Payday Loan Legislation in All States
July 6, 2010
| State Name |
Max/Min Loan Amount |
Max/Min Loan Term |
Finance Charges |
Allowed Fees (not including insufficient funds fees) |
Citation |
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| Alabama |
12.0pt;font-family:Helvetica”>$500 | mso-bidi-font-size:12.0pt;font-family:Helvetica”>31days/10days | 12.0pt;font-family:Helvetica”>17.5% | 12.0pt;font-family:Helvetica”>$30 | mso-bidi-font-family:Tahoma”>to –22 mso-bidi-font-family:Tahoma;font-variant:small-caps;color:#535353″> |
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| Alaska |
12.0pt;font-family:Helvetica”>$500 | 12.0pt;font-family:Helvetica”>14day min | 12.0pt;font-family:Helvetica”>Lesser of — up to $15 per $100 loaned, or 15% of total loan | 12.0pt;font-family:Helvetica”>$5 | mso-bidi-font-size:12.0pt;font-family:Helvetica”> §§ 06.50.010–.900 | Arizona |
12.0pt;font-family:Helvetica”>$500/$50 | 12.0pt;font-family:Helvetica”> | 12.0pt;font-family:Helvetica”>15% | 12.0pt;font-family:Helvetica”> | mso-bidi-font-size:12.0pt;font-family:Helvetica”> §§ 6-1251 to -1263 |
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| Arkansas |
12.0pt;font-family:Helvetica”>$400 | 12.0pt;font-family:Helvetica”>31days/6days | 12.0pt;font-family:Helvetica”>10% of personal check or money order/6% of all other checks | 12.0pt;font-family:Helvetica”>$10/ | mso-bidi-font-family:Tahoma”>to -117 |
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| California |
12.0pt;font-family:Helvetica”>$300 | 12.0pt;font-family:Helvetica”>31days | 12.0pt;font-family:Helvetica”>15% | 12.0pt;font-family:Helvetica”> | mso-bidi-font-family:Helvetica”> §§ 23000–23038 |
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| Colorado |
12.0pt;font-family:Helvetica”>$500 | 12.0pt;font-family:Helvetica”>40days | 12.0pt;font-family:Helvetica”>20% of first $300 + 7.5% of excess | 12.0pt;font-family:Helvetica”> | 10.0pt;mso-bidi-font-size:12.0pt;font-family:Helvetica”>5-3.1-101 to -123 |
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| Connecticut |
12.0pt;font-family:Helvetica”>None | 12.0pt;font-family:Helvetica”> | 12.0pt;font-family:Helvetica”>Amount under $1,800–$17 per $100 not exceeding $600 | 12.0pt;font-family:Helvetica”> | mso-bidi-font-size:12.0pt;font-family:Helvetica”>§ 36a-563 |
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| Delaware |
12.0pt;font-family:Helvetica”>$500 | 12.0pt;font-family:Helvetica”>59days | 12.0pt;font-family:Helvetica”>None | 12.0pt;font-family:Helvetica”> | tit. 5, §§ 2227–2238 | District of Columbia |
12.0pt;font-family:Helvetica”> | 12.0pt;font-family:Helvetica”> | 12.0pt;font-family:Helvetica”>24% per annum | 12.0pt;font-family:Helvetica”> | |||||||
| Florida |
12.0pt;font-family:Helvetica”>$500 | 12.0pt;font-family:Helvetica”>31days/7days | 12.0pt;font-family:Helvetica”>10% | 12.0pt;font-family:Helvetica”>$5 | mso-bidi-font-size:12.0pt;font-family:Helvetica”> §§ 560.402–408 |
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| Georgia |
12.0pt;font-family:Helvetica”>Loans under $3,000 are largely prohibited | mso-bidi-font-size:12.0pt;font-family:Helvetica”>§ 16-17-1 to -10 |
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| Hawaii |
12.0pt;font-family:Helvetica”>$600 | 12.0pt;font-family:Helvetica”>32days | 12.0pt;font-family:Helvetica”>15% | 12.0pt;font-family:Helvetica”>Greater of – 5% of check or $5 | mso-bidi-font-size:12.0pt;font-family:Helvetica”>§ 480F-1 to -7 |
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| Idaho |
12.0pt;font-family:Helvetica”>S1,000 | 12.0pt;font-family:Helvetica”> | 12.0pt;font-family:Helvetica”> | 12.0pt;font-family:Helvetica”> | mso-bidi-font-size:12.0pt;font-family:Helvetica”>§ 28-46-401 to -413 |
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| Illinois |
12.0pt;font-family:Helvetica”>Lesser of – $1,000 or 25% or borrower’s gross monthly income | 12.0pt;font-family:Helvetica”>45days | 12.0pt;font-family:Helvetica”>S15.50 per $100 | 12.0pt;font-family:Helvetica”> | 815 Ill. Comp Stat. 122/1-1 to 4-50 |
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| Indiana |
12.0pt;font-family:Helvetica”>$550/$50 | 12.0pt;font-family:Helvetica”>14day minimum | 12.0pt;font-family:Helvetica”>15% on first $250, 13% up to $400, %10 on excess | 12.0pt;font-family:Helvetica”> | mso-bidi-font-size:12.0pt;font-family:Helvetica”> §§ 24-4.5-7-101 to 414 |
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| Iowa |
12.0pt;font-family:Helvetica”>$500 | 12.0pt;font-family:Helvetica”>31days | 12.0pt;font-family:Helvetica”>No more than $15 for first $100, $10 for each subsequent $100, or pro rata for any portion of $100 | 12.0pt;font-family:Helvetica”> | mso-bidi-font-family:Helvetica”> §§ 533D.1–16 |
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| Kansas |
12.0pt;font-family:Helvetica”>$500 | 12.0pt;font-family:Helvetica”>30days/7days | 12.0pt;font-family:Helvetica”>15% | 12.0pt;font-family:Helvetica”> | mso-bidi-font-family:Helvetica”>§16A-2-404 | Kentucky |
12.0pt;font-family:Helvetica”>$500 | 12.0pt;font-family:Helvetica”>60days/14days | 12.0pt;font-family:Helvetica”>$15 per $100 | 12.0pt;font-family:Helvetica”> | Helvetica;mso-bidi-font-family:Helvetica”>to -.991 | Louisianan |
12.0pt;font-family:Helvetica”>$350 | 12.0pt;font-family:Helvetica”>60days | 12.0pt;font-family:Helvetica”>Greater of –16.75% of the amount loaned, or $45 | 12.0pt;font-family:Helvetica”> | mso-bidi-font-family:Helvetica”>9:3578.1–8 |
| Maine |
12.0pt;font-family:Helvetica”>Prohibited | Me. Rev. Stat. tit. 32 §§ 6131–46 | Maryland |
12.0pt;font-family:Helvetica”>Prohibited | mso-bidi-font-family:Arial”> §§ 12-301 to -317 |
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| Massachusetts |
12.0pt;font-family:Helvetica”>Prohibited | mso-bidi-font-size:12.0pt;font-family:Helvetica”>. 140, § 96 |
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| Michigan |
12.0pt;font-family:Helvetica”>$600 | 12.0pt;font-family:Helvetica”>31days | 12.0pt;font-family:Helvetica”>15% of first $100, | 12.0pt;font-family:Helvetica”>“Database verification fee” | mso-bidi-font-family:Helvetica”>487.2121–73 |
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| Minnesota |
12.0pt;font-family:Helvetica”>$350 | 12.0pt;font-family:Helvetica”>30days | 12.0pt;font-family:Helvetica”>$5.50 up to $50, | 12.0pt;font-family:Helvetica”>$5 fee for loans over $50, | mso-bidi-font-family:Helvetica”>§ 47.60 | Mississippi |
12.0pt;font-family:Helvetica”>$400 | 12.0pt;font-family:Helvetica”>30days | 12.0pt;font-family:Helvetica”>18% | 12.0pt;font-family:Helvetica”> | mso-bidi-font-family:Helvetica”> §§ 75-67-501 to -539 |
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| Missouri |
12.0pt;font-family:Helvetica”>$500 | 12.0pt;font-family:Helvetica”>31days/14days | 12.0pt;font-family:Helvetica”>75% | 12.0pt;font-family:Helvetica”> | mso-bidi-font-family:Helvetica”>408.500–558 |
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| Montana |
12.0pt;font-family:Helvetica”>$300/$50 | 12.0pt;font-family:Helvetica”>31days | 12.0pt;font-family:Helvetica”>25% | 12.0pt;font-family:Helvetica”> | mso-bidi-font-family:Helvetica”>31-1-701 to -729 |
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| Nebraska |
12.0pt;font-family:Helvetica”>$500 | 12.0pt;font-family:Helvetica”>34days | 12.0pt;font-family:Helvetica”>$15 per $100 | 12.0pt;font-family:Helvetica”> | mso-bidi-font-family:Helvetica”> §§ 45-901 to -929 |
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| Nevada |
12.0pt;font-family:Helvetica”>25% of borrowers monthly GI | 12.0pt;font-family:Helvetica”>35days | 12.0pt;font-family:Helvetica”> | 12.0pt;font-family:Helvetica”> | mso-bidi-font-family:Helvetica”> §§ 604A.010–.940 |
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| New Hampshire |
12.0pt;font-family:Helvetica”>$500 | 12.0pt;font-family:Helvetica”>30days/7days | 12.0pt;font-family:Helvetica”>6% per year | 12.0pt;font-family:Helvetica”> | font-variant:small-caps”>. Rev. Stat. mso-bidi-font-family:Tahoma”>399A:1–19 |
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| New Jersey |
12.0pt;font-family:Helvetica”>Prohibited | mso-bidi-font-family:Arial”> § 17:15A-47:21-19 |
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| New Mexico |
12.0pt;font-family:Helvetica”>25% of borrowers monthly GI | 12.0pt;font-family:Helvetica”>35days/14days | 12.0pt;font-family:Helvetica”>$15.50 per $100 | 12.0pt;font-family:Helvetica”>$.50 | mso-bidi-font-family:Helvetica”> §§ 58-15-31 to -39 |
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| New York |
12.0pt;font-family:Helvetica”>Prohibited | mso-bidi-font-family:Arial”> § 373 | North Carolina |
12.0pt;font-family:Helvetica”>$3,000 | 12.0pt;font-family:Helvetica”> | 12.0pt;font-family:Helvetica”>36% per annum for first $600, 15% per annum for excess | 12.0pt;font-family:Helvetica”> | mso-bidi-font-family:Arial”> §§ 53-161 to -191 |
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| North Dakota |
12.0pt;font-family:Helvetica”>$500 | 12.0pt;font-family:Helvetica”>60days | 12.0pt;font-family:Helvetica”>20% | 12.0pt;font-family:Helvetica”> | mso-bidi-font-family:Helvetica”> §§ 13-08-01 to -15 |
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| Ohio |
12.0pt;font-family:Helvetica”>$500 | 12.0pt;font-family:Helvetica”>31day minimum | 12.0pt;font-family:Helvetica”>5% per month plus- | 12.0pt;font-family:Helvetica”>$20 | mso-bidi-font-family:Tahoma”> §§ 1321.01–.99 |
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| Oklahoma |
12.0pt;font-family:Helvetica”>$500 | 12.0pt;font-family:Helvetica”>45days/12days | 12.0pt;font-family:Helvetica”>$15 per $100 for first $300, $10 per $100 for the excess | 12.0pt;font-family:Helvetica”> | mso-bidi-font-family:Helvetica”> tit. 59 §§ 3101–3119 |
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| Oregon |
12.0pt;font-family:Helvetica”> | 12.0pt;font-family:Helvetica”>60days/31day min | 12.0pt;font-family:Helvetica”>36% per annum | 12.0pt;font-family:Helvetica”>Lesser of – $10 per $100 loaned or $30 | mso-bidi-font-family:Helvetica”> §§ 725.010–.910 |
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| Pennsylvania |
12.0pt;font-family:Helvetica”>Prohibited | font-variant:small-caps”> |
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| Rhode Island |
12.0pt;font-family:Helvetica”>$500 | 12.0pt;font-family:Helvetica”>13day min | 12.0pt;font-family:Helvetica”>15% | 12.0pt;font-family:Helvetica”> | mso-bidi-font-family:Helvetica”> §§ 19-14.4-1 to -.6 |
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| South Carolina |
12.0pt;font-family:Helvetica”>$550 | 12.0pt;font-family:Helvetica”>31days | 12.0pt;font-family:Helvetica”>15% | 12.0pt;font-family:Helvetica”> | mso-bidi-font-family:Helvetica”> §§ 34-39-110 to -290 |
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| South Dakota |
12.0pt;font-family:Helvetica”>$500 | 12.0pt;font-family:Helvetica”> | 12.0pt;font-family:Helvetica”> | 12.0pt;font-family:Helvetica”> | mso-bidi-font-family:Helvetica”> §§ 54-4-36 to -72 |
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| Tennessee |
12.0pt;font-family:Helvetica”>$500 | 12.0pt;font-family:Helvetica”>31days | 12.0pt;font-family:Helvetica”>Lesser of – 15% or $30 | 12.0pt;font-family:Helvetica”> | mso-bidi-font-family:Helvetica”> §§ 45-17-101 to -119 |
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| Texas |
12.0pt;font-family:Helvetica”> | 12.0pt;font-family:Helvetica”> | 12.0pt;font-family:Helvetica”>Under $30 – $1 for each $5 | 12.0pt;font-family:Helvetica”> | ex. Fin. Code Ann. §§ .259 | Utah |
12.0pt;font-family:Helvetica”>No limits | mso-bidi-font-family:Helvetica”> §§ 7-23-101 to -504 |
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| Vermont |
12.0pt;font-family:Helvetica”> | 12.0pt;font-family:Helvetica”> | 12.0pt;font-family:Helvetica”>12% per annum | 12.0pt;font-family:Helvetica”> | mso-bidi-font-size:12.0pt;font-family:Helvetica”> tit. 9 § 41a |
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| Virginia |
12.0pt;font-family:Helvetica”>$500 | 12.0pt;font-family:Helvetica”> | 12.0pt;font-family:Helvetica”>36% per annum | 12.0pt;font-family:Helvetica”>20% loan fee, $5 verification fee | mso-bidi-font-family:Helvetica”> §§ 6.1-444 to -471 |
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| Washington |
12.0pt;font-family:Helvetica”>$700 | 12.0pt;font-family:Helvetica”>45days | 12.0pt;font-family:Helvetica”>15% of first $500, 10% of excess | 12.0pt;font-family:Helvetica”> | mso-bidi-font-family:Helvetica”> §§ 31.45.010–.901 |
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| West Virginia |
12.0pt;font-family:Helvetica”> | 12.0pt;font-family:Helvetica”> | 12.0pt;font-family:Helvetica”>31% per annum | 12.0pt;font-family:Helvetica”> | mso-bidi-font-size:12.0pt;font-family:Helvetica”> § 46A-4-107 |
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| Wisconsin |
12.0pt;font-family:Helvetica”>No limits | mso-bidi-font-family:Helvetica”> 138.09 | Wyoming |
12.0pt;font-family:Helvetica”> | 12.0pt;font-family:Helvetica”>30days | 12.0pt;font-family:Helvetica”>Greater of – 20% of principal or $30 | 12.0pt;font-family:Helvetica”> | mso-bidi-font-family:Helvetica”> §§ 40-14-362 to -364 |
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