Payday Loan Interest Percentages by State

The State of Payday Loans…By State

Payday loans can be a fast and convenient way of getting cash in hand. When you need money to cover an unforeseen expense, there’s quick relief in obtaining a short-term loan. Not all lenders are the same, however. It’s important to use a payday loans direct lender as they have an immediate interest in offering a loan. 

Lenders aren’t the only part of payday loans that can differ. Many states have different ideas on what a payday loan is and how the money may be borrowed. Below are some listings of payday loan interest percentages by the state.

In the following states payday loan amounts are limited to around $500 to $600. Interest rates may fluctuate widely from state to state.

State APR% Max Loan Amnt.
Alabama 456.25% $500
Alaska 520% $500
Delaware No limit $500
Hawaii 459% $600
Indiana 390% $550 or 20% of gross monthly income, whichever is less
Kansas 390% $500
Kentucky 459% $500
Michigan 390% $600
Mississippi 520% $500
Missouri 1950% $500
Nebraska 459% $500
New Hampshire 36% $500
North Dakota 520% $500
Ohio 28% $500
Oklahoma 390% $500
Rhode Island 260% $500
South Carolina 390% $550
South Dakota No limit $500
Virginia 688% $500

The next grouping of payday states offer much larger maximum amounts. Some of them require that the amount you borrow is no more than a percentage of your monthly income.

State APR% Max Loan Amnt.
Connecticut 30.03% $1,800
Idaho No limit $1000 maximum
Illinois 403% $1000 or 25% of gross monthly income, whichever is less
New Mexico 416% $2,500
Nevada No Limit 25% of gross monthly income
Texas 308% Not specified
Utah No Limit  No limit
Washington 390% $700 or 30% or gross monthly income, whichever is less
Wisconsin No limit $1,500 or 30% or gross monthly income, whichever is less
Wyoming 780% Unspecified

The following states offer payday amounts but only very small ones.

State APR% Max Loan Amnt.
California 459% $300
Louisiana 780% $350
Minnesota 390% $350
Montana 36% $300
Tennessee 459% $425

It seems due to legislation in these states, Colorado and Oregon require loans to be over longer periods of time and do not favor faster loans.

State APR% Max Loan Amnt.
Colorado 45% APR per deferred loan. Minimum loan may be 6 months.
Oregon 156% With a minimum loan term of 31 days.

Lastly, not all states like the short-term or the payday loan model. In these states short-term loans are either handled by a regulated few or prohibited overall.

State APR% Max Loan Amnt.
Arizona NA Prohibited
Arkansas NA Prohibited
Georgia NA Prohibited
Maine Only supervised lenders are permitted to cash or advance money on a postdated check.
Maryland NA Prohibited
Massachusetts NA Prohibited
New Jersey NA Prohibited
New York NA Prohibited
North Carolina NA Prohibited
Pennsylvania NA Prohibited
Vermont NA Prohibited
West Virginia NA Prohibited

That wraps up our 50 states and hopefully gives you a clear picture of where you can obtain payday loans fast.

About Kelly Stone

Kelly is a graduate of Northwestern University's Kellogg School of Management with a Master's Degree in Finance. Kelly has 20+ years experience in the short-term lending industry since 1996, having owned 50 storefronts offering payday loans. As President of Snappy Payday Loans, Kelly has built a large network of lenders and is dedicated to ensuring consumers nationwide can find the loan they are seeking. View More