Payday Lenders

All payday lenders must be licensed either in the state they operate their business or any state in the USA. Below is an alphabetical list of payday loan amounts and finance charges permissible under the local State’s laws. In many cases payday lenders don’t have to obey the laws because they can operate as credit service organizations. In the states not specified, payday loans are illegal or unprofitable for payday lenders to run.

Alabama
Maximum Loan Amount: $500
Maximum Finance Charges: $17.50 per $100 borrowed
Alaska
Maximum Loan Amount: $500
Maximum Finance Charges: $20 per $100 borrowed
Arkansas
Maximum Loan Amount: $400 (No Limit)
Maximum Finance Charges: $22.22 per $100 borrowed (No Limit)
California
Maximum Loan Amount: $300
Maximum Finance Charges: $17.65 per $100 borrowed
Colorado
Maximum Loan Amount: $500
Maximum Finance Charges: $20 per $100 borrowed (plus interest rate of 45% per annum)
Delaware
Maximum Loan Amount: $500
Maximum Finance Charges: No Limit
Florida
Maximum Loan Amount: $500 (No Limit)
Maximum Finance Charges: $15 per $100 borrowed plus verification fee if applicable (No Limit)
Hawaii
Maximum Loan Amount: $600
Maximum Finance Charges: $17.65 per $100 borrowed
Idaho
Maximum Loan Amount: $1000
Maximum Finance Charges: No Limit
Illinois
Maximum Loan Amount: Lesser of $1000 or 25% of borrower’s gross monthly income.
Maximum Finance Charges: $15.50 per $100
Licensing Requirements: Online lenders must be licensed in Illinois.
Indiana
Maximum Loan Amount: Lesser of $550 or 20% of borrower’s gross monthly income.
Maximum Finance Charges: $15 per $100
Iowa
Maximum Loan Amount: $500
Maximum Finance Charges: $16.67 per $100
Kansas
Maximum Loan Amount: $500
Maximum Finance Charges: $15 per $100
Kentucky
Maximum Loan Amount: $500
Maximum Finance Charges: $17.65 per $100
Louisiana
Maximum Loan Amount: $350
Maximum Finance Charges: $25 per $100
Maine
Maximum Loan Amount: $300
Maximum Finance Charges: $15 for borrowed amounts of $100-$200, $25 for borrowed amounts of $250-$300.
Michigan
Maximum Loan Amount: $600
Maximum Finance Charges: $15 per $100 borrowed (plus any database verification fee)
Minnesota
Maximum Loan Amount: $350
Maximum Finance Charges: $15 per $100 borrowed
Mississippi
Maximum Loan Amount: $400
Maximum Finance Charges: $22 per $100 borrowed
Missouri
Maximum Loan Amount: $500
Maximum Finance Charges: $75 per $100 borrowed
Montana
Maximum Loan Amount: $300
Maximum Finance Charges: $25 per $100 borrowed
Nebraska
Maximum Loan Amount: $500
Maximum Finance Charges: $17.65 per $100 borrowed
Nevada
Maximum Loan Amount: 25% of borrower’s gross monthly income
Maximum Finance Charges: No Limit
New Mexico
Maximum Loan Amount: $2500
Maximum Finance Charges: $16 per $100 borrowed
North Dakota
Maximum Loan Amount: $500
Maximum Finance Charges: $20 per $100 borrowed
Ohio
Maximum Loan Amount: $500 (No Limit)
Maximum Finance Charges: $1.08 per $100 borrowed (“No Limit” for CSO – see below)
Oklahoma
Maximum Loan Amount: $500
Maximum Finance Charges: $15 per $100 borrowed
Oregon
Maximum Loan Amount: Not Specified
Maximum Finance Charges: $13 per $100 for 31-day loan (36% APR interest plus $10/$100 origination fee up to $30)
Rhode Island
Maximum Loan Amount:$500 (No Limit)
Maximum Finance Charges: $10 per $100 borrowed (No Limit)
South Carolina
Maximum Loan Amount: $300 (No Limit)
Maximum Finance Charges: $15 per $100 borrowed (No Limit)
South Dakota
Maximum Loan Amount: $500
Maximum Finance Charges: No Limit
Tennessee
Maximum Loan Amount: $500 (No Limit)
Maximum Finance Charges: $17.65 (No Limit)
Texas
Maximum Loan Amount: No Limit
Maximum Finance Charges: $12 per $100 borrowed (No Limit)
Utah
Maximum Loan Amount: No Limit
Maximum Finance Charges: No Limit
Virginia
Maximum Loan Amount: $500
Maximum Finance Charges: $26.38 per $100 borrowed
Washington
Maximum Loan Amount: Lesser of $700 or 30% of borrower’s gross monthly income.
Maximum Finance Charges: $15 per $100 borrowed
Wisconsin
Maximum Loan Amount: No Limit
Maximum Finance Charges: $12 per $100 borrowed (No Limit)
Wyoming
Maximum Loan Amount: No Limit
Maximum Finance Charges: $30 per $100 borrowed