Payday Loans Laws By State - Elite Personal Finance

Payday Loans Laws By State

EPF Last Update: April 9, 2019
StateLegalAPR RegulationsLoan AmountLoan TermsCost per $100Small Loan Rate Cap
AlabamaYes456.25%$50010 – 31 days$17.50N/A
AlaskaYes520%$500Min: 14 days$20N/A
ArizonaNoN/AN/AN/AN/A36% per year plus 5% fee
ArkansasNoN/AN/AN/AN/A17% per year
CaliforniaHeavily Regulated459%$300Max: 31 days$17.65N/A
ColoradoHeavily RegulatedN/A$500Min: 6 months$7.50N/A
ConnecticutNoN/AN/AN/AN/A30.03% APR or $17 per $100 up to $600; $11 per $100 up to $1,800; add-on interest
DelawareYesNo Limit$500 per loan, $1,000 max per borrower at a one timeMax: 60 daysNo LimitN/A
FloridaYes419%$5007 – 31 days$16.11N/A
GeorgiaNoN/AN/AN/AN/A16% per year (10% per year discounted plus fees); 60% per year criminal usury cap
HawaiiHeavily Regulated459%$600Max: 32 days$17.65N/A
IdahoYesNo Limit$1,000Not SpecifiedN/AN/A
IllinoisHeavily Regulated403%lesser of $1000 or 25% gross monthly income13 – 45 days$15.50N/A
IndianaHeavily Regulated390%$550 or 20% of gross monthly incomeMin: 14 days$15N/A
IowaHeavily Regulated433%$500Max: 31 days$16.67N/A
KansasHeavily Regulated390%$5007 – 30 days$15N/A
KentuckyHeavily Regulated459%$50014 – 60 days$17.65N/A
LouisianaHeavily Regulated780%$35060 days or less$30N/A
MaineHeavily RegulatedN/AN/AN/AN/A30% 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.
MarylandNoN/AN/AN/AN/A2.75% per month; 33% per year.
MassachusettsNoN/AN/AN/AN/A23% plus $20 administrative fee upon the granting of a loan
MichiganHeavily Regulated390%$600Max: 31 days$15N/A
MinnesotaHeavily Regulated390%$350Max: 30 days$15N/A
MississippiHeavily Regulated520%$500Under $250: maximum of 30 days; $250 – $500: 28 – 30 days$20N/A
MissouriYes1950%$50014 – 31 days$75N/A
MontanaHeavily Regulated36%$300Max: 31 days$1.39N/A
NebraskaHeavily Regulated459%$500Max: 34 days$17.65N/A
NevadaYesNo Limit25% of expected gross monthly incomeMax: 35 days; up to 90 days allowed if the initial agreement provides for installment payments and is not subject to extensionNo LimitN/A
New HampshireHeavily Regulated36%$5007 – 30 days$1.38N/A
New JerseyNoN/AN/AN/AN/A30% per year
New MexicoNo175%N/AMinimum maturity period of 120 daysN/AN/A
New YorkNoN/AN/AN/AN/A25% per year
North CarolinaNoN/AN/AN/AN/A36% per year
North DakotaYes520%$500Max: 60 days$20N/A
OhioHeavily Regulated28%$500Min: 31 days$1.08N/A
OklahomaHeavily Regulated390%$50012 – 45 days$15N/A
OregonYes156%Not specifiedMin: 31 days$13 for a 31-day loanN/A
PennsylvaniaNoN/AN/AN/AN/A$9.50 per $100 per year for interest, plus a service charge of $1.50 per $100 per year.
Rhode IslandYes260%$500Min: 13 days$10N/A
South CarolinaYes390%$550Max: 31 days$15N/A
South DakotaYesNo Limit$500Not SpecifiedNo LimitN/A
TennesseeYes459%$425 ($500 check)Max: 31 days$17.65N/A
TexasHeavily Regulated309.47%Not specified7 – 31 days$11.87N/A
UtahYesNo LimitNo LimitMay not exceed 10 weeksNo LimitN/A
VermontNoN/AN/AN/AN/A18% per year
VirginiaHeavily Regulated687.76%$500Min: 2 pay periods$26.38N/A
WashingtonHeavily Regulated390%$700 or 30% of gross monthly income, whichever is lessMax: 45 days$15N/A
West VirginiaNoN/AN/AN/AN/A31% per year on a loan of $2,000 or less
WisconsinYesNo LimitLesser of either $1,500 including fees or 35% gross monthly income90 days or less$30N/A
WyomingYes780%Not Specified1 calendar monthNo LimitN/A
Washington DCNoN/AN/AN/AN/A24% per year

Elite Personal Finance

Recommended Articles


How To Look More Creditworthy To Lenders

EPF June 14, 2019

In life, perception is reality. It isn’t always fair. And it isn’t always right. Remember when you were a teenager? The way you dressed, the way you styled your hair, the music you listened to: all of these characteristics were...


What are The Most Common Loan Fees

EPF June 12, 2019

When you apply for a loan, what’s the first thing that comes to mind? Who’s the best lender? How much can I borrow? Where can I get the lowest APR? These are all important questions. And while it’s always an...

Privacy & Security

Privacy and Security

Elite Personal Finance takes your privacy very seriously.

We always use a secure and up-to-date SSL certificate to provide a private connection to our site.

Learn more

We have a very transparent privacy policy.

Learn more

We help you to be safe online by writing guides on safety, security and identity theft.

Learn more

In addition, we collect only minimum and necessary personal details on our site. In brief, visiting our site is ultimately safe and secure. However, we have to say that no one can be 100% secure online.

AS SEEN ON Protection Status