Texas payday loan laws

Legal Status: Legal (Credit Access Businesses) Citation: 5 Tex. Fin. Code §§ 393 et seq.,  4 Tex. Fin. Code §§ 342.004 Loan Terms: Maximum Loan Amount: Not specified Loan Term: Up to 180 days for CAB agreement Maximum Finance Rate and Fees: No cap on Credit Access Business fees.  Lender interest capped at 10%. Finance Charge for 14-day $100 loan: No Read more about Texas payday loan laws[…]

Washington payday loan laws

Legal Status: Legal (Lender must have a small loan endorsement to their check casher license) Citation: Wash. Rev. Code Ann. 31.45.010 et seq. Loan Terms: Maximum Loan Amount: $700 or 30% of gross monthly income, whichever is less Loan Term: Max: 45 days Maximum Finance Rate and Fees: 15%: first $500; 10%: remaining portion of the loan in excess Read more about Washington payday loan laws[…]

Oregon payday loan laws

Legal Status: Legal (Lower Cost) Citation: 54 Or. Rev. Stat. § 725A.010 et seq. Loan Terms: Maximum Loan Amount: $50,000 (Loan limit up to 25%of borrower’s net monthly income if earns $60,000 per year or less.) Loan Term: 31 to 60 days Maximum Finance Rate and Fees: 36% APR interest, one-time $10 per $100 of loan origination fee, up to $30 Read more about Oregon payday loan laws[…]

Montana payday loan laws

Legal Status: Prohibited (Usury Cap) Citation: Mont. Code Ann. 31-1-701 (Payday Loan Law enacted prior to Ballot Initiative 164 that capped rates at 36% APR remains on the books.) Loan Terms: Maximum Loan Amount: $300, up to 25% of the monthly net income of the borrower Loan Term: Max: 31 days Maximum Finance Rate and Fees: 36% APR Finance Charge Read more about Montana payday loan laws[…]

Wyoming payday loan laws

Legal Status: Legal Citation: Wy. Stat. 40-14-362 et seq. Loan Terms: Maximum Loan Amount: Not Specified Maximum Loan Term: 1 calendar month Maximum Finance Rate and Fees: the greater of 20% per month or $30 Finance Charge for 14-day $100 loan: $30 APR for 14-day $100 loan: 780% Debt Limits: Maximum Number of Outstanding Loans at One Time: Not Specified Rollovers Permitted: None Read more about Wyoming payday loan laws[…]

Colorado payday loan laws

Legal Status: Legal (Lower Cost) Citation: Colo. Rev. Stat. 5-3.1-101 et seq. Loan Terms: Maximum Loan Amount: $500 Loan Term: Min: 6 Months Maximum Finance Rate and Fees: 20%: $0-$300 + 7.5%: $301-$500 plus 45% per annum interest plus monthly maintenance fee $7.50 per $100 borrowed, up to $30, after first month. Finance Charge for 14-day $100 loan: Not applicable APR Read more about Colorado payday loan laws[…]

New Mexico payday loan laws

Legal Status: Legal Citation: N.M. Stat. Ann. §§ 58-15-32 to 38 Loan Terms: Maximum Loan Amount: $2500 Loan Term: 35 days Maximum Finance Rate and Fees: $15.50 per $100; $.50 verification fee per $100 Finance Charge for 14-day $100 loan: $16 APR for 14-day $100 loan: 416% Debt Limits: Maximum Number of Outstanding Loans at One Time: Total loans and fees capped at Read more about New Mexico payday loan laws[…]

North Dakota payday loan laws

Legal Status: Legal Citation: N.D. Cent. Code 13-08-01 et seq. Loan Terms: Maximum Loan Amount: $500 Loan Term: Max: 60 days Maximum Finance Rate and Fees: 20% + databasing fee Finance Charge for 14-day $100 loan: $20 APR for 14-day $100 loan: 520% Debt Limits: Maximum Number of Outstanding Loans at One Time: Not Specified ($600 aggregate loans outstanding to all licensees) Read more about North Dakota payday loan laws[…]

DC Payday loan laws

Legal Status: Prohibited Citation: Amended D.C. Code Ann. 28-3301(a) and 26-319 (prohibits check cashers from payday lending) Small Loan Rate Cap 24% per year Where to Complain, Get Information: Regulator: D. C. Department of Insurance, Securities and Banking Address: 810 First Street, NE Suite 701 Washington DC 20002 Phone: (202) 727-8000  Fax: 202-535-1194 Sourced from paydayloaninfo.org

California payday loan laws

Legal Status: Legal Citation: Cal. Fin. Code §§ 23000 to 23106 Loan Terms: Maximum Loan Amount: $255 if maximum fee charged ($300 maximum check) Loan Term: Max: 31 days Maximum Finance Rate and Fees: 15% of check Finance Charge for 14-day $100 loan: $17.65 APR for 14-day $100 loan: 459% Debt Limits: Maximum Number of Outstanding Loans at One Time: One Rollovers Permitted: None Read more about California payday loan laws[…]