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.