A payday loan is a short-term, unsecured loan that is taken out to cover an unexpected expense or to bridge the gap between paydays. The borrower will usually provide a post-dated check to the lender, who will then cash it once the loan is due. Payday loans can be a quick and convenient way to get money when you need it, but they come with a variety of risks and considerations that must be taken into account before taking out a loan.
The benefits of a payday loan are that it can provide quick access to cash in times of need, and the loan does not require a credit check. The drawbacks are that the interest rates can be high, and the repayment terms can be strict.
Alabama
In Alabama, payday loans are legal and regulated by the state. The maximum loan amount is $500, and the maximum loan term is 31 days. The interest rate is capped at 17.5%, and there is a $30 fee for every $100 borrowed.
Alaska
In Alaska, payday loans are legal but regulated by the state. The maximum loan amount is $500, and the maximum loan term is 14 days. The interest rate is capped at 15%, and there is a $15 fee for every $100 borrowed.
Arizona
In Arizona, payday loans are legal but regulated by the state. The maximum loan amount is $500, and the maximum loan term is 31 days. The interest rate is capped at 36%, and there is a fee for every $100 borrowed.
Arkansas
In Arkansas, payday loans are legal and regulated by the state. The maximum loan amount is $400, and the maximum loan term is 31 days. The interest rate is capped at 17%, and there is a $10 fee for every $100 borrowed.
California
In California, payday loans are legal but regulated by the state. The maximum loan amount is $300, and the maximum loan term is 31 days. The interest rate is capped at 15%, and there is a $45 fee for every $100 borrowed.
Colorado
In Colorado, payday loans are legal but regulated by the state. The maximum loan amount is $500, and the maximum loan term is 40 days. The interest rate is capped at 20%, and there is a $30 fee for every $100 borrowed.
Connecticut
In Connecticut, payday loans are legal but regulated by the state. The maximum loan amount is $500, and the maximum loan term is 31 days. The interest rate is capped at 12%, and there is a $15 fee for every $100 borrowed.
Delaware
In Delaware, payday loans are legal but regulated by the state. The maximum loan amount is $500, and the maximum loan term is 60 days. The interest rate is capped at 521.43%, and there is a $30 fee for every $100 borrowed.
Florida
In Florida, payday loans are legal but regulated by the state. The maximum loan amount is $500, and the maximum loan term is 31 days. The interest rate is capped at 10%, and there is a $10 fee for every $100 borrowed.
Georgia
In Georgia, payday loans are legal but regulated by the state. The maximum loan amount is $500, and the maximum loan term is 31 days. The interest rate is capped at 10%, and there is a $15 fee for every $100 borrowed.
Hawaii
In Hawaii, payday loans are legal but regulated by the state. The maximum loan amount is $600, and the maximum loan term is 32 days. The interest rate is capped at 15%, and there is a $17.65 fee for every $100 borrowed.
Idaho
In Idaho, payday loans are legal but regulated by the state. The maximum loan amount is $1,000, and the maximum loan term is 31 days. The interest rate is capped at 36%, and there is a $1 fee for every $5 borrowed.
Illinois
In Illinois, payday loans are legal but regulated by the state. The maximum loan amount is $1000, and the maximum loan term is 45 days. The interest rate is capped at 99%, and there is a $15 fee for every $100 borrowed.
Indiana
In Indiana, payday loans are legal but regulated by the state. The maximum loan amount is $605 and the maximum loan term is 14 days. The interest rate is capped at 15%, and there is a $1 fee for every $20 borrowed.
Iowa
In Iowa, payday loans are legal but regulated by the state. The maximum loan amount is $500, and the maximum loan term is 31 days. The interest rate is capped at 15%, and there is a $15 fee for every $100 borrowed.
Kansas
In Kansas, payday loans are legal but regulated by the state. The maximum loan amount is $500, and the maximum loan term is 30 days. The interest rate is capped at 15%, and there is a $15 fee for every $100 borrowed.
Kentucky
In Kentucky, payday loans are legal but regulated by the state. The maximum loan amount is $500, and the maximum loan term is 60 days. The interest rate is capped at 17%, and there is a $15 fee for every $100 borrowed.
Louisiana
In Louisiana, payday loans are legal but regulated by the state. The maximum loan amount is $350, and the maximum loan term is 30 days. The interest rate is capped at 16.75%, and there is a $20 fee for every $100 borrowed.
Payday loans can be a helpful tool when you need quick access to cash, but it is important to understand the laws and regulations in your state before taking out a loan. Knowing the interest rates and fees associated with the loan can help you make an informed decision about whether or not a payday loan is right for you.
In summary, many states in the US legally allow payday loans and have regulations in place to protect borrowers. It is important to research the laws in your state before taking out a payday loan to ensure that you are following the rules and regulations.
Final thoughts, payday loans can be a helpful tool to get access to cash in times of need, but it is important to be aware of the fees and interest rates associated with the loan and to research the laws in your state before taking out a loan.
References
Alabama Payday Loan Laws. (2020, August 20). Retrieved from https://www.paydayloaninfo.org/alabama-payday-loan-laws
Alaska Payday Loan Laws. (2020, August 20). Retrieved from https://www.paydayloaninfo.org/alaska-payday-loan-laws
Arizona Payday Loan Laws. (2020, August 20). Retrieved from https://www.paydayloaninfo.org/arizona-payday-loan-laws
Arkansas Payday Loan Laws. (2020, August 20). Retrieved from https://www.paydayloaninfo.org/arkansas-payday-loan-laws
California Payday Loan Laws. (2020, August 20). Retrieved from https://www.paydayloaninfo.org/california-payday-loan-laws
Colorado Payday Loan Laws. (2020, August 20). Retrieved from https://www.paydayloaninfo.org/colorado-payday-loan-laws
Connecticut Payday Loan Laws. (2020, August 20). Retrieved from https://www.paydayloaninfo.org/connecticut-payday-loan-laws
Delaware Payday Loan Laws. (2020, August 20). Retrieved from https://www.paydayloaninfo.org/delaware-payday-loan-laws
Florida Payday Loan Laws. (2020, August 20). Retrieved from https://www.paydayloaninfo.org/florida-payday-loan-laws
Georgia Payday Loan Laws. (2020, August 20). Retrieved from https://www.paydayloaninfo.org/georgia-payday-loan-laws
Hawaii Payday Loan Laws. (2020, August 20). Retrieved from https://www.paydayloaninfo.org/hawaii-payday-loan-laws
Idaho Payday Loan Laws. (2020, August 20). Retrieved from https://www.paydayloaninfo.org/idaho-payday-loan-laws
Illinois Payday Loan Laws. (2020, August 20). Retrieved from https://www.paydayloaninfo.org/illinois-payday-loan-laws
Indiana Payday Loan Laws. (2020, August 20). Retrieved from https://www.paydayloaninfo.org/indiana-payday-loan-laws
Iowa Payday Loan Laws. (2020, August 20). Retrieved from https://www.paydayloaninfo.org/iowa-payday-loan-laws
Kansas Payday Loan Laws. (2020, August 20). Retrieved from https://www.paydayloaninfo.org/kansas-payday-loan-laws
Kentucky Payday Loan Laws. (2020, August 20). Retrieved from https://www.paydayloaninfo.org/kentucky-payday-loan-laws
Louisiana Payday Loan Laws. (2020, August 20). Retrieved from https://www.paydayloaninfo.org/louisiana-payday-loan-laws
Knowledge Base
What will stop you from getting a payday loan?
The most common reasons you would get denied for a payday loan (or any loan) would be your credit score, your income, and your past borrowing history. While many payday lenders do cater to borrowers with less-than-average credit scores, some won’t lend to you if they know you don’t have the ability to repay the loan.
How much would a $200 payday loan cost?
Assuming you qualify for a payday loan and you’re approved for a $200 loan, the fee charged on this loan could be $30. The annual percentage rate (APR) on a $200 payday loan also varies by state, but it could be as high as 780%.
Are payday loans ever a good idea?
With steep interest rates and tight repayment timelines, payday loans are rarely the best choice when you need cash. Often these types of loans trap borrowers in an inescapable cycle of debt. Before resorting to a payday loan, consider the many alternatives.
What are 3 alternatives to getting a payday loan?
Best Alternatives to Payday Loans to Consider During a Crisis
- Local nonprofits and charities.
- Medical bill assistance.
- Bad-credit online loans.
- Credit union loans.
- Payment plans for monthly expenses.
- Other ways to make money.
- Lending circles.
- Family loans.
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