*This is a 2-part series continuation. Please read Part 1 before going on further. Rules and regulations are always changing, so we are not responsible for any errors or updates. Always call your state examiner to double check on any existing or changing laws. This is meant to be used as a “quick-reference” guide.
Louisiana
Legal
Max Loan Amount: $350
Max Charge/APR% for a 14 Day Loan ($100): $25/650%
Term: 60 days
Rollovers Allowed: None (Lender can take a partial payment of 25% lent plus fees into a new loan)
Maine
Prohibited (Except for Supervised Lenders)
Maryland
Prohibited
Massachusetts
Prohibited
Michigan
Legal
Max Loan Amount: $600
*Max Charge/APR% for a 14 Day Loan ($100): $15/390%
*Michigan Payday Loan Law describes the maximum fees/charges as: 15% of first $100, 14% of second $100, 13% of third $100, 12% of fourth $100, 11% of fifth $100, 11% of sixth $100 + any database verification fee
Term: Maximum 31 days
Rollovers Allowed: None (Can be extended if no fee is charged)
Minnesota
Legal
Max Loan Amount: $350
Max Charge/APR% for a 14 Day Loan ($100): $15/390%
*Minnesota Payday Loan Law describes the maximum fees/charges as: $5.50: $0-$50; 10%+$5: $51-$100; 7% (min. $10) + $5: $101-$250; 6% (min. $17.50) + $5: $251-$350 (After default: 2.75% per month)
Term: Maximum 30 days
Rollovers Allowed: None (Borrowers restricted from paying off loans with another loan from same lender)
Mississippi
Legal (Check cashers only)
Max Loan Amount: $400
Max Charge/APR% for a 14 Day Loan ($100): $22/572%
Term: Maximum 30 days
Rollovers Allowed: None
Missouri
Legal
Max Loan Amount: $500
Max Charge/APR% for a 14 Day Loan ($100): $75/1980%
Term: Maximum 30 days
Rollovers Allowed: Six (Lender must reduce principal by 5% upon each renewal)
Montana
Legal
Max Loan Amount: $300
Max Charge/APR% for a 14 Day Loan ($100): $25/650%
Term: Maximum 31 days
Rollovers Allowed: None
Nebraska
Legal
Max Loan Amount: $500
Max Charge/APR% for a 14 Day Loan ($100): $17.65/459%
Term: Maximum 31 days
Rollovers Allowed: None
Nevada
Legal
Max Loan Amount: 25% of Gross Monthly Income
Max Charge/APR% for a 14 Day Loan ($100): No Limit
Term: Maximum 60 days
Rollovers Allowed: Not Specified (Cannot extend more than 60 days of expiration of original loan term)
New Hampshire
Legal
Max Loan Amount: $500
Max Charge/APR% for a 14 Day Loan ($100): $1.38/36%
Term: 7-30 days
Rollovers Allowed: None
New Jersey
Prohibited
New Mexico
Legal
Max Loan Amount: $2,500
Max Charge/APR% for a 14 Day Loan ($100): $16/417.14%
Term: 14-35 days (Can be less, with written contract)
Rollovers Allowed: None
New York
Prohibited
North Carolina
Prohibited
North Dakota
Legal
Max Loan Amount: $500
Max Charge/APR% for a 14 Day Loan ($100): $20/520%
Term: Maximum 60 days
Rollovers Allowed: One
Ohio
Legal
Max Loan Amount: $500
Max Charge/APR% for a 14 Day Loan ($100): $1.08/28%
Term: Minimum 31 days
Rollovers Allowed: None
Oklahoma
Legal
Max Loan Amount: $500
Max Charge/APR% for a 14 Day Loan ($100): $15/39%
*Oklahoma Payday Loan Law describes the maximum fees/charges as: $15 per $100: $0- $300; $10 per $100: $301-$500
Term: 12-45 days
Rollovers Allowed: None
Oregon
Legal
Max Loan Amount: Not Specified
Max Charge/APR% for a 14 Day Loan ($100): $13/156%
*Oregon Payday Loan Law describes the maximum fees/charges as: 36% APR interest, $10/$100 fee up to $30
Term: Minimum 31 days
Rollovers Allowed: Two
Pennsylvania
Prohibited
Rhode Island
Legal (Check Cashers only)
Max Loan Amount: $500
Max Charge/APR% for a 14 Day Loan ($100): $15/390%
Term: Minimum 13 days
Rollovers Allowed: One
South Carolina
Legal
Max Loan Amount: $300
Max Charge/APR% for a 14 Day Loan ($100): $15/390%
Term: Maximum 31 days
Rollovers Allowed: None
South Dakota
Permitted under small loan act/licensing law
Max Loan Amount: $500
Max Charge/APR% for a 14 Day Loan ($100): No Limit
Term: Not Specified
Rollovers Allowed: Four
Tennessee
Legal
Max Loan Amount: $500
Max Charge/APR% for a 14 Day Loan ($100): $17.65/459%
Term: Maximum 31 days
Rollovers Allowed: None
Texas
Legal
Max Loan Amount: Not Specified
Max Charge/APR% for a 14 Day Loan ($100): $12/309%
Term: 7-31 days
Rollovers Allowed: None
Utah
Legal (Check Cashers only)
Max Loan Amount: No Limit
Max Charge/APR% for a 14 Day Loan ($100): No Limit
Term: Maximum 12 Weeks
Rollovers Allowed: Not Specified
Vermont
Prohibited
Virginia
Legal
Max Loan Amount: $500
Max Charge/APR% for a 14 Day Loan ($100): $26.38/687.76%
Term: Minimum 2 pay periods
Rollovers Allowed: None
Washington
Legal (Lender needs to possess a small loan endorsement to their check cashers license)
Max Loan Amount: $700
Max Charge/APR% for a 14 Day Loan ($100): $15/390%
Term: Maximum 45 days
*Washington Payday Loan Law describes the maximum fees/charges as: 15%: first $500; 10%: remaining portion of the loan in excess of $500 up to the $700 maximum
Rollovers Allowed: None
West Virginia
Prohibited
Wisconsin
Legal
Max Loan Amount: Not Specified
Max Charge/APR% for a 14 Day Loan ($100): No Limit
Term: Not Specified
Rollovers Allowed: Not Specified
Wyoming
Legal
Max Loan Amount: Not Specified
Max Charge/APR% for a 14 Day Loan ($100): $30/780%
Term: One Calendar Month
Rollovers Allowed: None
Leave a comment