State-Specific Payday Loans
The Legality of Payday Loans Across the United States
Nowadays, many individuals possess a fundamental comprehension of the functioning of online loans, such as payday loans. Usually, payday and title loans come with high interest rates, exceeding 300 percent, and in some states, the rates may even be higher. However, the possibility of taking out a payday or other small personal loan hinges on the state of residence. Check the list below to find your state and acquire knowledge about the legal provisions regarding short-term loans.
States Where Short-Term Loans are Permitted
In the majority of US states, payday loans and other high-interest short-term loans, such as single-payment online loans, are allowed without significant restrictions.
States with Limitations on Payday Lending
Certain states have limitations on payday lending, and there may be regulations specifying the maximum loan amount, interest rate, APR, rollovers, and the maximum loan term.
States Where Payday Lending is Not Permitted
Payday lending is not allowed in the following states: Arizona, Arkansas, Connecticut, Georgia, Maine, Maryland, Massachusetts, New Jersey, New York, North Carolina, Pennsylvania, Vermont, and West Virginia.
CashSpotUSA Payday Loan Stores Near You
- Arizona
- California
- Colorado
- Florida
- Idaho
- Illinois
- Iowa
- Kentucky
- Michigan
- Mississippi
- Missouri
- New Jersey
- North Carolina
- North Dakota
- Ohio
- Oklahoma
- Oregon
- Pennsylvania
- Kansas
- Tennessee
- Texas
- Utah
- Washington
- Wisconsin
Review the Specifics Regarding Payday Loans in Your State
- Payday Loans in Alabama
Regulatory Body: State Banking Department
Interest Rates, Fees, and Charges: 17.5% of the advance amount
Legal Reference: Alabama Code, §§ 5-18A-1 to 5-18A-12
Loan Rollovers: 1
Maximum Loan Amount: $500
Minimum Loan Term: 10 days
- Payday Loans in Alaska
Regulatory Agency: Department of Commerce, Community & Economic Development
Interest Rate, Fees, and Charges: 15% of the loan amount plus a non-refundable $5 origination fee
Statute Citation: Alaska Statute 06.50.010 et seq.
Rollovers: Two
Maximum Loan Amount: $500
Minimum Loan Term: 14 days
- Payday Loans in California
Authority in Charge: Department of Business Oversight
Maximum Interest Rate and Fees: 15% of loan amount
Legal Reference: California Civil Code 1789.30, California Financial Code, § 23000 et seq.
Loan Renewals: Prohibited
Maximum Loan Amount: $300, which is the maximum value of the borrower’s check
Minimum Loan Term: No minimum term required.
- Payday Loans in Colorado
State Regulator: Attorney General’s Office
Maximum Interest Rate, Fees, and Charges: 20% of the first $300 and 7.5% on any amount over $300, plus a maintenance fee of $7.50 per $100 loaned each month.
Legal Reference: Colorado Revised Statutes § 5-3.1-101 (Deferred Deposit Loan Act)
Number of Rollovers Allowed: 1
Maximum Loan Amount: $500
Minimum Loan Term: 6 months
- Payday Loans in Delaware
Authority overseeing regulations: State Banking Department
Maximum loan amount: $1,000
Minimum loan term: None
Interest rates, fees, and charges: There is no maximum limit set for interest rates, fees, and charges.
Statute Citation: Delaware Code Ann. Title 5, §2227 et seq.
Roll-overs: Up to four roll-overs are allowed.
- Payday Loans in Florida
Regulating Authority: Office of Financial Regulation
Interest, Fees, and Charges: The interest rate is limited to 10% of the loan amount, and a $5 transaction verification fee is charged.
Statute Citation: Florida Statutes Ann. § 560.401 et seq.
Rollovers: Not allowed
Maximum Loan Amount: $500
Minimum Loan Term: 7 days
- Payday Loans in Hawaii
Authority overseeing: Department of Commerce
Interest, fees, and charges: 15% of the loan amount
Legal reference: Hawaii Revised Statutes Annotated, section 480F-1 et seq.
Loan rollovers: Not permitted
Maximum loan amount: $600
Minimum loan term: None specified
- Payday Loans in Idaho
Regulatory Body: Department of Finance
Interest Rates, Fees, and Charges: No maximum limit
Legal Reference: Idaho Credit Code § 28-46-401 et seq.
Loan Rollovers: Up to 3 renewals
Maximum Loan Amount: $1,000 or up to 25% of the borrower’s gross monthly income
Minimum Loan Term: None
- Payday Loans in Illinois
Regulating Authority: Department of Financial and Professional Regulation
Interest, Fees and Charges: $15.50 per $100 borrowed, along with a $1 database fee
Statute Citation: Illinois Administrative Code
Rollovers: Not permitted, but in certain situations, installment payday loans can be refinanced once
Maximum Loan Amount: $1,000 or 25% of gross monthly income if multiple payday loans are taken
Minimum Loan Term: 13 days for payday loans, and 112 days for installment payday loans.
- Payday Loans in Indiana
Regulatory Authority: Department of Financial Institutions
Interest, Fees and Charges: 15% interest on the first $250 borrowed; 13% interest on amounts between $250-$400, and 10% interest on amounts greater than $400; a $25 non-sufficient funds (NSF) fee
Statute Citation: Indiana Code §24-4.5-7-101 et seq.
Rollovers: Not permitted
Maximum Loan Amount: $605, which cannot exceed 20% of the borrower’s gross monthly income, including fees
Minimum Loan Term: 14 days
- Payday Loans in Iowa
Regulatory agency responsible: Division of Banking. Interest rates, fees, and charges: $15 on the first $100 on the face value of a check; $10 per $100 thereafter on the face value of a check. Statutory citation: Iowa Code §533D.1 et seq. Renewals or rollovers: Not permitted. Maximum amount of loan: $500 (equal to the highest amount of the customer’s check). Minimum term of loan: No minimum term.
- Payday Loans in Kansas
Authority overseeing the regulation: Office of the State Bank Commissioner. The interest rate, fees and charges are 15% of the cash advance amount. The legal reference for this regulation is Kansas Statutes Annotated Section 16a-2-404. Rollovers are not permitted. The maximum loan amount is $500 and the minimum loan term is 7 days.
- Payday Loans in Kentucky
Regulatory Body: Department of Financial Institutions
Interest, Fees, and Charges: $15 for every $100 of the loan amount, along with a $1 database fee
Legal Reference: Kentucky Revised Statutes Annotated §286.9-010 et seq.
Rollovers: Prohibited
Maximum Amount of Loan: $500, but not exceeding two transactions
Minimum Loan Term: 14 days
- Payday Loans in Louisiana
Regulatory Agency: Office of Financial Institutions
Interest, Fees, and Charges: The interest rate is 16.75% of the loan amount and a $10 documentation fee per transaction. The maximum fee cannot exceed $45.
Statute Citation: Louisiana Revised Statutes §9:3578.1 et seq.
Rollovers: Rollovers are permitted if the borrower pays 25% of the outstanding loan amount and additional fees.
Maximum Loan Amount: $350
Minimum Loan Term: There is no minimum loan term.
- Payday Loans in Michigan
Regulating Authority: Department of Insurance & Financial Services
Interest, Fees and Charges: 15% on the first $100; 14% on the second $100; 13% on the third $100; 12% on the fourth $100; 11% on the fifth $100, and 11% on the sixth $100, with a $15 fee for every $100 borrowed.
Statute Citation: Michigan Compiled Laws §487.2121 et seq.
Rollovers: Prohibited.
Maximum Loan Amount: $600.
Minimum Loan Term: 7 days.
- Payday Loans in Minnesota
Regulatory Body: Department of Commerce
Interest, Fees and Charges: An administration fee of $5, with an additional fee depending on the loan amount: $5.50 for loans up to $50; 10% for loans between $51 and $100; 7% or a minimum of $10 for loans between $101 and $250; 6% or a minimum of $17.50 for loans between $251 and $350.
Statute Citation: Minnesota Statute §47.60
Rollovers: Not permitted
Maximum Loan Amount: $350
Minimum Loan Term: None.
- Payday Loans in Mississippi
Regulatory Body: Department of Banking and Consumer Finance
Interest, Fees, and Charges: $20 per $100 for loan amounts up to $250; $21.95 per $100 for loan amounts from $250 to $500.
Statute Citation: Mississippi Code Annotated §75-67-501 et seq.
Rollovers: Prohibited
Maximum Loan Amount: $500
Minimum Loan Term: 28 days (applies to loans ranging from $250 to $500)
- Payday Loans in Missouri
Regulating Authority: Division of Finance, Department of Insurance, Financial Institutions & Professional Regulation
Interest, Fees and Charges: The total fees charged for the initial loan and all renewals cannot exceed 75% of the initial loan amount.
Statute Citation: Mo. Rev. Stat. §408.500 et seq.
Rollovers: Up to six rollovers are allowed, but a minimum of 5% of the principal amount must be paid each time.
Maximum Loan Amount: $500
Minimum Loan Term: 14 days.
- Payday Loans in Montana
Regulatory Body: Department of Administration
Interest Rates, Fees, and Charges: Loans up to $2,000 are capped at 36% per annum. For loan amounts between $75 and $250, the minimum charge is $15, and for amounts above $250, it is $25.
Statute Citation: Montana Statutes 31-1-701 et seq.
Rollovers: Not Applicable
Maximum Loan Amount: Not Applicable
Minimum Loan Term: Not Applicable
- Payday Loans in Nebraska
Regulating Authority: Department of Banking and Finance
Interest, Fees and Charges: The fee for a payday loan is $15 for every $100 borrowed.
Statute Citation: Neb. Rev. Stat. §45-901 et seq.
Rollovers: Not permitted
Maximum Loan Amount: Up to $500
Minimum Loan Term: None
- Payday Loans in Nevada
Regulating Authority: Department of Business & Industry
Interest, Fees and Charges: No maximum limit
Statute Citation: Nev. Rev. Stat. 604A.010 et seq.
Rollovers: Allowed up to 10 weeks after the initial loan period
Maximum Loan Amount: Maximum 25% of gross monthly income
Minimum Loan Term: None
- Payday Loans in New Hampshire
Regulatory Authority: Department of Banking
Interest, Fees, and Charges: The maximum Annual Percentage Rate (APR) that lenders can charge is 36%, which includes all fees.
Statute Citation: New Hampshire Revised Statutes Annotated 399-A:1
Rollovers: Not allowed
Maximum Loan Amount: $500
Minimum Loan Term: 30 days.
- Payday Loans in New Mexico
Regulating Authority: Department of Regulation and Licensing
Interest, Fees and Charges: $15.50 per $100 borrowed, plus a $0.50 database fee
Statute Citation: N.M. Stat. Ann. §58-15-32 et seq.
Rollovers: Prohibited
Maximum Loan Amount: Limited to 25% of Gross Monthly Income (GMI) for the industry as a whole
Minimum Loan Term: 14 days
- Payday Loans in North Dakota
Regulatory body: Department of Financial Institutions
Interest, fees, and charges: 20% of the loan amount
Statute Citation: ND Cent. Code §13-08-01 et seq.
Rollovers: One renewal is permitted, with a minimum term of 15 days
Maximum loan amount: $600
Minimum loan term: None specified.
- Payday Loans in Ohio
Regulating Authority: Division of Financial Institutions
Interest, Fees and Charges: Small Loan Act: A 28% APR applies to the unpaid principal amount up to $1,000, and 22% APR applies to the unpaid principal amount exceeding $1,000. Late fees chargeable are either 5% or $5, loan fees are 1% of the principal or $15 for loans of $500 or less, whichever is greater, and 1% of the principal or $30 for loans above $500. Additionally, a $20 NSF fee applies. Under OMLA, interests can accrue at 21% APR or 25% APR, subject to the alternative used and stated in the contract, and a $10 credit fee, 5% or $15 (whichever is greater) default charge, and loan fees of $15 on loans of $500 or less, $30 on loans between $501 and $1,000, and $100 on loans between $1,001 and $5,000. Loans exceeding $5,001 will have a loan fee of 1% or $250, whichever is higher. An NSF fee of $20 is also applicable.
Statute Citation: Ohio Mortgage Loan Act: 1321.51
Rollovers: Not allowed
Maximum Loan Amount: No limit specified
Minimum Loan Term: Not specified
- Payday Loans in Oklahoma
Regulating Authority: Department of Consumer Credit
Interest, Fees and Charges: For loan amounts up to $300, the maximum fee is $15 per $100 advanced. For amounts exceeding $300, the fee is $10 per $100 advanced, plus the lender’s database cost, which is currently at $0.56.
Statute Citation: Oklahoma Statute Title 59 §3101 et seq.
Rollovers: Not permitted. Any transaction that involves paying off an existing loan with the proceeds of a loan from another lender is considered a renewal.
Maximum Loan Amount: $500
Minimum Loan Term: 12 days
- Payday Loans in Oregon
Regulatory Body: Department of Consumer and Business Services
Interest Rates, Fees, and Charges: Annual interest rate is restricted to a maximum of 36%. The origination fee cannot exceed $10 for each $100 of the loan or $30, whichever is less.
Statute Citation: 54 Or. Rev. Stat. § 725A.064
Rollovers: Not permitted.
Maximum Loan Amount: Not specified.
Minimum Loan Term: 31 days.
- Payday Loans in Rhode Island
Regulatory Body: Department of Business Regulation
Interest Rates, Fees, and Charges: 10% of the advance amount
Statutory Reference: R.I. Gen. Laws §19-14.4-1 et seq.
Rollovers: One renewal permitted
Maximum Loan Amount: Limited to $500, which is the maximum amount of the borrower’s check
Minimum Loan Term: 13 days
- Payday Loans in South Carolina
Regulating Authority: State Board of Financial Institutions
Interest, Fees and Charges: 15% of the amount advanced plus 50% of the lender’s database fee, currently set at $0.40.
Statute Citation: SC Code Ann. §34-39-110 et seq.
Rollovers: Prohibited
Maximum Loan Amount: $550
Minimum Loan Term: Not specified.
- Payday Loans in South Dakota
Regulatory Body: Department of Labor and Regulation
Interest Rates, Fees, and Charges: Annual Percentage Rate (APR) of 36%
Statute Citation: SD Codified Laws §54-4-36 et seq.
Rollovers: Permissible only after repaying the loan principal (maximum of 4 renewals)
Maximum Loan Amount: $500
Minimum Loan Term: None specified.
- Payday Loans in Tennessee
Regulating Authority: Department of Financial Institutions
Interest, Fees and Charges: 15% of the loan amount
Statute Citation: T.C.A. §45-17-101 et seq.
Rollovers: Prohibited
Maximum Loan Amount: Up to $500
Minimum Loan Term: Not specified
- Payday Loans in Texas
Regulating Authority: Office of Consumer Credit Commissioner
Interest, Fees and Charges: For loans up to $300, an annual interest rate of $18 is charged. For loans between $301 and $2,500, the annual interest rate is $8. In addition, loans exceeding $1,000 are subject to a $25 fee, while loans less than $100 are subject to a $20 fee.
Statute Citation: Consumer Loans: Title 4, Subtitle B, Chapter 342
Rollovers: Not allowed
Maximum Loan Amount: $2,500
Minimum Loan Term: Not specified.
- Payday Loans in Utah
Regulating Authority: Department of Financial Institutions
Interest, Fees and Charges: No maximum limit for interest, fees, and charges.
Statute Citation: Utah Code §7-23-101 et seq.
Rollovers: Allowed, but limited to 10 weeks after execution.
Maximum Loan Amount: Not specified.
Minimum Loan Term: Not specified.
- Payday Loans in Virginia
Regulatory Agency: Bureau of Financial Institutions
Interest Rates, Fees, and Charges: Annual Percentage Rate of 36%, along with 20% of the loan amount and a verification fee of up to $5 per loan
Statute Citation: Virginia Code Ann. §6.2-1800 et seq.
Rollovers: Prohibited
Maximum Loan Amount: $500
Minimum Loan Term: Not applicable
- Payday Loans in Washington
Regulatory Body: Department of Financial Institutions
Interest, Fees, and Charges: A 15% fee is charged for the first $500 of the advance, while a 10% fee is charged for $500 to $700 of the advance amount.
Statute Citation: RCW §31-45-010 et seq.
Rollovers: Not permitted
Maximum Loan Amount: $700 or 30% of gross monthly income, whichever is less
Minimum Loan Term: Due date must be on or after the next pay date.
- Payday Loans in Wisconsin
Regulating Authority: Department of Financial Institutions
Interest, Fees and Charges: There is no limit to the interest rate, but post-maturity interest is capped at 2.75% per month.
Statute Citation: Wis. Stat. §138.14
Rollovers: Only 1 rollover is allowed.
Maximum Loan Amount: The total amount owed to all licensed lenders cannot exceed $1,500 or 35% of the customer’s gross monthly income, whichever is less.
Minimum Loan Term: None specified.
- Payday Loans in Wyoming
Regulating Authority: Department of Audit
Interest, Fees and Charges: Whichever is greater, $30 or 20% of the principal balance per month
Statute Citation: WY. Stat. Ann. §40-14-362 et seq.
Rollovers: Not permitted
Maximum Loan Amount: Not specified
Minimum Loan Term: Not specified
States Where Payday Lending is Prohibited
- Payday Loans in Arizona
- Payday lending is prohibited in Arizona.
- Payday Loans in Arkansas
- Payday lending is prohibited in Arkansas.
- Payday Loans in Connecticut
- Payday lending is prohibited in Connecticut.
- Payday Loans in District of Columbia
- Payday lending is prohibited in the District of Columbia.
- Payday Loans in Georgia
- Payday lending is prohibited in Georgia.
- Payday Loans in Maryland
- Payday lending is prohibited in Maryland.
- Payday Loans in Massachusetts
- Payday lending is prohibited in Massachusetts.
- Payday Loans in New Jersey
- Payday lending is prohibited in New Jersey.
- Payday Loans in New York
- Payday lending is prohibited in New York.
- Payday Loans in North Carolina
- Payday lending is prohibited in North Carolina.
- Payday Loans in Pennsylvania
- Payday lending is prohibited in Pennsylvania.
- Payday Loans in Vermont
- Payday lending is prohibited in Vermont.
- Payday Loans in West Virginia
- Payday lending is prohibited in West Virginia.
For more detailed information about payday loans by states, please visit our website.