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.

StateLegalAPR RegulationsMax Loan AmountLoan Terms
AlabamaYes456.25%$50010 – 31 days
AlaskaYes520%$500Min: 14 days
CaliforniaStrong Regulations459%$300Max: 31 days
ColoradoStrong Regulations $500Min: 6 months
DelawareYesNo Limit$500 per loan, $1,000 max per borrower at a one timeMax: 60 days
FloridaYes419%$5007 – 31 days
HawaiiStrong Regulations459%$600Max: 32 days
IdahoYesNo Limit$1,000Not Specified
IllinoisStrong Regulations403%lesser of $1000 or 25% gross monthly income13 – 45 days
IndianaStrong Regulations390%$550 or 20% of gross monthly incomeMin: 14 days
IowaStrong Regulations433%$500Max: 31 days
KansasStrong Regulations390%$5007 – 30 days
KentuckyStrong Regulations459%$50014 – 60 days
LouisianaStrong Regulations780%$35060 days or less
MaineStrong Regulations   
MichiganStrong Regulations390%$600Max: 31 days
MinnesotaStrong Regulations390%$350Max: 30 days
MississippiStrong Regulations520%$500Under $250: maximum of 30 days; $250 – $500: 28 – 30 days
MissouriYes1950%$50014 – 31 days
MontanaStrong Regulations36%$300Max: 31 days
NebraskaStrong Regulations459%$500Max: 34 days
NevadaYesNo Limit25% of expected gross monthly incomeMax: 35 days; up to 90 days allowed if the initial agreement provides for installment payments and is not subject to extension
New HampshireStrong Regulations36%$5007 – 30 days
New JerseyNo   
New MexicoNo175% Minimum maturity period of 120 days
New YorkNo   
North CarolinaNo   
North DakotaYes520%$500Max: 60 days
OhioStrong Regulations28%$500Min: 31 days
OklahomaStrong Regulations390%$50012 – 45 days
OregonYes156%Not specifiedMin: 31 days
Rhode IslandYes260%$500Min: 13 days
South CarolinaYes390%$550Max: 31 days
South DakotaYesNo Limit$500Not Specified
TennesseeYes459%$425 ($500 check)Max: 31 days
TexasStrong Regulations309.47%Not specified7 – 31 days
UtahYesNo LimitNo LimitMay not exceed 10 weeks
VirginiaStrong Regulations687.76%$500Min: 2 pay periods
WashingtonStrong Regulations390%$700 or 30% of gross monthly income, whichever is lessMax: 45 days
West VirginiaNo   
WisconsinYesNo LimitLesser of either $1,500 including fees or 35% gross monthly income90 days or less
WyomingYes780%Not Specified1 calendar month
Washington DCNo   

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.

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