Payday Loan Laws State By State
Payday Loan Laws, Limits & Repayment Plans By State
Below find payday loan laws for all 50 US states and the District of Columbia. Use this information as a starting point for your research on payday loans, which are called “deferred deposit loans” by some state legislatures. See the Bills.com article How to Handle Payday Loans to learn more about repaying a payday loan.
If your debt load causes you distress, go to the Bills.com Debt Savings Center to get a no-cost quote from a pre-screened debt resolution service provider.
An important point: some online payday lenders are based on tribal land, which is not subject to state laws restricting the interest rates or fees charged by these lenders. Some states, notably Arkansas and Kentucky, take the position that online payday loans are not legal for residents in those states. Today, online payday loan law is unsettled.
- In this state, online loans follow the lender's state laws, and not the borrower's state laws.
- In this state, lender may be regulated as a credit service organization (CSO). Generally, a CSO does not need to be licensed so there is no limit to the maximum loan or finance charge.
- (i) On any amount up to and including $50, a charge of $5.50 may be added;
- (ii) on amounts in excess of $50, but not more than $100, a charge may be added equal to 10% of the loan proceeds plus a $5 administrative fee;
- (iii) on amounts in excess of $100, but not more than $250, a charge may be added equal to 7% of the loan proceeds with a minimum of $10 plus a $5 administrative fee;
- (iv) for amounts in excess of $250 and not greater than $350, a charge may be added equal to six percent of the loan proceeds with a minimum of $17.50 plus a $5 administrative fee. After maturity, the contract rate must not exceed 2.75% per month of the remaining loan proceeds after the maturity date calculated at a rate of 1/30 of the monthly rate in the contract for each calendar day the balance is outstanding.
- Nevada: May be up to 90 days if:
- (a) The loan provides for payments in installments;
- (b) The payments are calculated to ratably and fully amortize the entire amount of principal and interest payable on the loan;
- (c) The loan is not subject to any extension; and
- (d) The loan does not require a balloon payment of any kind.
- Oregon: 36% APR interest plus $10/$100 origination fee up to $30
- South Carolina: Transaction may be handled as a consumer installment loan, not a "payday loan" per se, so there is no limit to the maximum loan or finance charge.
* Tribal lenders are not regulated by or subject to state laws.
Payday Loan Laws State by State. Source: Bills.com
Bills.com offers other state-by-state collections of consumer debt law, including:
- Statute of Limitations on Debt
- Collection Laws & Exemptions for Each State
- State Mortgage Anti-Deficiency & Non-Recourse Laws
Although we believe this information to be accurate as of the date of its posting, laws change, and we cannot guarantee the accuracy of the information provided. This is not legal advice, and you should consult lawyer who has consumer law experience for specific information and recommendations on how to resolve your situation.