State:
|
Max Loan Amount
|
Charges:
|
Alabama
|
$500
|
This should not exceed 17.5% of the amount. Also $10 fee for every loan request
is permitted. If the loan period expires 3% extra is charged.
|
Alaska
|
$500
|
A lender is only allowed to charge what is known as a nonrefundable originating
fee. This fee shouldn’t exceed around $15 for every $100. Also the fee shouldn’t
exceed 15% of the borrowed amount. Also $20 additional free for the business’s financial
operation can also be charged.
|
Arizona
|
N/A
|
Shouldn’t exceed the 36% of its annual fees. Repayment of past due fees is
also allowed.
|
Arkansas
|
N/A
|
Around a 36% annual fee. This will depend on the Federal Reserve Discount Rate
and an added 5%. Just one loan is allowed in order to avoid cases where one loan
is taken to pay back the other. Also the fees cannot be over $400.
|
California
|
$300
|
A business cannot go beyond a 15% deferred deposit transaction fee of an amount
over $45
|
Colorado
|
$500
|
The documentation fees is allowed a maximum of $75. $7.50 is the max maintenance
fee of every $100 loaned, up to around $30 per month this is including the monthly
maintenance fee charged every month. In the case of a renewal the lender can access
additional financial charges which shouldn’t exceed a yearly 45% percent.
|
Connecticut
|
N/A
|
The interest shouldn’t exceed 30.3%. Late fee is also applicable.
|
Delaware
|
$500
|
Cash advances of a total of $1000 is allowed at one time. The fee attached
to this loan has no limit.
|
District of Columbia
|
Loans which are Prohibited
|
The law does not always change. However, keep checking back to Bottom Dollar Payday to stay posted.
|
Florida
|
$500
|
A deferred provider or even an affiliate is not allowed to charge fees over
10% of the amount. However, a verification fee is allowed. Loan operation may be
subject to a 15% fee. The total fee every year can be around 390%
|
Georgia
|
Loans prohibited
|
The law does change. Please check back to Bottom Dollar Payday for up to date
info on this.
|
Hawaii
|
$600
|
Fees shouldn’t be more than 15% of the amount. The lender is allowed 17.65%
in charges every two weeks for its financial operation.
|
Idaho
|
$1000
|
None
|
Illinois
|
Either 22.5% or $1000 of a person’s monthly gross income, depending
on which is less.
|
Lender is not allowed to charge over $15.50 for every $100 with a yearly fee
limited to just 99%
|
Indiana
|
$500 / 20you’re your monthly gross income depending on which
is less
|
The lender can charge 15% finance charge on $250. Loans over $250 but less
than $400 have a 13% interest limit on the amount. On amounts ranging between $400
and $500 the financial charges are around 10%.
|
Iowa
|
$500
|
On the first $100 loan the lender cannot charge over $15 in fees. Then there
is a $10 subsequent charge on every $100 increment. 14 day loans have to undergo
a fee of up to around 16.67%.
|
Kansas
|
$500
|
Lenders can charge 15% on a cash loan. Another 15% can be charged in the way
of finance fee. But not over 3% of the amount once it has matured.
|
Kentucky
|
$500 charge applied to all payday loans.
|
The total amount in proceeds received from a customer from all differed deposits
cannot be over $500. Lenders are not allowed to charge over $15 as service fee for
every $100. The additional finance fee cannot be over 17.65%.
|
Louisiana
|
$350
|
$5 is the originating fee. 16.75% or $45 depending on which is less is the
annual charge on the loaned cash advance. There is a 36% annual interest limit.
25% is the finance fee which lenders cannot exceed.
|
Maine
|
N/A
|
For loans under $250 the interest fee is limited to just $15 but up to around
max $25 for larger amounts. The max is 30%.
|
Maryland
|
N/A
|
No licensed check cashing company is allowed to indirectly or directly charge
or even collect fees for a check cashing service on the basis of: 33% each year
or just 2.75% depending on which is less.
|
Michigan
|
$600
|
A lender is allowed to charge a service fee for every deferred presentment
service. This fee is not a part of the interest and lenders can charge both. The
amount shouldn’t exceed 15% of the initial $100, 14% of a third $100 or around 12%
on the forth, on the fifth 11%. A database verification fee is also allowed under
the section 34(5)
|
Minnesota
|
$350
|
For a sum of up to and also including $50 there is a $5.50 charge added. Between
$50 and $100 there is a 10% charge plus a $5 admin fee. Of amounts $100 to $250
there is a 7% charge and a $5 fee. Amounts of around $250 to $350 is charged 6%
of the loan proceeds with a min admin fee of $5. The overall contract shouldn’t
exceed 2.75% after its maturity.
|
Mississippi
|
$400
|
Lenders are not allowed to charge indirectly or direct a fee or some other
consideration or their act of cashing deposit checks in excess of around 18%. Also
22% additional finance fee may be levied.
|
Missouri
|
$500
|
The borrower could be charged an interest fee on an amount which is not paid
at the rate which was previously agreed by both parties. A customer is not required
to pay an amount of accumulated interest and also fees in excess of 75%.
|
Montana
|
The minimum loan amount is $50 but the loan cannot exceed $300
|
A lender is not allowed to charge a fee for making a deferred deposit loan
which exceeds 36% annually, which is inclusive of its insufficient funds fee.
|
Nebraska
|
$500 for every payday loan at any time.
|
The lender is allowed to charge an amount of $15 for every $100 and $17.65
per $100 for various services provided by the lender.
|
Nevada
|
monthly gross income of 25%
|
Lender is not permitted to make a loan of deferred deposit over 25% of the
expected gross of the customer’s monthly salary at the time of taking the loan.
|
New Hampshire
|
$500
|
A cash loan can only incur interest, charges or fees which are levied on the
cash loans. The interest should not be in excess of 36% a year.
|
New Jersey
|
Prohibited Loans
|
The law does change every now and then. Keep checking back to stay up to date.
|
New Mexico
|
A charge of 25% of the gross monthly income which includes fees.
|
$0.50 is charged as verification fee, the total amount charge is 15.5%. Lenders
are not allowed to issue a payday loan if the total principal sum of the loan and
its fees, when added with the principle is over 25% of the person’s gross income.
Just one fee can be collected unless a customer willfully agrees to the arrangement
in writing.
|
New York
|
N/A
|
Leders are not allowed to charge over $16 for every $100 on the first principal
balance.
|
North Carolina
|
N/A
|
A check cashing company is not allowed to indirectly or directly charge and
or collect fees for cashing check services on the basis of: 36% per year.
|
North Dakota
|
$500
|
A lender needs to charge a service fee but not over 20% of the total amount
paid. An additional 20% can be charged as interest on the amount.
|
Ohio
|
$500
|
The interest is calculated according to the USC 1606 guidelines and will not
exceed a 28% annual rate which is exclusive of its 1.08% fee.
|
Oklahoma
|
$500
|
Lenders can charge an interest fee but it shouldn’t exceed $15 for each $100
which is loaded which is equal or less than $300 and not be over $10 for each $100
for amounts over $300. An additional finance charge of $15 can also be charged for
each $100.
|
Oregon
|
A 30% rate from gross monthly income.
|
Lenders are not allowed to renew or issue a loan over the rate of 36% annually.
This also excludes the registration fee required for new loans.
|
Pennsylvania
|
N/A
|
Getting a payday cash loan in Pennsylvania can be difficult. Right now
laws are geared towards destroying cash advance lenders.
|
Rhode Island
|
For all payday loans $500 at any time.
|
Lenders are not permitted to charge a check cashing fee over 15% of the
loaned amount. Also additional interest cannot be over 15% of the amount.
|
South Carolina
|
For all payday loans $500 at any time.
|
Lenders are allowed to charge more fees in addition to their originating fees.
The interest is also limited to 15% of the amount.
|
South Dakota
|
$500
|
There are no limits on the type and fee amount.
|
Tennessee
|
$500 usually for a maximum of 3 payday loans at the same time.
|
Lenders are allowed to charge $15 as interest for every $100 and the finance
charge shouldn’t be over $17.65 for every $100.
|
Texas
|
N/A
|
$10 is the originating fee, $48 is the interest fee for every $100 plus there
is $12 finance charges for every $100.
|
Utah
|
N/A
|
N/A
|
Vermont
|
$500
|
It shouldn’t be over 18% of the total year fees.
|
Virginia
|
$500
|
$5 is the verification fee, $36 is the interest fee for every $100, and an
additional $20 finance charges for $100.
|
Washington
|
$700 and It should be under 30% of the borrower’s gross income.
|
Lenders are allowed to charge fees as the total amount over $15 for every $100
of the first $500, subsequently $10 for every $100 for amounts over $500. Plus $15
for services.
|
West Virginia
|
N/A
|
The law does change every now and then. Log back in to get the latest updates.
|
Wisconsin
|
35% or $1500 of gross income every month depending on which is less.
|
There are no fees amount limits.
|
Wyoming
|
N/A
|
Finance charges should not be over $30 or even 20% of the monthly principal
balance depending on which is larger.
|