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Payday Loans Laws By State

State
Legal
APR Regulations
Max Loan Amt
Loan Terms
Cost per $100
Small Loan Rate Cap
Alabama
Yes
456.25%
$500
10 – 31 days
$17.50
N/A
Alaska
Yes
520%
$500
Min: 14 days
$20
N/A
Arizona
No
N/A
N/A
N/A
N/A
36% per year plus 5% fee
Arkansas
No
N/A
N/A
N/A
N/A
17% per year
California
Heavily Regulated
459%
$300
Max: 31 days
$17.65
N/A
Colorado
Heavily Regulated
N/A
$500
Min: 6 months
$7.50
N/A
Connecticut
No
N/A
N/A
N/A
N/A
30.03% APR or $17 per $100 up to $600; $11 per $100 up to $1,800; add-on interest
Delaware
Yes
No Limit
$500 per loan, $1,000 max per borrower at a one time
Max: 60 days
No Limit
N/A
Florida
Yes
419%
$500
7 – 31 days
$16.11
N/A
Georgia
No
N/A
N/A
N/A
N/A
16% per year (10% per year discounted plus fees); 60% per year criminal usury cap
Hawaii
Heavily Regulated
459%
$600
Max: 32 days
$17.65
N/A
Idaho
Yes
No Limit
$1,000
Not Specified
N/A
N/A
Illinois
Heavily Regulated
403%
lesser of $1000 or 25% gross monthly income
13 – 45 days
$15.50
N/A
Indiana
Heavily Regulated
390%
$550 or 20% of gross monthly income
Min: 14 days
$15
N/A
Iowa
Heavily Regulated
433%
$500
Max: 31 days
$16.67
N/A
Kansas
Heavily Regulated
390%
$500
7 – 30 days
$15
N/A
Kentucky
Heavily Regulated
459%
$500
14 – 60 days
$17.65
N/A
Louisiana
Heavily Regulated
780%
$350
60 days or less
$30
N/A
Maine
Heavily Regulated
N/A
N/A
N/A
N/A
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.
Maryland
No
N/A
N/A
N/A
N/A
2.75% per month; 33% per year.
Massachusetts
No
N/A
N/A
N/A
N/A
23% plus $20 administrative fee upon the granting of a loan
Michigan
Heavily Regulated
390%
$600
Max: 31 days
$15
N/A
Minnesota
Heavily Regulated
390%
$350
Max: 30 days
$15
N/A
Mississippi
Heavily Regulated
520%
$500
Under $250: maximum of 30 days; $250 – $500: 28 – 30 days
$20
N/A
Missouri
Yes
1950%
$500
14 – 31 days
$75
N/A
Montana
Heavily Regulated
36%
$300
Max: 31 days
$1.39
N/A
Nebraska
Heavily Regulated
459%
$500
Max: 34 days
$17.65
N/A
Nevada
Yes
No Limit
25% of expected gross monthly income
Max: 35 days; up to 90 days allowed if the initial agreement provides for installment payments and is not subject to extension
No Limit
N/A
New Hampshire
Heavily Regulated
36%
$500
7 – 30 days
$1.38
N/A
New Jersey
No
N/A
N/A
N/A
N/A
30% per year
New Mexico
No
175%
N/A
Minimum maturity period of 120 days
N/A
N/A
New York
No
N/A
N/A
N/A
N/A
25% per year
North Carolina
No
N/A
N/A
N/A
N/A
36% per year
North Dakota
Yes
520%
$500
Max: 60 days
$20
N/A
Ohio
Heavily Regulated
28%
$500
Min: 31 days
$1.08
N/A
Oklahoma
Heavily Regulated
390%
$500
12 – 45 days
$15
N/A
Oregon
Yes
156%
Not specified
Min: 31 days
$13 for a 31-day loan
N/A
Pennsylvania
No
N/A
N/A
N/A
N/A
$9.50 per $100 per year for interest, plus a service charge of $1.50 per $100 per year.
Rhode Island
Yes
260%
$500
Min: 13 days
$10
N/A
South Carolina
Yes
390%
$550
Max: 31 days
$15
N/A
South Dakota
Yes
No Limit
$500
Not Specified
No Limit
N/A
Tennessee
Yes
459%
$425 ($500 check)
Max: 31 days
$17.65
N/A
Texas
Heavily Regulated
309.47%
Not specified
7 – 31 days
$11.87
N/A
Utah
Yes
No Limit
No Limit
May not exceed 10 weeks
No Limit
N/A
Vermont
No
N/A
N/A
N/A
N/A
18% per year
Virginia
Heavily Regulated
687.76%
$500
Min: 2 pay periods
$26.38
N/A
Washington
Heavily Regulated
390%
$700 or 30% of gross monthly income, whichever is less
Max: 45 days
$15
N/A
West Virginia
No
N/A
N/A
N/A
N/A
31% per year on a loan of $2,000 or less
Wisconsin
Yes
No Limit
Lesser of either $1,500 including fees or 35% gross monthly income
90 days or less
$30
N/A
Wyoming
Yes
780%
Not Specified
1 calendar month
No Limit
N/A
Washington DC
No
N/A
N/A
N/A
N/A
24% per year

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