater Access To Legal Services. Created By The State Legislature In 1927, The State Bar Is A Public Corporation Within The Judicial Branch Of Government, Serving As An Arm Of The California Supreme Court. All State Bar Members Are Officers Of The Court. Over The Years, The State Bar Has Responded To The Demands Of A Changing Society, Educating And Informing Both Its Members And The Public.

 

AL

Alabama State Information


Legal Status: Legal
Citation:
Ala. Code §§ 5-18A-1 et seq.
Finance Charge for 14-day $100 loan: $17.50
APR for 14-day $100 loan: 456.25%

Loan Terms:
Maximum Loan Amount: $500
Loan Term: 10-31 days
Maximum Finance Rate and Fees: 17.50%; 3%/month after default

Collection Limits:
Collection Fees: One $30 NSF fee; Court Costs; Reasonable Attorney's Fees up to 15% of face amount of check
Criminal Action: Prohibited (Unless check returned due to closed account)

Debt Limits:
Maximum Number of Outstanding Loans at One Time: None (max $ amount of loans at one time: $500)
Rollovers Permitted: One (rollover)
Cooling-off Period: Next business day after 2 continuous loans repaid
Repayment Plan: Yes

 

AK

Alaska State Information


Legal Status: Legal

Citation:
Alaska Stat. §§ 06.50.010 et seq.

Loan Terms:
Maximum Loan Amount: $500
Loan Term: Min: 14 days
Maximum Finance Rate and Fees: $5 + the lesser of $15 per $100 or 15%
Finance Charge for 14-day $100 loan: $20
APR for 14-day $100 loan: 520%

Debt Limits:
Maximum Number of Outstanding Loans at One Time: Not Specified
Rollovers Permitted: Two (renewals)
Cooling-off Period:
Repayment Plan: Yes

Collection Limits:
Collection Fees: $30 NSF fee; Court costs of up to $700 over the amount of the payment (if disclosed in loan agreement)
Criminal Action: Prohibited (Unless check returned due to closed account)

 

AZ

Arizona State Information


Legal Status: Prohibited

Citation:
Consumer Lenders Act applies. Ariz. Rev. Stat. Ann. §§ 6-601 et seq.

Loan Companies that are licensed in Arizona may write loans to Arizona Consumers, with a maximum fee of 5% of the total loan & 36% interest rate
Small Loan Rate Cap:
36% per year plus 5% fee

 

AR

Arkansas State Information


Legal Status: Prohibited (Check Casher Act, Ark. Code Ann. 23-52-101 et. Seq., repealed 2011)
Citation: Usury cap in Arkansas Constitution applies. Ark. Const. Amend. 89 § 3.
Small Loan Rate Cap:
17% per year set by ballot in 2010
The attorney general’s office advises the recipient of the loan to shut down any bank account involved in transactions with Payday Loan Company and to stop paying on the loan. AG DePriest said that works “pretty well” to solve the consumer’s problem.

 

CA

California State Information


Legal Status: Legal

Citation:
Cal. Fin. Code §§ 23000 to 23106

Loan Terms:
Maximum Loan Amount: $300
Loan Term: Max: 31 days
Maximum Finance Rate and Fees: 15% of check
Finance Charge for 14-day $100 loan: $17.65
APR for 14-day $100 loan: 459%

Debt Limits:
Maximum Number of Outstanding Loans at One Time: One
Rollovers Permitted: None (cannot charge fee for extension)
Cooling-off Period: None
Repayment Plan: Voluntary (no fees may be charged in conjunction with payment plan)

Collection Limits:
Collection Fees: $15 NSF fee
Criminal Action: Prohibited

 

CO

Colorado State Information


Legal Status: Legal

Citation:
Colo. Rev. Stat. 5-3.1-101 et seq.

Loan Terms:
Maximum Loan Amount: $500
Loan Term: Min: 6 Months
Maximum Finance Rate and Fees: 20%: $0-$300 + 7.5%: $301-$500 plus 45% per annum interest plus monthly maintenance fee $7.50 per $100 borrowed, up to $30, after first month.
Finance Charge for 14-day $100 loan: Not applicable
APR for 14-day $100 loan: Not applicable

Debt Limits:
Maximum Number of Outstanding Loans at One Time: No limit if total debt does not exceed $500 and 30-days between loans
Rollovers Permitted: One renewal at 45% interest allowed.
Repayment Plan:

Collection Limits:
Collection Fees: One $25 NSF fee; Court Costs; Reasonable Attorney's Fees not to exceed loan amount
Criminal Action: Prohibited (Unless the consumer's account was closed before the agreed upon negotiation date)

 

CT

Connecticut State Information


Legal Status: Prohibited
Citation:
Usury act applies or small loan act applies. Conn. Gen. Stat. §§ 36a-563 et seq.
Small Loan Rate Cap
30.03% APR or $17 per $100 up to $600; $11 per $100 up to $1,800; add-on interest

 

DE

Delaware State Information


Legal Status: Permitted under small loan act or licensing law - Legal

Citation:
Del. Code Ann. Tit. 5 2227 et seq.

Loan Terms:
Maximum Loan Amount: $500
Loan Term: Max: 60 days
Maximum Finance Rate and Fees: Not Specified
Finance Charge for 14-day $100 loan: No Limit
APR for 14-day $100 loan: No Limit
Average Payday Loan Interest Rate in Delaware is 517%

Debt Limits:
Maximum Number of Outstanding Loans at One Time: Not Specified ($1000 aggregate loans outstanding to all licensees)
Rollovers Permitted: Four (rollovers)
Cooling-off Period:
Repayment Plan: Collection Limits:
Collection Fees: One fee for nonpayment if the contract so provides, not to exceed 5% of the payment amount
Criminal Action: Prohibited

 

DC

D.C. State Information


Legal Status: Prohibited
Citation:
Amended D.C. Code Ann. 28-3301(a)
Small Loan Rate Cap
24% per year

FL

Florida State Information


Legal Status: Legal

Citation:
Fl. Stat. Ann. §§ 560.402 et seq.; Rules 69V-560.707, 69V-560.901-912

Loan Terms:
Maximum Loan Amount: $500
Loan Term: 7-31 days
Maximum Finance Rate and Fees: 10% of check + verification fee not to exceed $5
Finance Charge for 14-day $100 loan: $16.11
APR for 14-day $100 loan: 419%

Debt Limits:
Maximum Number of Outstanding Loans at One Time: One
Rollovers Permitted: None (cannot rollover)
Cooling-off Period: 24 hours
Repayment Plan: YesCollection Limits:
Collection Fees: All charges imposed on the lender by any financial institution; lender not entitled to treble damages
Criminal Action: Prohibited

GA

Georgia State Information


Legal Status: Prohibited
Citation:
Industrial loan act applies. Ga. Code Ann. § 7-3-14; §§ 16-17-1 et seq. Ga. Comp. R. & Regs. 80 3-1.02(7).
Small Loan Rate Cap
16% per year (10% per year discounted plus fees); 60% per year criminal usury cap

HI

Hawaii State Information


Legal Status: Legal (Applies to check cashers only)

Citation:
Hawaii Rev. Stat. Ann. 480F-1 et seq.

Loan Terms:
Maximum Loan Amount: $600
Loan Term: Max: 32 days
Maximum Finance Rate and Fees: 15% of check
Finance Charge for 14-day $100 loan: $17.65
APR for 14-day $100 loan: 459%

Debt Limits:
Maximum Number of Outstanding Loans at One Time: One
Rollovers Permitted: None (cannot refinance or consolidate)
Cooling-off Period:
Repayment Plan:

Collection Limits:
Collection Fees: $20 NSF fee; Check Casher that accepts check passed on insufficient funds not entitled to recover damages
Criminal Action: Prohibited (Unless check returned due to closed account or stop-payment by maker)

ID

Idaho State Information


Legal Status: Legal

Citation:
Idaho Code §§ 28-46-401 et seq.

Loan Terms:
Maximum Loan Amount: $1000
Loan Term: Not Specified
Maximum Finance Rate and Fees: Not Specified
Finance Charge for 14-day $100 loan:
APR for 14-day $100 loan: No Limit

Debt Limits:
Maximum Number of Outstanding Loans at One Time: Not Specified ($1000 aggregate loans outstanding to all licensees)
Rollovers Permitted: Three (renewals)
Cooling-off Period:
Repayment Plan:

Collection Limits:
Collection Fees: $20 NSF fee
Criminal Action: Prohibited

IL

Illinois State Information


Legal Status: Legal

Citation:
Ill. Comp. Stat. §§ 122/1-1 et seq.

Loan Terms:
Maximum Loan Amount: lesser of $1000 or 25% gross monthly income
Loan Term: 13-45 days
Maximum Finance Rate and Fees: $15.50 per $100
Finance Charge for 14-day $100 loan: $15.50
APR for 14-day $100 loan: 403%

Debt Limits:
Maximum Number of Outstanding Loans at One Time: Two
Rollovers Permitted: None (cannot rollover)
Cooling-off Period: 7 days after 45 consecutive loan days
Repayment Plan: Yes

Collection Limits:
Collection Fees: One $25 NSF fee (Presentment limit = 2)
Criminal Action: Prohibited

IN

Indiana State Information


Legal Status: Legal

Citation:
Ind. Code §§ 24-4-4.5-7-101 et seq.

Loan Terms:
Maximum Loan Amount: $550 (not to exceed 20% of borrower's monthly gross income)
Loan Term: Min: 14 days
Maximum Finance Rate and Fees: 15%: $0-$250; 13%: $251-$400; 10%: $401-$500
Finance Charge for 14-day $100 loan: $15
APR for 14-day $100 loan: 390%

Debt Limits:
Maximum Number of Outstanding Loans at One Time: One per lender; Two total
Rollovers Permitted: None (cannot renew, repay, refinance or consolidate)
Cooling-off Period: 7 days after 6 consecutive loans
Repayment Plan: After 3 consecutive loans, lender must offer an extended payment plan of at least four equal installments at no additional cost

Collection Limits:
Collection Fees: One $25 NSF fee; additional charges may apply when check or authorization to debit was used to defraud another
Criminal Action: Prohibited

IA

Iowa State Information


Legal Status: Legal

Citation:
Iowa Code Ann. 533D.1 et seq.

Loan Terms:
Maximum Loan Amount: $500
Loan Term: Max: 31 days
Maximum Finance Rate and Fees: $15: $0-$100 on face of check; $10 per $100 thereafter
Finance Charge for 14-day $100 loan: $16.67
APR for 14-day $100 loan: 433%

Debt Limits:
Maximum Number of Outstanding Loans at One Time: Two
Rollovers Permitted: None (cannot repay, refinance or consolidate)
Cooling-off Period:
Repayment Plan:

Collection Limits:
Collection Fees: One $15 NSF fee (exclusive remedy)
Criminal Action: Not Specified

KS

Kansas State Information


Legal Status: Legal

Citation:
Kan. Stat. Ann. § 16a-2-404

Loan Terms:
Maximum Loan Amount: $500
Loan Term: 7-30 days
Maximum Finance Rate and Fees: 15%
Finance Charge for 14-day $100 loan: $15
APR for 14-day $100 loan: 390%

Debt Limits:
Maximum Number of Outstanding Loans at One Time: Two
Rollovers Permitted: Not Specified
Cooling-off Period:
Repayment Plan:

Collection Limits:
Collection Fees: One NSF fee
Criminal Action: Prohibited

KY

Kentucky State Information


Legal Status: Legal (Applies to check cashers only)

Citation:
Kentucky Rev. Stat. Ann. §§ 286.9.010 et seq.

Loan Terms:
Maximum Loan Amount: $500
Loan Term: 14-60 days
Maximum Finance Rate and Fees: $15 per $100 on face value of check + $1 database fee
Finance Charge for 14-day $100 loan: $17.65
APR for 14-day $100 loan: 459%

Debt Limits:
Maximum Number of Outstanding Loans at One Time: Two ($500 aggregate loans outstanding to all licensees)
Rollovers Permitted: None (cannot renew, rollover, or consolidate)
Cooling-off Period: None
Repayment Plan:

Collection Limits:
Collection Fees: One NSF fee (if disclosed)
Criminal Action: Prohibited

LA

Louisiana State Information


Legal Status: Legal

Citation:
La. Rev. Stat. Ann. §§ 9:3578.1 et seq.

Loan Terms:
Maximum Loan Amount: $350
Loan Term: 60 days or less
Maximum Finance Rate and Fees: 16.75% of face-value of check, not to exceed $45; + $10 documentation fee (After default: months 1-12: 36% per year; months 13 and beyond: 18% per year)
Finance Charge for 14-day $100 loan: $30
APR for 14-day $100 loan: 780%

Debt Limits:
Maximum Number of Outstanding Loans at One Time: Not Specified
Rollovers Permitted: None (cannot renew or rollover but licensee may accept partial payment of 25% of amount advanced plus fees and enter into new loan)
Cooling-off Period:
Repayment Plan:

Collection Limits:
Collection Fees: One NSF fee of actual bank charge (if disclosed) + the greater of $25 or 5% of check (if disclosed); Court Costs; Reasonable Attorney's Fees
Criminal Action: Prohibited

ME

Maine State Information


Legal Status: Prohibited - Permitted for supervised lenders
Citation:
Maine's UCCC applies. Me. Rev. Stat. tit. 9-A § 2-401. Supervised Lenders are exempt from 32 Me. Rev. Stat. § 6138(4)(D) which prohibits a check casher from cashing or advancing any money on a postdated check.
Small Loan Rate Cap
30% per year on amounts up to $2,000 or a fee of $5 for amounts financed up to $75; $15 for amounts financed $75.01-$249.99; or $25 for amounts financed of $250 or more.

MD

Maryland State Information


Legal Status: Prohibited
Citation:
Consumer loan act applies. Md. Code Com. Law § 12-101 et seq.
Small Loan Rate Cap
2.75% per month; 33% per year.

MA

Massachusetts State Information


Legal Status: Prohibited
Citation:
Small loan act applies. Mass. Gen. Laws Ann. ch. 140 §§ 96 et seq.; 209 Mass. Code Regs. 26.01. Check cashers are specifically prohibited from making loans unless licensed under the small loan act. 209 Mass. Code Regs. 45:14(8).
Small Loan Rate Cap
23% plus $20 administrative fee upon the granting of a loan

MI

Michigan State Information


Legal Status: Legal

Citation:
Mich. Comp. Laws §§ 487.2121 et seq.

Loan Terms:
Maximum Loan Amount: $600
Loan Term: Max: 31 days
Maximum Finance Rate and Fees: 15% of first $100, 14% of second $100, 13% of third $100, 12% of fourth $100, 11% of fifth $100, 11% of sixth $100 + any database verification fee
Finance Charge for 14-day $100 loan: $15
APR for 14-day $100 loan: 390%

Debt Limits:
Maximum Number of Outstanding Loans at One Time: One with licensee or more than one with any other licensee
Rollovers Permitted: None (cannot renew; lender may extend only if it does not charge a fee)
Cooling-off Period:
Repayment Plan: Yes

Collection Limits:
Collection Fees: One $25 NSF fee
Criminal Action: Prohibited

MN

Minnesota State Information


Legal Status: Legal

Citation:
Minn. Stat. 47.60 et seq.

Loan Terms:
Maximum Loan Amount: $350
Loan Term: Max: 30 days
Maximum Finance Rate and Fees: $5.50: $0-$50; 10%+$5: $51-$100; 7% (min. $10) + $5: $101-$250; 6% (min. $17.50) + $5: $251-$350 (After default: 2.75% per month)
Finance Charge for 14-day $100 loan: $15
APR for 14-day $100 loan: 390%

Debt Limits:
Maximum Number of Outstanding Loans at One Time: Not Specified
Rollovers Permitted: None (cannot repay with proceeds of another loan by same lender)
Cooling-off Period:
Repayment Plan:

Collection Limits:
Collection Fees: $30 NSF fee
Criminal Action:

MS

Mississippi State Information


Legal Status: Legal (Applies to check cashers only)

Citation:
Miss. Code Ann. §§ 75-67-501 et seq.

Loan Terms:
Maximum Loan Amount: $500 face value of check
Loan Term: Under $250: maximum of 30 days; $250-$500: 28-30 days
Maximum Finance Rate and Fees: Under $250: $20 per $100 advanced; $250-500: $21.95 per $100 advanced
Finance Charge for 14-day $100 loan: $20
APR for 14-day $100 loan: 520%

Debt Limits:
Maximum Number of Outstanding Loans at One Time: Not Specified
Rollovers Permitted: None (cannot renew or otherwise extend)
Cooling-off Period:
Repayment Plan:

Collection Limits:
Collection Fees: NSF fee; Court-awarded fees (if disclosed)
Criminal Action: Prohibited (When check returned due to NSF)

MO

Missouri State Information


Legal Status: Legal

Citation:
Mo. Rev. Stat. §§ 408.500 et seq.

Loan Terms:
Maximum Loan Amount: $500
Loan Term: 14-31 days
Maximum Finance Rate and Fees: Not Specified (No borrower shall be required to pay a total amount of accumulated interest and fees in excess of 75% of the initial loan amount on any single authorized loan for the entire loan term and all authorized renewals. Otherwise, interest is set pursuant to small loan law which provides that parties may set rate by contract.)
Finance Charge for 14-day $100 loan: $75
APR for 14-day $100 loan: 1950%

Debt Limits:
Maximum Number of Outstanding Loans at One Time: No more than $500 to any one lender at one time
Rollovers Permitted: Six (borrower must reduce principal amount of loan by 5% or more upon each renewal)
Cooling-off Period:
Repayment Plan:

Collection Limits:
Collection Fees: NSF fee; Collection costs (including court costs and reasonable attorney's fees) Licensee cannot use a series of ACH transactions to collect a single check.
Criminal Action: Prohibited (Unless check returned due to closed account or stop-payment by maker)

MT

Montana State Information


Legal Status: Legal (-Low Cost)

Citation:
Mont. Code Ann. 31-1-701

Loan Terms:
Maximum Loan Amount: $300
Loan Term: Max: 31 days
Maximum Finance Rate and Fees: 36% APR
Finance Charge for 14-day $100 loan: $1.39

Debt Limits:
Maximum Number of Outstanding Loans at One Time:
Rollovers Permitted:
Cooling-off Period:
Repayment Plan:

Collection Limits:
Collection Fees: One $30 NSF fee
Criminal Action:

NE

Nebraska State Information


Legal Status: Legal

Citation:
Neb. Stat. Ann. §§ 45-901

Loan Terms:
Maximum Loan Amount: $500
Loan Term: Max: 34 days
Maximum Finance Rate and Fees: $15 per $100 or pro rata for any part thereof on amount of check
Finance Charge for 14-day $100 loan: $17.65
APR for 14-day $100 loan: 459%

Debt Limits:
Maximum Number of Outstanding Loans at One Time: Two
Rollovers Permitted: None (cannot repay, refinance, consolidate)
Cooling-off Period:
Repayment Plan:

Collection Limits:
Collection Fees: $15 NSF fee
Criminal Action:

NV

Nevada State Information


Legal Status: Legal

Citation:
Nev. Rev. Stat. 604A.010 et seq.

Loan Terms:
Maximum Loan Amount: 25% of expected gross monthly income
Loan Term: Max: 35 days; up to 90 days allowed if the initial agreement provides for installment payments and is not subject to extension
Maximum Finance Rate and Fees: Not Specified (After default: interest rate must be equal to or less than the prime rate at the largest bank in the State of Nevada plus 10 %)
Finance Charge for 14-day $100 loan: No Limit
APR for 14-day $100 loan: No Limit

Debt Limits:
Maximum Number of Outstanding Loans at One Time: Not Specified
Rollovers Permitted: Not Specified (Lenders cannot extend payment period beyond 60 days after expiration of initial loan period)
Cooling-off Period:
Repayment Plan: Yes

Collection Limits:
Collection Fees: $25 dishonored check fee (max. two fees for insufficient funds; max. one fee for closed account); court costs; reasonable attorney's fees; service of process costs
Criminal Action: Prohibited (Unless customer acted with criminal intent)

NH

New Hampshire State Information


Legal Status: Legal (-Low Cost)

Citation:
N.H. Rev. Stat. Ann. 399-A:1 et seq.

Loan Terms:
Maximum Loan Amount: $500
Loan Term: 7-30 days
Maximum Finance Rate and Fees: 36% annual interest
Finance Charge for 14-day $100 loan: $1.38
APR for 14-day $100 loan: 36%

Debt Limits:
Maximum Number of Outstanding Loans at One Time: One
Rollovers Permitted: None (cannot refinance, renew, extend; borrowers can renew to obtain additional cash but prior loan must be paid in full from proceeds of new loan and marked as such)
Cooling-off Period: 60 days
Repayment Plan:

Collection Limits:
Collection Fees:
Criminal Action: Prohibited

NJ

New Jersey State Information


Legal Status: Prohibited
Citation:
Consumer loan act applies but rates as agreed to by contract. N.J. Stat. Ann. tit. 17:1 et seq. However, criminal law sets the usury cap at 30%. N.J. Stat. Ann. 2C: 21-19. A check cashing licensee cannot cash or advance money on a postdated check. N.J. Stat. Ann. 17:15A-47.
Small Loan Rate Cap
30% per year

NM

New Mexico State Information


Legal Status: Legal

Citation:
N.M. Stat. Ann. §§ 58-15-32 to 38
Loan Terms:
Maximum Loan Amount: $2500
Loan Term: 14 to 35 days, can be shorter by written agreement
Maximum Finance Rate and Fees: $15.50 per $100; $.50 verification fee per $100
Finance Charge for 14-day $100 loan: $16
APR for 14-day $100 loan: 416%

Debt Limits:
Maximum Number of Outstanding Loans at One Time: Total capped at 25% gross monthly income
Rollovers Permitted: None
Cooling-off Period: 10 days
Repayment Plan: Yes, equal installments over 130 day period

Collection Limits:
Collection Fees: $15 NSF fee one time per loan
Criminal Action: Prohibited

NY

New York State Information


Legal Status: Prohibited
Citation:
Licensed lender law applies but interest rate is that agreed to by contract. N.Y. Banking Law 340 et seq. A check casher licensee cannot make loans nor cash or advance any moneys on a post dated check unless it is a payroll check. N.Y. Banking Law 373. Criminal law sets the usury cap at 25%. N.Y. Penal Code 190.40.
Small Loan Rate Cap
25% per year

NC

North Carolina State Information


Legal Status: Prohibited (N.C. Gen. Stat. 53-281 authorizing payday loans allowed to sunset in 2001)
Citation:
The consumer finance act applies. N.C. Gen. Stat. 53-173
Small Loan Rate Cap
36% per year

ND

North Dakota State Information


Legal Status: Legal

Citation:
N.D. Cent. Code 13-08-01 et seq.

Loan Terms:
Maximum Loan Amount: $500
Loan Term: Max: 60 days
Maximum Finance Rate and Fees: 20% + databasing fee
Finance Charge for 14-day $100 loan: $20
APR for 14-day $100 loan: 520%

Debt Limits:
Maximum Number of Outstanding Loans at One Time: Not Specified ($600 aggregate loans outstanding to all licensees)
Rollovers Permitted: One (renewal fee not to exceed 20% of amount being renewed)
Cooling-off Period: 3 days
Repayment Plan:

Collection Limits:
Collection Fees: $20 NSF fee (if disclosed)
Criminal Action: Prohibited (Unless account was closed on date of original transaction)

OH

Ohio State Information


Legal Status: Legal (Low Cost)

Citation:
Ohio Rev. Code Ann. 1321.35 et seq.

Loan Terms:
Maximum Loan Amount: $500
Loan Term: Minimum: 31 days
Maximum Finance Rate and Fees: 28% annual interest
Finance Charge for 14-day $100 loan: $1.08
APR for 14-day $100 loan: 28%

Debt Limits:
Maximum Number of Outstanding Loans at One Time: One, four per year
Rollovers Permitted: None
Cooling-off Period: 2 loan limit in 90 days
Repayment Plan: Yes, 60 days, no fees

Collection Limits:
Collection Fees: Bank charges (if disclosed); $20 collection charge; Court Costs after default; damages
Criminal Action: Prohibited

OK

Oklahoma State Information


Legal Status: Legal

Citation:
Okla. Stat. Tit. 59 §§ 3101 et seq.

Loan Terms:
Maximum Loan Amount: $500
Loan Term: 12-45 days
Maximum Finance Rate and Fees: $15 per $100: $0-$300;  an additional fee of $10 per $100: $301-$500
Finance Charge for 14-day $100 loan: $15
APR for 14-day $100 loan: 390%

Debt Limits:
Maximum Number of Outstanding Loans at One Time: Two
Rollovers Permitted: None (cannot renew; a loan made within 13 days after a previous one was entered into shall be considered a renewal and shall not be made)
Cooling-off Period: Second business day after the 5th consecutive loan repaid
Repayment Plan: Yes

Collection Limits:
Collection Fees: $25 NSF fee (if disclosed) unless dishonored due to theft or forgery
Criminal Action: Prohibited

OR

Oregon State Information


Legal Status: Legal

Citation:
54 Or. Rev. Stat. § 725A.064

Loan Terms:
Maximum Loan Amount: Not Specified
Loan Term: Minimum 31 days
Maximum Finance Rate and Fees: 36% APR interest, $10 per $100 of loan amount as fee, up to $30
Finance Charge for 14-day $100 loan: $13 for 31 day loan
APR for 14-day $100 loan: 156% APR for 31 day loan

Debt Limits:
Maximum Number of Outstanding Loans at One Time: No Limit
Rollovers Permitted: Two (renewals)
Cooling-off Period: 7 days before or 7 days after prior loan expires
Repayment Plan:

Collection Limits:
Collection Fees: One $20 NSF fee + additional bank charges 
Criminal Action: None, only civil penalties

PA

Pennsylvania State Information


Legal Status: Prohibited
Citation:
Check cashers are specifically prohibited from making payday loans. 63 Penn Stat. Ann. § 2325. Otherwise, Consumer Discount Company Act applies. 7 Pa. Cons. Stat. §§ 6201 et seq.
Small Loan Rate Cap
$9.50 per $100 per year interest, plus service charge of $1.50 per $100 per year. 

RI

Rhode Island State Information


Legal Status: Legal (Applies to check cashers only)

Citation:
R.I. Stat. Ann. 19-14.4-1 et seq.

Loan Terms:
Maximum Loan Amount: $500
Loan Term: Min: 13 days
Maximum Finance Rate and Fees: 10%
Finance Charge for 14-day $100 loan: $10
APR for 14-day $100 loan: 260%

Debt Limits:
Maximum Number of Outstanding Loans at One Time: 3/$500
Rollovers Permitted: One (rollover)
Cooling-off Period:
Repayment Plan:

Collection Limits:
Collection Fees: Not Specified
Criminal Action: Not Specified

SC

South Carolina State Information


Legal Status: Legal

Citation:
S.C. Code §§ 34-39-110 et seq.

Loan Terms:
Maximum Loan Amount: $550
Loan Term: Max: 31 days
Maximum Finance Rate and Fees: 15% of principal
Finance Charge for 14-day $100 loan: $15
APR for 14-day $100 loan: 390%

Debt Limits:
Maximum Number of Outstanding Loans at One Time: Not Specified
Rollovers Permitted: None
Cooling-off Period:
Repayment Plan:

Collection Limits:
Collection Fees: Lesser of: NSF fee of $10 or actual charge
Criminal Action: Prohibited

SD

South Dakota State Information


Legal Status: Permitted under small loan act or licensing law

Citation:
S.D. Codified Laws 54-4-36 et seq.

Loan Terms:
Maximum Loan Amount: $500
Loan Term: Not Specified
Maximum Finance Rate and Fees: Not Specified
Finance Charge for 14-day $100 loan: No Limit
APR for 14-day $100 loan: No Limit

Debt Limits:
Maximum Number of Outstanding Loans at One Time: Not Specified
Rollovers Permitted: Four (licensee can renew, rollover or flip loan if debtor pays outstanding fee each time)
Cooling-off Period:
Repayment Plan:

Collection Limits:
Collection Fees: Not Specified
Criminal Action: Not Specified

TN

Tennessee State Information


Legal Status: Legal

Citation:
Tenn. Code Ann. 45-17-101 et seq.

Loan Terms:
Maximum Loan Amount: $425 ($500 check)
Loan Term: Max: 31 days
Maximum Finance Rate and Fees: 15% of the face value of the check
Finance Charge for 14-day $100 loan: $17.65
APR for 14-day $100 loan: 459%

Debt Limits:
Maximum Number of Outstanding Loans at One Time: 3 (2 per licensee)
Rollovers Permitted: None (cannot renew or otherwise consolidate)
Cooling-off Period:
Repayment Plan:

Collection Limits:
Collection Fees:  Court Costs
Criminal Action: Prohibited

TX

Texas State Information


Legal Status: Legal

Citation:
7 Tex. Admin. Code § 83.604; 4 Tex. Fin. Code §§ 342.251 et seq. and §§ 342.601 et seq.

Loan Terms:
Maximum Loan Amount: Not specified
Loan Term: 7-31 days
Maximum Finance Rate and Fees: May not exceed rates authorized in Tex. Fin. Code §§ 342.251-342.259. 7 Tex. Admin Code § 83.604 provides a chart stating that maximum APRs for payday loans range from 83.43% for a 30-day, $350 loan to 569.92% for a 7-day, $100 loan.
Finance Charge for 14-day $100 loan: $11.87
APR for 14-day $100 loan: 309.47%

Debt Limits:
Maximum Number of Outstanding Loans at One Time: Not Specified ($500 aggregate loans outstanding to all licensees)
Rollovers Permitted: None (if renewal charge is less than maximum interest rate permitted; otherwise convert to declining balance installment note)
Cooling-off Period:
Repayment Plan:

Collection Limits:
Collection Fees: Not Specified 
Criminal Action: Not Specified

UT

Utah State Information


Legal Status: Legal (Applies to check cashers only)

Citation:
Utah Code Ann. 7-23-101 et seq.

Loan Terms:
Maximum Loan Amount: No Limit
Loan Term: May not exceed 10 weeks
Maximum Finance Rate and Fees: No usury limit
Finance Charge for 14-day $100 loan: No Limit
APR for 14-day $100 loan: No Limit

Debt Limits:
Maximum Number of Outstanding Loans at One Time: No limit
Rollovers Permitted: Not Specified (cannot extend or renew loan more than 10 weeks from original loan date)
Cooling-off Period: None
Repayment Plan: Yes

Collection Limits:
Collection Fees: Not Specified
Criminal Action: Not Specified

VT

Vermont State Information


Legal Status: Prohibited
Citation:
Small loan act applies. Vt. Stat. Ann. tit. 9 § 41a.
Small Loan Rate Cap
18% per year

VA

Virginia State Information


Legal Status: Legal

Citation:
Va. Code Ann. §§ 6.2-1800 et seq.

Loan Terms:
Maximum Loan Amount: $500
Loan Term: Min: 2 pay periods
Maximum Finance Rate and Fees: 36% annual interest + $5 verification fee + 20% of loan
Finance Charge for 14-day $100 loan: $26.38
APR for 14-day $100 loan: 687.76%

Debt Limits:
Maximum Number of Outstanding Loans at One Time: One
Rollovers Permitted: None (cannot refinance, renew, or extend)
Cooling-off Period: 1 day after payment; 45 days after 5th loan within 180 day period; 90 days after payment plan
Repayment Plan: Yes; once per year

Collection Limits:
Collection Fees: $25 NSF fee; Court Costs; Reasonable Attorney's Fees (not to exceed $250)
Criminal Action: Prohibited

WA

Washington State Information


Legal Status: Legal (Lender must have a small loan endorsement to their check casher license in order to make payday loans)

Citation:
Wash. Rev. Code Ann. 31.45.010 et seq.

Loan Terms:
Maximum Loan Amount: $700 or 30% of gross monthly income, whichever is less
Loan Term: Max: 45 days
Maximum Finance Rate and Fees: 15%: first $500; 10%: remaining portion of the loan in excess of $500 up to the $700 maximum
Finance Charge for 14-day $100 loan: $15
APR for 14-day $100 loan: 390%

Debt Limits:
Maximum Number of Outstanding Loans at One Time:
A company cannot hold a check or checks in an aggregate face amount of more than $700 plus allowable fees from any one borrower at any one time.
Rollovers Permitted:
None (cannot repay loan with proceeds of another)
Cooling-off Period:
Repayment Plan:
Borrowers are eligible for an installment plan at no extra cost if they notify lender on or before the loan is due.  Plan is 90 days for debt of $400 or less and at least 180 days for larger debts.

Collection Limits:
Collection Fees: $25 NSF fee (one time per instrument); collection costs (excluding attorney's fees, interest and damages)
Criminal Action: Prohibited

WV

West Virginia State Information


Legal Status: Prohibited
Citation:
Small loan act applies. W. Va. Code § 46A-4-107 and §§ 32A-3-1 et seq.
Small Loan Rate Cap
31% per year on a loan of $2,000 or less

WI

Wisconsin State Information


Legal Status: Legal

Citation:
Wis. Stat. 138.14

Loan Terms:
Maximum Loan Amount: Lesser of $1,500 including fees or 35% gross monthly income
Loan Term: 90 days or less
Maximum Finance Rate and Fees: No Limit
Finance Charge for 14-day $100 loan: No Limit
APR for 14-day $100 loan: No Limit

Debt Limits:
Maximum Number of Outstanding Loans at One Time: No Limit
Rollovers Permitted: Yes, one renewal
Cooling-off Period: 24-hours after paying renewed loans
Repayment Plan:  Yes, 4 equal installments, no additional cost. Limit one payment plan offer per 12 months.

Collection Limits:
Collection Fees: $15 NSF fee, check presented once
Criminal Action: Prohibited (per Wisconsin worthless check law, a check given to secure a loan isn't "worthless")

WY

Wyoming State Information


Legal Status: Legal

Citation:
Wy. Stat. 40-14-362 et seq.

Loan Terms:
Maximum Loan Amount: Not Specified
Maximum Loan Term: 1 calendar month
Maximum Finance Rate and Fees: the greater of 20% per month or $30
Finance Charge for 14-day $100 loan: $30
APR for 14-day $100 loan: 780%

Debt Limits:
Maximum Number of Outstanding Loans at One Time: Not Specified
Rollovers Permitted: None (cannot repay, refinance or consolidate by proceeds of another check)
Cooling-off Period:
Repayment Plan:

Collection Limits:
Collection Fees:
Criminal Action: Prohibited (Prior to date on instrument)

 



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