Payday Loans Laws by State

ElitePersonalFinance
Last Update: October 25, 2020 Loans
State Legal APR Regulations Loan Amount 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 The 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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