Familiarize Yourself With The Payday Loans Laws And Regulations In Your State

    5 Jul

    Familiarize Yourself With The Payday Loans Laws And Regulations In Your State

    Below is a state-by-state guide to payday loan laws:

    Payday Loans LawsAlabama Payday Loan Regulations

    Maximum Loan Amount: $500
    Term: 10-31 days
    APR (14-Day): 456.25%
    Rollovers: 1 permitted
    Criminal Action: Mostly prohibited
    More information: Alabama Banking Department
    Resources: Alabama Payday Loans: Subprime Report

    Alaska Payday Loan Regulations

    Maximum Loan Amount: $500
    Term: Min 14 days
    APR (14-Day): 520%
    Rollovers: 2 permitted
    Criminal Action: Mostly prohibited
    More information: Alaska Division of Banking and Securities
    Resources: Alaska Payday Loans: Subprime Report

    Arizona Payday Loan Regulations

    Payday loans prohibited. Small loan rate cap: 36% annually plus 5% fee.
    More information: Arizona Department of Financial Institutions
    Resources: Arizona Payday Loans: Subprime Report

    Arkansas Payday Loan Regulations

    Payday Loans Prohibited. Small loan rate cap: 17% annually.
    More information: Office of the Attorney General

    California Payday Loan Regulations

    Maximum Loan Amount: $300
    Term: Max 31 days
    APR (14-Day): 459%
    Rollovers: None permitted
    Criminal Action: Prohibited
    More information: California Department of Corporations
    Resources: California Payday Loans: Subprime Report

    Colorado Payday Loan Regulations

    Maximum Loan Amount: $500
    Term: Min 6 months
    APR (14-Day): Colorado APR: 20% for $0-$300 plus 7.5% for $301-$500 plus 45% for each year, plus monthly fee of $7.50 per $100 up to $30, after first month.
    Rollovers: 1 permitted at 45% interest
    Criminal Action: Mostly prohibited
    More information: Colorado Office of the Attorney General

    Connecticut Payday Loan Regulations

    Payday loans prohibited. Small loan rate cap 30.03% APR.
    More information: Connecticut Department of Banking

    Delaware Payday Loan Regulations

    Maximum Loan Amount: $500
    Term: Max 60 days
    APR (14-Day): No limit
    Rollovers: 4 permitted
    Criminal Action: Prohibited
    More information: Delaware Office of the State Bank Commissioner
    Resources: Delaware Payday Loans: Subprime Report

    Florida Payday Loan Regulations

    Maximum Loan Amount: $500
    Term: 7-31 days
    APR (14-Day): 419%
    Rollovers: None permitted
    Criminal Action: Prohibited
    More information: Florida Office of Financial Regulation

    Georgia Payday Loan Regulations

    Payday loans prohibited. Small loan rate cap 16% per year.
    More information: Georgia Consumer Protection Unit
    Resources: Georgia Payday Loans: Subprime Report

    Hawaii Payday Loan Regulations

    Maximum Loan Amount: $600
    Term: Max 32 days
    APR (14-Day): 459%
    Rollovers: None permitted
    Criminal Action: Mostly prohibited
    More information: Department of Commerce and Consumer Affairs

    Idaho Payday Loan Regulations

    Maximum Loan Amount: $1,000
    Term: Not specified
    APR (14-Day): No limit
    Rollovers: 3 permitted
    Criminal Action: Prohibited
    More information: Idaho Department of Finance
    Resources: Avoiding Idaho Title & Payday Loans
    Resources: Idaho Payday Loans: Subprime Report

    Illinois Payday Loan Regulations

    Maximum Loan Amount: Lesser of $1,000 or 25% gross monthly income
    Term: 13-45 days
    APR (14-Day): 403%
    Rollovers: None permitted
    Criminal Action: Prohibited
    More information: Illinois Division of Financial Institution
    Resources: Illinois Payday Loans: Subprime Report

    Indiana Payday Loan Regulations

    Maximum Loan Amount: $550 (can’t exceed 20% of gross monthly income)
    Term: Min 14 days
    APR (14-Day): 390%
    Rollovers: None permitted
    Criminal Action: Prohibited
    More information: Indiana Department of Financial Institutions
    Resources: Indiana Payday Loans: Subprime Report

    Iowa Payday Loan Regulations

    Maximum Loan Amount: $500
    Term: Max 31 days
    APR (14-Day): 433%
    Rollovers: None permitted
    Criminal Action: Not specified
    More information: Iowa Division of Banking

    Kansas Payday Loan Regulations

    Maximum Loan Amount: $500
    Term: 7-30 days
    APR (14-Day): 390%
    Rollovers: Not specified
    Criminal Action: Prohibited
    More information: Office of the State Bank Commissioner
    Resources: Kansas Payday Loans: Subprime Report

    Kentucky Payday Loan Regulations

    Maximum Loan Amount: $500
    Term: 14-60 days
    APR (14-Day): 459%
    Rollovers: None permitted
    Criminal Action: Prohibited
    More information: Kentucky Office of Financial Institutions
    Resources: Kentucky Payday Loans: Subprime Report

    Louisiana Payday Loan Regulations

    Maximum Loan Amount: $350
    Term: Max 60 days
    APR (14-Day): 780%
    Rollovers: None permitted
    Criminal Action: Prohibited
    More information: Louisiana Office of Financial Institutions

    Maine Payday Loan Regulations

    Payday loans only permitted for supervised lenders. Small loan rate cap 30% per year on amounts up to $2,000.
    More information: Maine Office of Consumer Credit Regulation

    Massachusetts Payday Loan Regulations

    Payday loans prohibited. Small loan rate cap 23% plus $20 administrative fee.
    More information: Massachusetts Division of Banks

    Michigan Payday Loan Regulations

    Maximum Loan Amount: $600
    Term: Max 31 days
    APR (14-Day): 390%
    Rollovers: None permitted
    Criminal Action: Prohibited
    More information: Michigan Office of Financial Insurance Regulation
    Resources: Michigan Payday Loans: Subprime Report

    Minnesota Payday Loan Regulations

    Maximum Loan Amount: $350
    Term: Max 30 days
    APR (14-Day): 390%
    Rollovers: None permitted
    Criminal Action: Not specified
    More information: Minnesota Department of Commerce

    Mississippi Payday Loan Regulations

    Maximum Loan Amount: $500
    Term: $0-$250 Max of 30 days; $250-$500 28-30 days
    APR (14-Day): 520%
    Rollovers: None permitted
    Criminal Action: Prohibited
    More information: Mississippi Department of Banking & Consumer Finance
    Resources: Mississippi Payday Loans: Subprime Report

    Missouri Payday Loan Regulations

    Maximum Loan Amount: $500
    Term: 14-31 days
    APR (14-Day): 1950%
    Rollovers: 6 permitted
    Criminal Action: Mostly prohibited
    More information: Missouri Division of Finance
    Resources: Missouri Payday Loans: Subprime Report

    Montana Payday Loan Regulations

    Payday loans restricted. Small loan rate cap 36%.
    More information: Division of Banking and Financial Institutions

    Nebraska Payday Loan Regulations

    Maximum Loan Amount: $500
    Term: Max 34 days
    APR (14-Day): 459%
    Rollovers: None permitted
    Criminal Action: Not specified
    More information: Nebraska Department of Banking & Finance

    Nevada Payday Loan Regulations

    Maximum Loan Amount: 25% of expected gross monthly income
    Term: Max 35 days; up to 90 with installment payments
    APR (14-Day): No limit
    Rollovers: Not specified
    Criminal Action: Mostly prohibited
    More information: Nevada Financial Institutions Division
    Resources: Nevada Payday Loans: Subprime Report

    New Hampshire Payday Loan Regulations

    Maximum Loan Amount: $500
    Term: 7-30 days
    APR (14-Day): 36%
    Rollovers: None permitted
    Criminal Action: Prohibited
    More information: New Hampshire State Banking Department

    New Jersey Payday Loan Regulations

    Payday loans prohibited. Small loan rate cap 30%.
    More information: New Jersey Department of Banking and Insurance

    New Mexico Payday Loan Regulations

    Maximum Loan Amount: $2,500
    Term: 14-35 days
    APR (14-Day): 416%
    Rollovers: None permitted
    Criminal Action: Prohibited
    More information: New Mexico Financial Institutions Division
    Resources: New Mexico Payday Loans: Subprime Report

    New York Payday Loan Regulations

    Payday loans prohibited. Small loan rate cap 25% per year.
    More information: New York State Department of Financial Services

    North Carolina Payday Loan Regulations

    Payday loans prohibited. Small loan rate cap 36%.
    More information: North Carolina Attorney General

    North Dakota Payday Loan Regulations

    Maximum Loan Amount: $500
    Term: Max 60 days
    APR (14-Day): 520%
    Rollovers: 1 permitted
    Criminal Action: Mostly prohibited
    More information: North Dakota Department of Financial Institutions

    Ohio Payday Loan Regulations

    Maximum Loan Amount: $500
    Term: Min 31 days
    APR (14-Day): 28%
    Rollovers: None permitted
    Criminal Action: Prohibited
    More information: Ohio Division of Financial Institutions
    Resources: Ohio Payday Loans: Subprime Report

    Oklahoma Payday Loan Regulations

    Maximum Loan Amount: $500
    Term: 12-45 days
    APR (14-Day): 390%
    Rollovers: None permitted
    Criminal Action: Prohibited
    More information: Oklahoma Department of Consumer Credit
    Resources: Oklahoma Payday Loans: Subprime Report

    Oregon Payday Loan Regulations

    Maximum Loan Amount: Not specified
    Term: Min 31 days
    APR (14-Day): 156%
    Rollovers: 2 permitted
    Criminal Action: Prohibited; Civil penalties allowed
    More information: Oregon Department of Consumer & Business Services

    Pennsylvania Payday Loan Regulations

    Payday loans prohibited. Small loan rate cap 11% per year.
    More information: Pennsylvania Department of Banking

    Rhode Island Payday Loan Regulations

    Maximum Loan Amount: $500
    Term: Min 13 days
    APR (14-Day): 260%
    Rollovers: 1 permitted
    Criminal Action: Not specified
    More information: Rhode Island Department of Business Regulation

    South Carolina Payday Loan Regulations

    Maximum Loan Amount: $550
    Term: Max 31 days
    APR (14-Day): 390%
    Rollovers: None permitted
    Criminal Action: Prohibited
    More information: South Carolina State Board of Financial Institutions
    Resources: South Carolina Payday Loans: Subprime Report

    South Dakota Payday Loan Regulations

    Maximum Loan Amount: $500
    Term: Not specified
    APR (14-Day): No limit
    Rollovers: 4 permitted
    Criminal Action: Not specified
    More information: South Dakota Division of Banking

    Tennessee Payday Loan Regulations

    Maximum Loan Amount: $500
    Term: Max 31 days
    APR (14-Day): 459%
    Rollovers: None permitted
    Criminal Action: Prohibited
    More information: Tennessee Department of Financial Institutions
    Resources: Tennessee Payday Loans: Subprime Report

    Texas Payday Loan Regulations

    Maximum Loan Amount: Not specified
    Term: 7-31 days
    APR (14-Day): 309.47%
    Rollovers: None permitted
    Criminal Action: Not specified
    More information: Texas Office of Consumer Credit Commissioner
    Resources: Texas Payday Loans: Subprime Report

    Utah Payday Loan Regulations

    Maximum Loan Amount: No limit
    Term: No longer than 10 weeks
    APR (14-Day): No limit
    Rollovers: Not specified
    Criminal Action: Not specified
    More information: Utah Department of Financial Institutions
    Resources: Utah Payday Loans: Subprime Report

    Vermont Payday Loan Regulations

    Payday loans prohibited. Small loan rate cap 18% per year.
    More information: Vermont Banking Division

    Virginia Payday Loan Regulations

    Maximum Loan Amount: $500
    Term: Min 2 pay periods
    APR (14-Day): 687.76%
    Rollovers: None permitted
    Criminal Action: Prohibited
    More information: Virginia Bureau of Financial Institutions
    Resources: Virginia Payday Loans: Subprime Report

    Washington Payday Loan Regulations

    Maximum Loan Amount: Lesser of $700 or 30% of gross monthly income
    Term: Max 45 days
    APR (14-Day): 390%
    Rollovers: None permitted
    Criminal Action: Prohibited
    More information: Washington Department of Financial Institutions

    West Virginia Payday Loan Regulations

    Payday loans prohibited. Small loan rate cap 31% per year on loans of $2,000 or less.
    More information: Office of West Virginia Attorney General

    Wisconsin Payday Loan Regulations

    Maximum Loan Amount: Lesser of $1,500 or 35% gross monthly income
    Term: Max 90 days
    APR (14-Day): No limit
    Rollovers: 1 permitted
    Criminal Action: Prohibited
    More information: Wisconsin Department of Financial Institutions
    Resources: Wisconsin Payday Loans: Subprime Report

    Wyoming Payday Loan Regulations

    Maximum Loan Amount: Not specified
    Term: Max 30 days
    APR (14-Day): 780%
    Rollovers: None permitted
    Criminal Action: Mostly prohibited
    More information: Wyoming Division of Banking

    If you’re struggling to find the cash you need, and you think your only option is a payday loan — think again. OppLoans is your trusted, safe, affordable alternative to dangerous, predatory lenders. Our loans are cheaper than payday, and our repayment terms are longer. So you don’t have to worry about falling into a deep cycle of debt. At OppLoans, customer service is our top priority, and we’re here to help every step of the way. Apply for a better personal loan today at OppLoans.com!

    *All state payday loan legal information courtesy of Consumer Federation of America. “Payday Loan Consumer Information” CFA. Accessed September 15, 2016. http://www.paydayloaninfo.org/state-information

    References:

    1. Standaert, Diane. “Payday Loan Quick Facts: Debt Trap by Design.” Center for Responsible Lending. July, 2014. Accessed September 22, 2016. http://www.responsiblelending.org/payday-lending/payday_loans_quickfacts.pdf
    2. “Annual Percentage Rate” RedFin. Accessed September 22, 2016. https://www.redfin.com/blog/2017/03/interest-rate-and-apr-are-not-the-same-thing-heres-the-difference.html
    3. “How Payday Loans Work.” CFA Payday Loan Consumer Information. Accessed September 22, 2016. http://www.paydayloaninfo.org/facts

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