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State by State guide to installment, payday and short term loans

There are numerous options for consumers who are in the market for a short term loan and there are a number of different loan opportunities available, some of which carry low rates, and others which carry higher rates and fees. The installment and short term lending industry has a wide range of regulations and guidelines, most of which are levied at the state level. Installment loans can often be described as:

  • Cash Advance Loans
  • Installment Loans
  • Payday Loans
  • Personal Loans
  • Signature Loans
  • Unsecured Loans
  • The above types of loans can be offered by a variety of lending institutions, from banks to credit unions, online lenders and tribal lending entities. Consumers who are applying for a quick loan or online finance loan are most likely going to be working within a portion of the guidelines most often associated with a payday advance loan.

    States With Guidelines Specific to Payday Loan Operators and Online Payday Advance Loans, Please Note Rates and Terms are subject to change on a regular basis and are not a guarantee of what consumers maximum fees or interest charges could be

    Alabama – Limits loan amounts to $500 and caps the interest rate charged to consumers at 18%
    Alaska – Limits loan amounts to $500, caps rate charged at 15% and allows for a one time fee of $5
    Arizona – Limits loan amounts to $500, caps rate at 15% and limits consumer to one open payday loan at a time
    Arkansas – Limits loan amounts to $400, caps rate at 10% and allows for a one time fee of $10
    California – Limits loan amounts to $300, caps rate at 15%
    Colorado – Limits loan amounts to $500, allows for a two tier rate, up to 20% on first $300 borrowed and 7.5% for amounts borrowed above $300 for a blended total rate of 15% for amounts to $500 total
    Delaware – Limits loan amounts to $500, does not have a cap in place for interest rate charges for consumers.
    Florida – Limits loan amounts to $500, state specific guidelines allow for wide range of apr and fees
    Georgia – Maximum rates for loans under $3,000 is 16% interest
    Hawaii – Maximum loan amount is $600, rates may not exceed 15%
    Idaho – Maximum loan amount of $1000, fees and rates are not capped
    Illinois – Maximum loan amount of $1000 or 25% of borrowers monthly gross income
    Indiana – Maximum loan amount is $500, tiered rates from 15% to 10% of loan on a sliding scale
    Iowa – Maximum loan amount is $500
    Kansas– Maximum loan amount is $500, lender may charge a fee, plus maximum rate of 15%
    Kentucky – Maximum loan amount is $500
    Louisiana – Maximum loan amount is $350, lender may charge a fee and cap rate at 16.75%
    Michigan – Maximum loan amount is $600, lender may charge administrative fees, and offer rates on a sliding scale
    Minnesota – Maximum loan amount is $350, lender may charge administrative fee and rates are on a sliding scale
    Missouri – Maximum loan amount is $500, total fees and charges may not exceed more that 75% of the initial loan amount ($375 of $500)
    Nebraska – Maximum loan amount is $500, rates may not exceed 15%
    New Hampshire – Maximum loan amount is $500, no cap on rates
    North Dakota – Maximum loan amount is $500, lender may charge a fee, rates capped at 20% of loan amount
    Ohio – Maximum loan amount is $800, lenders may charge administrative fees, rates are on a sliding scale
    Oklahoma – Maximum loan amount is $500, rates are on a sliding scale between 10-15%
    Rhode Island – Maximum loan amount is $500, rates and fees capped at 15%
    South Carolina – Maximum loan amount is $300
    Virginia – Maximum loan amount is $500, rates up to 15%
    Washington – Maximum loan amount is $700, rates are on a sliding scale from 10-15% based on loan size

    Limited Guidelines for these states

    Connecticut, Idaho, Maine, Nevada, New Jersey, New Mexico, New York, South Dakota, Utah, Vermont, Wisconsin

    States That Attempt To Restrict Payday and Cash Advance Loans

    Maryland, Massachusetts, North Carolina, West Virginia


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