State Laws and Payday Loans 2024

States that Currently Regulate Payday Loans

• Alabama – $500 with loan terms of 10 to 31 days. Cannot exceed 17.5%.
• Alaska – $500 with a maximum term of 14 days. Cannot exceed $15 per every $100 loaned or 15%, whichever is lower.
• California – $300 with a loan term of no more than 31 days. Cannot exceed 15%.
• Colorado – $500 with a minimum loan term of six months. Interest cannot exceed 20%. Monthly maintenance fees of $7.50 or less per $100 are allowed.
• Delaware – $500 with loan length of no more than 60 days. No cap on fees.
• Florida – $500 with loan terms ranging from 7 to 31 days. Cannot exceed 10%.
• Hawaii – $600 for no more than 32 days. Cannot exceed 15%.
• Idaho – $1,000 with no restrictions on fees or loan lengths.
• Illinois – Smaller of $1,000 or 25% of a consumer's gross monthly income for 13 days to 120 days. Cannot exceed 15%.
• Indiana – $50 and $550 for no less than 14 days. Cannot be more than 15% for loans of up to $250, 13% on loans between $251 and $400, and 10% on loans of $401 to $500.
• Iowa –$500 for no more than 31 days. Fees are 15% on the first $100 and then 10% after that.
• Kansas – $500 for 7 to 30 days. Cannot be higher than 15%, and a 3% maintenance fee is allowed.
• Kentucky – No more than two payday loans out at any time totaling $500 for 60 days or less. No more than 15%.
• Louisiana –$350 for no more than 30 days. Cannot exceed 16.75%.
• Michigan – $600 for no more than 31 days. No more than 15% on the first $1 to $100, 14% on $101 to $200, 13% on $201 to $300, 12% on $301 to $400, 11% on $401 to $600.
• Minnesota – $350 for no more than 30 days. Loans up to $50 have a fee of no more than 10.5%; $51 to $100 fees cannot top 10%; $100 to $250 fees are 7% plus a $5 processing fee; $251 or more, 6% plus a $5 processing fee.
• Mississippi – $500 for no more than 30 days. Cannot exceed 3% for federal or state government checks. Cannot exceed 10% with personal checks.
• Missouri – $500 with loan terms of 14 to 31 days. Cannot exceed more than 75% of the original loan value.
• Montana – Between $50 and $300. There is no loan length, fees cannot exceed more than 36%.
• Nebraska – $500 for no more than 34 days. Cannot exceed 15%.
• Nevada – No more than 25% of the consumers gross monthly income. No restriction on fees.
• New Hampshire – $500 with payment terms of 7 to 30 days. Charges cannot exceed 36%.
• New Mexico – No more than 25% of a consumers gross monthly income for between 14 and 35 days. Cannot exceed 15%.
• North Dakota – $500 per transaction with no more than $600 to any consumer for 60 days. Cannot exceed 20%.
• Ohio – $500 for least 31 days. Cannot exceed 28%.
• Oklahoma – $500 for 12 and 45 days.Cannot exceed 15% on the first $300 and 10% on $301 or more.
• Oregon – No maximum loan amount, but terms must be between 31 and 60 days. Cannot exceed 36% with a processing fee of no more than $10.
• Rhode Island – $500 for 13 days or longer. Processing fees cannot be more than $5, and interest must be no more than 10%.
• South Carolina – $550 with loan terms of no more than 31 days. Cannot exceed more than 15%.
• South Dakota – Maximum loan value of $500, otherwise no restrictions.
• Tennessee – $500 for no more than 31 days. Cannot exceed more than 15%.
• Texas – Loan cannot be less than seven days. No limits on amount, interest, or fees, but there are breaks for military members.
• Utah – No maximum loan amount, but it cannot last more than 12 weeks. No restriction on interest charges.
• Virginia – $500. Interest cannot exceed 35% and any origination or processing fees cannot exceed more than 20% of the loan amount.
• Washington – Cannot exceed 30% of the gross monthly income or $700, whichever is lower. Repayment date must be one day after the consumer's payday. Fees cannot be more than 15% on the first $500, and 10% after that.
• Wisconsin – No restrictions on the size of loan or repayment terms. No cap on interest.
• Wyoming – No restrictions on the size of the loan, but repayment must be no more than one month. Cannot exceed 20% or $30, whichever is larger.

States Without Specific Payday Loan Regulations

States that Ban Payday Loans

• Arkansas
• Arizona
• Georgia
• North Carolina
• Washington D.C.