Payday Loans Are Legal In These States.
Here’s How To Find One Near You
If you’re in desperate need of quick cash, a payday loan may be your best option.
But before you sign on the dotted line, it’s important to understand how payday loans work and which states they’re legal in.
Payday loans are short-term, high-interest loans that are typically due on your next payday.
They can be a quick and easy way to get the cash you need, but they can also be very expensive.
Interest rates on payday loans are often much higher than other types of loans, and they can have fees and terms that are difficult to understand.
And because they’re short-term loans, it can be easy to get trapped in
Which States Are Payday Loans Legalized And Offered?
Though payday loans are legal in some states, others have outlawed them altogether.
And, even in states where they are legal, not all lenders offer them.
Here’s a look at which states allow payday loans and which lenders offer them.
States Where Payday Loans Are Legal
Payday loans are legal in 27 states, including Alabama, Alaska, Arizona, California, Colorado, Delaware, Florida, Hawaii, Idaho, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Michigan, Minnesota, Mississippi, Missouri, Montana, Nebraska, Nevada New Hampshire , New Mexico , North Dakota , Oklahoma , Oregon , Rhode Island , South Carolina , South Dakota , Tennessee , Texas , Utah
Are payday loans permitted in my state?
The laws regarding payday loans vary by state.
Some states, such as Colorado, have enacted strict regulations surrounding payday loans.
Other states have more lenient laws.
Payday loans are legal in the following states: Alabama, Alaska, Arizona, Arkansas, California, Colorado, Delaware, Florida, Hawaii, Idaho, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maine, Maryland, Massachusetts, Michigan, Minnesota Mississippi, Missouri, Montana, Nebraska, Nevada, New Hampshire, New Jersey, New Mexico, North Carolina Oklahoma, Oregon, Pennsylvania Rhode Island South Carolina Tennessee Texas Utah Virginia Washington West Virginia Wisconsin Wyoming
If you live in one of the above states and are interested
In Which States Are Payday Loans Legal?
Payday loans are legal in 37 states across the United States.
These states include Alabama, Arizona, California, Colorado, Delaware, Florida, Idaho, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Michigan, Minnesota, Mississippi, Missouri, Nebraska, Nevada, New Mexico, North Dakota, Ohio Oklahoma , Oregon , Rhode Island , South Carolina , South Dakota , Tennessee, Texas, Utah, Virginia, Washington, Wisconsin and Wyoming.
The states where payday loans are not legal are Arkansas, Connecticut, Georgia, Maine, Maryland, Massachusetts, Montana, New Hampshire, New Jersey, New York North Carolina , Pennsylvania , Vermont and West Virginia .
In these states either payday loans
Which States Have Payday Loan Caps?
There are only eight states that have placed caps on the amount of interest that can be charged for a payday loan.
They are California, Colorado, Connecticut, Illinois, Maryland, Massachusetts, New Hampshire, and New York.
In these states, the maximum amount of interest that can be charged is between 12{32c2e8abd83a6770b3f22e2055ca84a740fae66bdcaae0f6188340e9a2990471} and 30{32c2e8abd83a6770b3f22e2055ca84a740fae66bdcaae0f6188340e9a2990471}.
The other 42 states have no interest rate caps on payday loans, which means that lenders in those states can charge any amount of interest they want.
In some cases, the annual percentage rates (APRs) on payday loans can be as high as 600{32c2e8abd83a6770b3f22e2055ca84a740fae66bdcaae0f6188340e9a2990471}.
That’s why it’s so important to know which states have which laws in place.
How can I tell if a payday lender is legally licensed in my state?
Most states have laws that govern payday lending.
Some states have very specific laws that detail what lenders can and cannot do, while other states take a more hands-off approach.
Payday loans are legal in 36 states, with the remaining 14 either banning them or heavily regulating them.
Here is a list of the states where payday loans are legal, along with the specific laws that govern them:
Alabama: Payday loans are legal in Alabama.
The maximum loan amount is $500, and the loan term cannot exceed 10 days.
The finance charge for a 14-day $100 loan is $15.50, which equals an APR of 456.25{32c2e8abd83a6770b3f22e2055ca84a740fae66bdcaae0f6188340e9a2990471}.
Previous PostWhat Are The Typical Rates For A Payday Loan?
The fees charged for payday loans vary from state to state.
In states where payday loans are legal, the fees are typically regulated by state law.
In states where payday loans are not legal, lenders typically charge high fees for the loan.
The following states have laws that allow payday loans: Alabama, Alaska, California, Delaware, Florida, Hawaii, Idaho, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maine, Maryland, Massachusetts, Michigan, Minnesota, Mississippi, Missouri, Nebraska, Nevada, New Hampshire, New Mexico, North Carolina, Oklahoma, Oregon, Rhode Island , South Carolina , Tennessee , Texas , Utah , Virginia , Washington State , Wisconsin and Wyoming .
Next PostWhy Do Native American Tribes Offer Payday Loans?
Although payday loans are legal in some states, they are not available everywhere.
In fact, there are only a few states where payday lending is explicitly legalized- these include Alabama, Delaware, Idaho, Illinois, Mississippi, Missouri, Nevada, Ohio, Oklahoma, South Carolina, Texas, Utah and Wisconsin.
However, even in states where payday loans are available, they are often heavily regulated and restricted.
For example, in Texas, lawmakers capped the maximum amount that can be borrowed at $500 and mandated a minimum loan term of seven days.
In Oklahoma, meanwhile, the maximum loan amount is set at $300, with a minimum term of 14 days.
For many people who are struggling
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Payday loans are legal in the following states: Alabama, Alaska, California, Delaware, Florida, Hawaii, Idaho, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Michigan, Minnesota, Mississippi, Missouri, Nebraska, Nevada, New Mexico, North Dakota, Oklahoma, Rhode Island, South Carolina, Tennessee, Texas, Utah, Virginia, Washington, Wisconsin and Wyoming.
In some states payday loans are offered by licensed lenders and in other states they are prohibited altogether.
Some states have laws