If you are looking for a payday loan near you, not all states in the US provide payday loans. Currently, only 27 of the 50 states allow payday loans and a further 9 states, can provide short term loans from a store.
|State||Legal||APR Regulations||Max Loan Amount||Loan Terms|
|Alabama||Yes||456.25%||$500||10 – 31 days|
|Alaska||Yes||520%||$500||Min: 14 days|
|California||Strong Regulations||459%||$300||Max: 31 days|
|Colorado||Strong Regulations||$500||Min: 6 months|
|Delaware||Yes||No Limit||$500 per loan, $1,000 max per borrower at a one time||Max: 60 days|
|Florida||Yes||419%||$500||7 – 31 days|
|Hawaii||Strong Regulations||459%||$600||Max: 32 days|
|Idaho||Yes||No Limit||$1,000||Not Specified|
|Illinois||Strong Regulations||403%||lesser of $1000 or 25% gross monthly income||13 – 45 days|
|Indiana||Strong Regulations||390%||$550 or 20% of gross monthly income||Min: 14 days|
|Iowa||Strong Regulations||433%||$500||Max: 31 days|
|Kansas||Strong Regulations||390%||$500||7 – 30 days|
|Kentucky||Strong Regulations||459%||$500||14 – 60 days|
|Louisiana||Strong Regulations||780%||$350||60 days or less|
|Michigan||Strong Regulations||390%||$600||Max: 31 days|
|Minnesota||Strong Regulations||390%||$350||Max: 30 days|
|Mississippi||Strong Regulations||520%||$500||Under $250: maximum of 30 days; $250 – $500: 28 – 30 days|
|Missouri||Yes||1950%||$500||14 – 31 days|
|Montana||Strong Regulations||36%||$300||Max: 31 days|
|Nebraska||Strong Regulations||459%||$500||Max: 34 days|
|Nevada||Yes||No Limit||25% of expected gross monthly income||Max: 35 days; up to 90 days allowed if the initial agreement provides for installment payments and is not subject to extension|
|New Hampshire||Strong Regulations||36%||$500||7 – 30 days|
|New Mexico||No||175%||Minimum maturity period of 120 days|
|North Dakota||Yes||520%||$500||Max: 60 days|
|Ohio||Strong Regulations||28%||$500||Min: 31 days|
|Oklahoma||Strong Regulations||390%||$500||12 – 45 days|
|Oregon||Yes||156%||Not specified||Min: 31 days|
|Rhode Island||Yes||260%||$500||Min: 13 days|
|South Carolina||Yes||390%||$550||Max: 31 days|
|South Dakota||Yes||No Limit||$500||Not Specified|
|Tennessee||Yes||459%||$425 ($500 check)||Max: 31 days|
|Texas||Strong Regulations||309.47%||Not specified||7 – 31 days|
|Utah||Yes||No Limit||No Limit||May not exceed 10 weeks|
|Virginia||Strong Regulations||687.76%||$500||Min: 2 pay periods|
|Washington||Strong Regulations||390%||$700 or 30% of gross monthly income, whichever is less||Max: 45 days|
|Wisconsin||Yes||No Limit||Lesser of either $1,500 including fees or 35% gross monthly income||90 days or less|
|Wyoming||Yes||780%||Not Specified||1 calendar month|
We at thepaydayking know there are states around the country that specialise in different types of payday loans online, such as California and Texas, and have dedicated websites for these online payday loan with direct lenders from those areas.
Although 27 States do provide instant payday loans, each State have their own rules and laws that lenders operating in those States, that they must follow.
For example the highest loan amount for a payday loan in Missouri is $600, where as in California it is $350. The amount of interest charged by State also changes, with top levels being charged at 1950% at Missouri to 196% in Oregon, which on the surface does appear unfair for such a difference.
There are two differences between loans being taken out form the two States, in Missouri the loan must be paid back in between 14-31 days, whereas in Oregon there is no State regulation as to whey it must be repaid. They also do not have a top threshold for the amount that can be leant.
According to research by Federal Reserve Bank of St Louis, around 12 million payday loans are taken out each year, with 23,000 lenders across the whole of the United States. 83% of those customers have taken the loan out online, 29% via high street shops – 12% have used a mixture of both.
In some States according to the University of California, the number of store front payday lenders out number the McDonalds in some States. The state with the most payday lenders is California, having 2,451 lenders that operate, followed by Texas that has 1,675. However the State that has the most payday lenders per head is New Mexico, that has one store per 100,00 individuals.
Credit Unions have stepped up on the States where payday loans have become illegal, to help support the credit gap needed by low income families. North Carolina in 2001 made payday loans illegal in that State, however Credit Unions and other finance companies have become popular alternatives, offering rates below the rate cap.
Up to 2007 the District of Columbia allowed Payday loans, then they were made illegal. Since then, as with North Carolina, Credit Unions have stepped in with low rates and have flourished.
The increase in the use of Credit Unions by the States that have made payday lenders illegal demonstrates the need for this type of credit, although the reason why the states made them illegal was to help reduce the amount of debt seen. In the Arkansas, a study showed that some years after they made payday loans illegal, people felt better off and use different alternatives during the times when they need access to more cash.
There is no Federal ban on payday loans, despite individual states banning them. Credit Unions and other financial alternatives are becoming more popular, along with regulation on Payday Lenders becoming stricter.