Payday loans State by State
The chart below lists the maximum fee cap, if any, in these thirty-three states and the annual percentage rate (APR) for a two-week $250 loan based on the legal maximum. In some states, fees are a percentage of the amount of the loan. In other states, caps are based on the total check, including the fee. Frequently used devices to avoid the state rate cap are noted as “loopholes.”
| State | Fee/interest cap | APR for $250 | Loophole |
|---|---|---|---|
| Alabama | 17.5% of loan | 456% | |
| Alaska | $15 per $100 +$5 | 443% | |
| California | 15% of check | 460% | |
| Colorado | 20% 1st $300 7.5% >$300 + 45% per annum interest + $7.50 per $100 monthly fee after first month |
144.99% (6 month lump sum payment) |
|
| Delaware | No Cap | No Cap | |
| Florida | 10% of loan + up to $5 verification fee |
342% | |
| Hawaii | 15% of check | 460% | |
| Idaho | No Cap | No Cap | |
| Illinois | $15.50/$100 | 404% | Loans over 120 days: No Cap |
| Indiana | 15% 1st $250 13% $251 to $400 10% $401 – $550 |
391% | |
| Iowa | $15 1st $100 $10/$100 thereafter |
358% | |
| Kansas | 15% of loan | 391% | |
| Kentucky | $15 per $100 + $1 fee for the database | 471% | |
| Louisiana | 16.75% of check Up to $45 + $5 doc fee |
521% | |
| Michigan | 15% 1st $100 14% $101-$200, 13% $201-$300, 12% $301-$400, 11% $400-$600 + fee |
375% | |
| Minnesota | 7% of loan +$5 fee | 235% | Industrial Loans: No Cap |
| Mississippi | 18% of check | 572% | |
| Missouri | Max 75% of loans | 1,955% | |
| Nebraska | $15 per $100 ck | 460% | |
| Nevada | No Cap | No Cap | |
| New Mexico | $15.50/$100 + $0.50 per $100 fee |
409% | Installment Loans:No Cap |
| North Dakota | 20% + fee | 520% | |
| Oklahoma | $15/$100 1st $300 $10/$100 for $301-$500+fee |
396% | |
| Rhode Island | 10% of loan | 260% | |
| South Carolina | 15% of principal | 391% | |
| South Dakota | No Cap | No Cap | |
| Tennessee | Lesser 15% of ck Or $30 max. |
313% | |
| Texas | $10 + 48% annually | 156% | Credit Services Org.: No Cap |
| Utah | No Cap | No Cap | |
| Virginia | 20% of loan +36% Annual interest + $5 |
610% | Open end line/No Cap With car title as security |
| Washington | 15% 1st $500, 10% if $500 to $700 |
390% | |
| Wisconsin | No Cap | No Cap | |
| Wyoming | 20%/mon. or $30 fee | 313% |