Rates & Fees

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Full Disclosure of Terms

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to the loan being offered to you by the lender. Please review the fee and rate information
provided to you by your lender at this time thoroughly and completely before agreeing
to the terms of the loan. You are under no obligation to accept these terms. If
you decide the loan terms detailed in the lender contract are acceptable and wish
to proceed with the loan process, e-sign the page and await transfer of your funds.

The loan fees and interest rates are determined solely by your lender, with specific
amounts determined based upon the information you submitted to the lender. ShortEasyLoans.com
has no control or knowledge of the loan details between you and your lender. You
are under no obligation to continue with the application process if you find a particular
lender’s loan terms unsuitable.

Late Payment Policy

Cash advance lenders have varying policies regarding late payments. Review the late
payment policy detailed in the loan documents provided to you by your lender before
appending your e-signature, and thereby agreeing to the loan terms. All lenders,
however, must abide by applicable laws, rules, and regulations regarding late payment
fees. Select your state from the list below to review the laws and regulations governing
late payments by a particular state.

Non-payment Policy

Additional fees or charges may apply to you in the event that you are unable to
repay your loan. ShortEasyLoans.com uses commercially reasonable efforts to work
only with reputable lenders dedicated to pursuing collections of past due accounts
with conduct that is fair and reasonable. Find your state in the list down below
to review the legal repercussions applicable to you in the case of non-payment.

Loan Renewal Policy

Loan renewal policies are largely governed by state regulatory legislation. In states
where rollovers, or repayment term extensions, are allowed, interest rates, along
with any late fees that may be assessed, can add a substantial dollar amount to
the end price of your loan. Find your state’s laws and regulations governing rollovers
and extensions from among the list down below. Read the lender’s terms in full regarding
loan renewal options before signing the loan contract.

State Rate & Fee Regulations

Find your state to review the applicable laws and regulations governing cash advance
loan rates and fees in your state:

State:	Max Loan Amount	Charges:
Alabama	$500	This should not exceed 17.5% of the amount. Also $10 fee for every loan request is permitted. If the loan period expires 3% extra is charged.
Alaska	$500	A lender is only allowed to charge what is known as a nonrefundable originating fee. This fee shouldn’t exceed around $15 for every $100. Also the fee shouldn’t exceed 15% of the borrowed amount. Also $20 additional free for the business’s financial operation can also be charged.
Arizona	N/A	Shouldn’t exceed the 36% of its annual fees. Repayment of past due fees is also allowed.
Arkansas	N/A	Around a 36% annual fee. This will depend on the Federal Reserve Discount Rate and an added 5%. Just one loan is allowed in order to avoid cases where one loan is taken to pay back the other. Also the fees cannot be over $400.
California	$300	A business cannot go beyond a 15% deferred deposit transaction fee of an amount over $45
Colorado	$500	The documentation fees is allowed a maximum of $75. $7.50 is the max maintenance fee of every $100 loaned, up to around $30 per month this is including the monthly maintenance fee charged every month. In the case of a renewal the lender can access additional financial charges which shouldn’t exceed a yearly 45% percent.
Connecticut	N/A	The interest shouldn’t exceed 30.3%. Late fee is also applicable.
Delaware	$500	Cash advances of a total of $1000 is allowed at one time. The fee attached to this loan has no limit.
District of Columbia	Loans which are Prohibited	The law does not always change. However, keep checking back to ShortEasyLoans.com to stay posted.
Florida	$500	A deferred provider or even an affiliate is not allowed to charge fees over 10% of the amount. However, a verification fee is allowed. Loan operation may be subject to a 15% fee. The total fee every year can be around 390%
Georgia	Loans prohibited	The law does change. Please check back to ShortEasyLoans.com for up to date info on this.
Hawaii	$600	Fees shouldn’t be more than 15% of the amount. The lender is allowed 17.65% in charges every two weeks for its financial operation.
Idaho	$1000	None
Illinois	Either 22.5% or $1000 of a person’s monthly gross income, depending on which is less.	Lender is not allowed to charge over $15.50 for every $100 with a yearly fee limited to just 99%
Indiana	$500 / 20you’re your monthly gross income depending on which is less	The lender can charge 15% finance charge on $250. Loans over $250 but less than $400 have a 13% interest limit on the amount. On amounts ranging between $400 and $500 the financial charges are around 10%.
Iowa	$500	On the first $100 loan the lender cannot charge over $15 in fees. Then there is a $10 subsequent charge on every $100 increment. 14 day loans have to undergo a fee of up to around 16.67%.
Kansas	$500	Lenders can charge 15% on a cash loan. Another 15% can be charged in the way of finance fee. But not over 3% of the amount once it has matured.
Kentucky	$500 charge applied to all payday loans.	The total amount in proceeds received from a customer from all differed deposits cannot be over $500. Lenders are not allowed to charge over $15 as service fee for every $100. The additional finance fee cannot be over 17.65%.
Louisiana	$350	$5 is the originating fee. 16.75% or $45 depending on which is less is the annual charge on the loaned cash advance. There is a 36% annual interest limit. 25% is the finance fee which lenders cannot exceed.
Maine	N/A	For loans under $250 the interest fee is limited to just $15 but up to around max $25 for larger amounts. The max is 30%.
Maryland	N/A	No licensed check cashing company is allowed to indirectly or directly charge or even collect fees for a check cashing service on the basis of: 33% each year or just 2.75% depending on which is less.
Michigan	$600	A lender is allowed to charge a service fee for every deferred presentment service. This fee is not a part of the interest and lenders can charge both. The amount shouldn’t exceed 15% of the initial $100, 14% of a third $100 or around 12% on the forth, on the fifth 11%. A database verification fee is also allowed under the section 34(5)
Minnesota	$350	For a sum of up to and also including $50 there is a $5.50 charge added. Between $50 and $100 there is a 10% charge plus a $5 admin fee. Of amounts $100 to $250 there is a 7% charge and a $5 fee. Amounts of around $250 to $350 is charged 6% of the loan proceeds with a min admin fee of $5. The overall contract shouldn’t exceed 2.75% after its maturity.
Mississippi	$400	Lenders are not allowed to charge indirectly or direct a fee or some other consideration or their act of cashing deposit checks in excess of around 18%. Also 22% additional finance fee may be levied.
Missouri	$500	The borrower could be charged an interest fee on an amount which is not paid at the rate which was previously agreed by both parties. A customer is not required to pay an amount of accumulated interest and also fees in excess of 75%.
Montana	The minimum loan amount is $50 but the loan cannot exceed $300	A lender is not allowed to charge a fee for making a deferred deposit loan which exceeds 36% annually, which is inclusive of its insufficient funds fee.
Nebraska	$500 for every payday loan at any time.	The lender is allowed to charge an amount of $15 for every $100 and $17.65 per $100 for various services provided by the lender.
Nevada	monthly gross income of 25%	Lender is not permitted to make a loan of deferred deposit over 25% of the expected gross of the customer’s monthly salary at the time of taking the loan.
New Hampshire	$500	A cash loan can only incur interest, charges or fees which are levied on the cash loans. The interest should not be in excess of 36% a year.
New Jersey	Prohibited Loans	The law does change every now and then. Keep checking back to stay up to date.
New Mexico	A charge of 25% of the gross monthly income which includes fees.	$0.50 is charged as verification fee, the total amount charge is 15.5%. Lenders are not allowed to issue a payday loan if the total principal sum of the loan and its fees, when added with the principle is over 25% of the person’s gross income. Just one fee can be collected unless a customer willfully agrees to the arrangement in writing.
New York	N/A	Leders are not allowed to charge over $16 for every $100 on the first principal balance.
North Carolina	N/A	A check cashing company is not allowed to indirectly or directly charge and or collect fees for cashing check services on the basis of: 36% per year.
North Dakota	$500	A lender needs to charge a service fee but not over 20% of the total amount paid. An additional 20% can be charged as interest on the amount.
Ohio	$500	The interest is calculated according to the USC 1606 guidelines and will not exceed a 28% annual rate which is exclusive of its 1.08% fee.
Oklahoma	$500	Lenders can charge an interest fee but it shouldn’t exceed $15 for each $100 which is loaded which is equal or less than $300 and not be over $10 for each $100 for amounts over $300. An additional finance charge of $15 can also be charged for each $100.
Oregon	A 30% rate from gross monthly income.	Lenders are not allowed to renew or issue a loan over the rate of 36% annually. This also excludes the registration fee required for new loans.
Pennsylvania	N/A	Getting a payday cash loan in Pennsylvania can be difficult. Right now laws are geared towards destroying cash advance lenders.
Rhode Island	For all payday loans $500 at any time.	Lenders are not permitted to charge a check cashing fee over 15% of the loaned amount. Also additional interest cannot be over 15% of the amount.
South Carolina	For all payday loans $500 at any time.	Lenders are allowed to charge more fees in addition to their originating fees. The interest is also limited to 15% of the amount.
South Dakota	$500	There are no limits on the type and fee amount.
Tennessee	$500 usually for a maximum of 3 payday loans at the same time.	Lenders are allowed to charge $15 as interest for every $100 and the finance charge shouldn’t be over $17.65 for every $100.
Texas	N/A	$10 is the originating fee, $48 is the interest fee for every $100 plus there is $12 finance charges for every $100.
Utah	N/A	N/A
Vermont	$500	It shouldn’t be over 18% of the total year fees.
Virginia	$500	$5 is the verification fee, $36 is the interest fee for every $100, and an additional $20 finance charges for $100.
Washington	$700 and It should be under 30% of the borrower’s gross income.	Lenders are allowed to charge fees as the total amount over $15 for every $100 of the first $500, subsequently $10 for every $100 for amounts over $500. Plus $15 for services.
West Virginia	N/A	The law does change every now and then. Log back in to get the latest updates.
Wisconsin	35% or $1500 of gross income every month depending on which is less.	There are no fees amount limits.
Wyoming	N/A	Finance charges should not be over $30 or even 20% of the monthly principal balance depending on which is larger.

There are some states that do not have any specific lending statutory provisions
pertaining to payday loans. And they do not require that lenders comply with the
interest rates offered by: Maryland, New Jersey, Connecticut, Massachusetts, West
Virginia, Vermont and Pennsylvania. North Carolina and Arizona are allowed preexisting
cash loans statues and laws to sunset.

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State	Min/Max Term	Min/Max Loan	Fees and Finance Charges	Status of Laws
Alabama	10-31days	$500	17.5% of loan	After the initial loan period and one rollover with the same customer, the full outstanding amount of the loan, is due and payable. If the borrower is unable to repay the outstanding balance in full, the payday lender may offer the customer an extended repayment option of four equal monthly installments of the remaining balance. If there are insufficient funds to pay a check on the date of presentment, the lender may charge an additional fee. (Alabama Deferred Presentment Services Act, Title 5, Chapter 18A)
Alaska	14 days min.	$500	15% or the lesser of $15 per $100 loaned + $5 fee	S.B. 272 Signed by governor 6/29/04, (Chapter 116) Gives the Department of Community and Economic Development additional licensing and regulatory authority over payday lenders; gives borrowers the right to rescind the advance without cost before the end of the following business day; prohibits onerous collection practices by both payday lenders and payday third-party collectors, including the threat of criminal charges; prohibits the acceptance of collateral other than a check or other instrument; and defines the additional disclosures that lenders are required to make to clearly describe the advances and their uses for the borrowers.
Arizona	5 days min.	$50-$500	15% of amount loaned	A borrower may have only one outstanding payday loan at one time and the face amount, exclusive of any fees, cannot be more than five hundred dollars with three rollovers. Several bills introduced in the 2005 Legislative Session amend requirements for payday lenders, and loans.
Arkansas	6-31 days	$400	10% of amount loaned + $10 fee max.	Senate Bill 948 amended existing law protecting the military, and some licensing requirements.
California	31 days	$300	15% of amount loaned	A.B. 207 introduced in 2005 prohibits the fee for some deferred deposit transactions from exceeding an effective annual rate greater than 10 percent; Requires a check from a customer for these deferred deposit transactions to be made payable to the actual name of the licensee; Prohibits a check that has been held by a licensee for more than 31 days from being presented to a bank for payment.
Colorado	40 days	$500	20% first $300; 7.5% of amount loaned in excess of $300	Only one loan per borrower at a time.
Connecticut				The small loan laws of Connecticut permits payday lenders to operate and charge any interest rate or fees which the borrower agrees to pay. Lenders must comply with other provisions of the state’s small loan act. This amounts to very large annual percentage rates.
Delaware	60 days	$500	No limit	The small loan laws of Delaware permits payday lenders to operate and charge any interest rate or fees which the borrower agrees to pay. Lenders must comply with other provisions of the state’s small loan act. This amounts to very large annual percentage rates. H.B. 152: enacted 7/12/05 sets fees/damages for bad checks and provides that damages or fees may not be obtained for pay-day loans, made by a bank or licensed payday lenders.
District of Columbia	31 days	$50 min; up to $1,000 per borrower	$5 on amounts up to $250; $10 face amounts $250.01 to $500; $15 on face amounts $500.01 to $750; and $20 on face amounts of $750.01 to $1,000+ fees	The District of Columbia passed statutes specifically authorizing payday lending. The interest rates and fees that lenders are permitted to charge amount to very large annual percentage rates. The APR for a 14-day $100 loan is 419%. Payday lenders are permitted to add additional fees for handling, processing and verification on a sliding scale based on the amount borrowed.
Florida	7-31 days	$500 exclusive of fees	10% max + $5 fee	Florida passed statutes specifically authorizing payday lending. The interest rates and fees that lenders are permitted to charge amount to very large annual percentage rates. The APR for a 14 day, $100 loan is 390%.
Georgia		$3,000 min		In general Georgia law prohibits the making of any loans of $3,000 or less if that loan violates Georgia's usury law. Payday lenders in Georgia are not permitted to loan borrowers less than $3,000 for more than 16% APR. A payday lender is permitted to charge 16% APR if it attempts to loan money directly to its customers and only then if the in-state lender holds more than a 50% interest in the revenues from the loan. However a state chartered bank operating under the laws of another state and insured by the FDIC, that is not operating in violation of the federal and state laws applicable to that state charter, is not limited by Georgia's 16% cap. (See Georgia Code Ann. §§16-17-1 to 16-17-10).
Hawaii	32 days	$600	15% of face amount of the check	Hawaii passed statutes specifically authorizing payday lending. The interest rates and fees that lenders are permitted to charge amount to very large annual percentage rates. H.C.R. 172 authorizes a review of the registration of payday lenders.
Idaho	NA	$1,000	No limit	Idaho permits payday lenders to operate and charge any interest rate or fees which the borrower agrees to pay. Lenders must comply with other provisions of the state’s small loan act.
Illinois	13-45 days	The lesser of $1,000 or 25% of borrower's gross monthly income, whichever is less.	$15.50 per $100	Illinois permits payday lenders to operate in Illinois. Lenders must comply with other provisions of the state’s small loan act and may not make more than one loan to a borrower at any one time. The law caps the fee that can be charged to $15.50 per each $100. This amounts to a very high effective APR. The APR for a 14-day $100 loan is 403%. Payday lenders are regulated and licensed by the Division of Financial Institutions of the Department of Financial and Professional Regulation. The Payday Loan Reform Act (H.B. 1100) provides that the terms of loans, finance charges, renewals; revocations, suspensions, must be made available to the public.
Indiana	14 days min.	$50-$500 ( but may not exceed borrower’s gross income)	15% on amounts <$250; 13% $251-$400; 10% $410-$500	Indiana permits payday lenders to operate and charge any interest rate or fees which the borrower agrees to pay. Lenders must comply with other provisions of the state’s small loan act. Indiana (permits the charging of $33 rather than the 36% per annum applicable to other loans). The APR for a 14-day $100 loan is 390%
Iowa	31 days	$500	$15 on first $100; $10 on each $100 after	Lender may make no loans for more than $500 to a borrower at any given time.
Kansas	7-30 days	$500	15% + administrative fee	A lender may not have more than two loans outstanding to the same borrower at any one time and may not make more than three loans to any one borrower within a 30 calendar day period. New legislation establishes limits on a payday lender’s ability to collect on payday loans from military borrowers: Lenders are prohibited from garnishing the wages of military borrowers; Lenders must defer all collection activity against a borrower who is deployed to combat or a combat support post for the duration of such posting; and Lenders may not contact any person in the military chain of command of a borrower in an attempt to make collection.
Kentucky	14-60 days	$500	$15 per $100 on amount loaned
Louisiana	60 days	$350	16.75% max. of amount loaned; $45 max fee	Louisiana requires payday lenders to be licensed. And prohibits them from attaching property when collecting on payday loans.
Maine				Maine permits payday lenders to operate and charge any interest rate or fees which the borrower agrees to pay. Lawmakers in Maine are considering approving changes to existing laws that would allow significant expansion of the payday loan industry. One of the proposed changes would allow lenders to charge as much as 17.5%, which would amount to $17.50 per $100. In addition, payday lenders are permitted to use advertising methods that are currently prohibited, and have greater leeway, in collection methods in the event of default than other types of creditors.
Maryland				Maryland requires payday lenders to comply with the state’s small loan or criminal usury laws. Basically, since the allowable interest rates and fees are much lower than what the payday industry usually charges, payday lenders in these states are probably operating illegally.
Massachusetts				Massachusetts requires payday lenders to comply with the state’s small loan or criminal usury laws. Basically, since the allowable interest rates and fees are much lower than what the payday industry usually charges, payday lenders in these states are probably operating illegally.
Michigan	<31 days	$600	15% or the first $100; 14% of amounts $100-200 13% of amounts $200 - $300; 12% of $300-400 the fourth $100; 11% of amounts $400-$600 plus administrative fees	New legislation, the Deferred Presentment Service Transactions Act (H.B. 4834)signed by Governor Granholm will regulate payday lending in Michigan by limiting loan amounts to 600 in a 31 day period and allow lenders to charge up to 15% depending on the size of the loan. Borrowers are allowed only one loan at a time. The law requires all payday lenders to be licensed by June 1, 2006, by the Office of Financial and Insurance Services. The law establishes a statewide database for lenders to determine if customers have other open transactions; and allows borrowers to file complaints with the state. The law permits payday lenders to charge service transaction and service fees for each transaction.
Minnesota	30 days	$350	Ranges from $5.50 for loans up to $50 to 6% + $5 for loans $250 to $350	(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 ten percent 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 seven percent 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 percent 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. (Minnesota Small Loans - Chapter 47.60)
Mississippi	30 days	$400	18% loan amount	Mississippi passed statutes specifically authorizing payday lending. The fees and interest rates amount to very large annual percentage rates. The APR for a 14-day $100 loan is 572%.
Missouri	14-31 days	$500	75%	Missouri passed statutes specifically authorizing payday lending. Lenders may not charge interest and fees in excess of 75% of the initial loan amount on any single authorized loan for the entire loan term and all authorized renewals. Otherwise, interest is set pursuant to small loan law which provides that parties may set rate by contract. The APR for a 14-day $100 loan is 1980%.
Montana	31 days	$50-$300	25% of face value of the check	The maximum loan cannot exceed $300 plus fees and the minimum amount is $50 plus fees. A loan cannot exceed 25% of the borrower's monthly net income (take-home pay). A borrower cannot have more than 2 loans at any one time with a single payday lender. The total of the two loans cannot exceed the $300 maximum. Payday lenders are prohibited from renewing, refinancing or consolidating payday loans. However a payday lender may extend the term of the loaned beyond the due date for no additional charge. S.B. 165 provides that a borrower has the right to rescind for one day after signing a payday loan agreement; and permits lenders to require arbitration.
Nebraska	31 days	$500	15% per $100	A lender may only loan $500 maximum to any one borrower at a time. Nebraska passed statutes specifically authorizing payday lending.
Nevada	NA	Not to exceed 25% of the expected gross income of the borrower when the loan is made	NA	There are no statutory limits on fees that may be charged so long as the borrower agreed to those fees in writing. This amount to a very high APR. Payday lenders are licensed in Nevada.
New Hampshire	7-30 days	$500	Only interest may be charged on loans; No fees are permitted	New Hampshire permits payday lenders to operate and charge any interest rate or fees which the borrower agrees to pay. Lenders must comply with other provisions of the state’s small loan act. New Hampshire removed its interest rate cap effective 1/1/2000.
New Jersey				New Jersey does not have specific payday lending legislation and permits payday lenders to operate and charge any interest rate or fees which the borrower agrees to pay.
New Mexico	NA	NA	No limit	New Mexico permits payday lenders to operate and charge any interest rate or fees which the borrower agrees to pay. Lenders must comply with other provisions of the state's small loan act.
New York				New York does not have specific payday lending legislation and permits payday lenders to operate and charge any interest rate or fees which the borrower agrees to pay.
North Carolina				North Carolina passed statutes specifically authorizing payday lending. The fees and interest rates that payday lenders are permitted to charge amount to very large annual percentage rates. For example, North Carolina permits a 15% charge on a maximum loan amount of $300. This means that the consumer will receive $255 in cash and the lender will pocket a $45 fee. If a $300 loan at this rate is repaid in two weeks, the APR is about 458%.
North Dakota	60 days	$500	20% of loan plus database fee	The maximum rate of interest that can be charged on a $200 loan is 30%.
Ohio	6 months	$800	5% per month on unpaid balance plus $5 fee; plus $3.75 fee for every $50 above $500	The APR for a 14-day $100 loan is 390%.
Oklahoma	12-45 days	$500	15% up to $300; 10% $300 to $500	Oklahoma passed statutes specifically authorizing payday lending. The fees and interest rates that payday lenders are permitted to charge amount to very large annual percentage rates. APR for a 14-day $100 loan is 390%.
Oregon	60 days	No more than 25% of net monthly income	No limit	New legislation enacted in 2006 (S.B. 1105), sets new restrictions on lenders by limiting the maximum rate of interest on payday loans, the amount of the loan origination fees; sets a minimum 31-day loan term for payday loans; prohibits charges other than interest, origination fees and fees for dishonored check or insufficient funds; prohibits the renewal of payday loans more than two times; prohibits a lender from making a new payday loan to a consumer within seven days of expiration of the previous payday loan; Limits the amount of the fee for a dishonored check or insufficient funds; prohibits recovery of statutory damages and attorney fees from consumers for dishonored checks; and grants rulemaking authority to Director of Department of Consumer and Business Services.
Pennsylvania				Pennsylvania does not have specific payday lending legislation and permits payday lenders to operate and charge any interest rate or fees which the borrower agrees to pay.
Puerto Rico				Puerto Rico requires payday lenders to comply with the state’s small loan or criminal usury laws. Basically, since the allowable interest rates and fees are much lower than what the payday industry usually charges, payday lenders in these states are probably operating illegally.
Rhode Island	13 days min.	$500	15% of the face amount of the check	Rhode Island requires payday lenders to comply with the state’s small loan or criminal usury laws. The APR for a 14-day $100 loan is 390%.
South Carolina	31 days	$300	15% of the face amount of the check	South Carolina passed statutes authorizing payday lending. The fees and interest rates that payday lenders are permitted to charge amount to very large annual percentage rates. The APR for a 14-day $100 loan is 459%.
South Dakota	NA	$500	No limit	South Dakota permits payday lenders to operate and charge any interest rate or fees which the borrower agrees to pay. Lenders must comply with other provisions of the state’s small loan act. This amounts to very large annual percentage rates.
Tennessee	31 days	$500	15% of the face amount of the check	Tennessee passed statutes specifically authorizing payday lending. The fees and interest rates that payday lenders are permitted to charge amount to very large annual percentage rates. The effective APR for a 14-day $100 loan is 459%.
Texas	7-31 days	None	10% per loan plus 48% annual interest + $12 monthly fee	Texas does not have specific payday lending legislation and permits payday lenders to operate and charge any interest rate or fees which the borrower agrees to pay. The effective APR for a 14-day $100 loan is 309%. S.B. 1479 protects military members and their families from some actions by payday lenders, and requires lenders to make special disclosures to military borrowers.
Utah	NA	None	No limit	Utah passed statutes authorizing payday lending. The fees that payday lenders may charge amount to very large annual percentage rates, although there is a limit on the interest that can be charged on judgments related to a payday loans.
Vermont				Vermont does not have specific payday lending legislation and permits payday lenders to operate and charge any interest rate or fees which the borrower agrees to pay.
Virgin Islands		$7,500		The Virgin Islands requires payday lenders to comply with the state's small loan law which maintain interest rate caps of up to 26% per annum. Basically since the allowable interest rates and fees are lower than that which the payday lenders usually charge, payday loans are not practical.
Virginia	7 days min.	$500	15% plus a fee for 6% late payments	In Virginia payday lenders must be licensed when making loans to Virginia residents whether or not they have a business in Virginia. Payday lenders cannot: Make more than one loan to a borrower at any time; Renew or extend any loan; Lend to military personnel located in certain locations declared ‘off-limits’ by a military base commander; Garnish military wages or conduct collection activities when the borrower is deployed to a combat or a combat support post.
Washington	45 days	$700	15% up to $500; 10% of the principal in excess of $500	Licenses lenders may loan up to $700 at one time, In general the usury rate in Washington is 12% per year or 4% above the treasury bill rate. However Washington state-chartered Credit Unions may offer loans to their members at 15%. Washington requires payday lenders to be licensed and has special rules for military borrowers: Payday lenders are prohibited from: Garnishing a military borrower’s wages s; Contacting the borrower’s chain of command in an effort to collect on a delinquent loan; and Make a loan to a person that the licensee knows is a military borrower from a location that a military base commander has notified the licensee in writing is designated off-limits to military personnel May not collect against a military borrower who has been deployed to a combat or combat support post for the duration of the posting Must honor the terms of any repayment agreement negotiated between the borrower and lender, or through military counselors or third party credit counselor on behalf of the military borrower A "military borrower" includes any active duty member of the armed forces of the United States, any member of the National Guard or the reserves of the armed forces of the United States who has been called to active duty S.B. 5415. The effective APR for a 14-day $100 loan is 390%.
West Virginia				West Virginia in an apparent attempt to discourage payday loans, passed laws which requires payday lenders to comply with the state’s small loan and usury laws. Basically since the allowable interest rates and fees are substantially below that which the payday industry charges, payday lenders in these states are likely operating illegally.
Wisconsin	NA	NA	No limit	Wisconsin permits payday lenders to operate and charge any interest rate or fees which the borrower agrees to pay. Lenders must comply with other provisions of the state’s small loan act.
Wyoming	30 days	NA	$30 or 20%, of the principal whichever is greater	Wyoming law regulates payday lenders with physical addressees in Wyoming, which must be licensed. The rates are based in a full calendar month. For example if the total amount loaned is $100 the most that could be charged is $30 since $30 is greater than $20 which is 20% of the amount borrowed. If the amount borrowed is $200 for 14 days, the highest amount that may be charged is $30 [14 days/31 days x 20% x $200 = $18.06]. Rolling over is prohibited. A lender may permit the borrower to repay original finance charges in installments but may not charge an additional fee for that convenience. The APR for a 14-day $100 loanis 780%.

State

Min/Max Term

Min/Max Loan

Fees and Finance Charges

Status of Laws

Alabama

10-31days

$500

17.5% of loan

After the initial loan period and one rollover with the same customer, the full outstanding amount of the loan, is due and payable. If the borrower is unable to repay the outstanding balance in full, the payday lender may offer the customer an extended repayment option of four equal monthly installments of the remaining balance. If there are insufficient funds to pay a check on the date of presentment, the lender may charge an additional fee. (Alabama Deferred Presentment Services Act, Title 5, Chapter 18A)

Alaska

14 days min.

$500

15% or the lesser of $15 per $100 loaned + $5 fee

S.B. 272 Signed by governor 6/29/04, (Chapter 116) Gives the Department of Community and Economic Development additional licensing and regulatory authority over payday lenders; gives borrowers the right to rescind the advance without cost before the end of the following business day; prohibits onerous collection practices by both payday lenders and payday third-party collectors, including the threat of criminal charges; prohibits the acceptance of collateral other than a check or other instrument; and defines the additional disclosures that lenders are required to make to clearly describe the advances and their uses for the borrowers.

Arizona

5 days min.

$50-$500

15% of amount loaned

A borrower may have only one outstanding payday loan at one time and the face amount, exclusive of any fees, cannot be more than five hundred dollars with three rollovers. Several bills introduced in the 2005 Legislative Session amend requirements for payday lenders, and loans.

Arkansas

6-31 days

$400

10% of amount loaned + $10 fee max.

Senate Bill 948 amended existing law protecting the military, and some licensing requirements.

California

31 days

$300

15% of amount loaned

A.B. 207 introduced in 2005 prohibits the fee for some deferred deposit transactions from exceeding an effective annual rate greater than 10 percent; Requires a check from a customer for these deferred deposit transactions to be made payable to the actual name of the licensee; Prohibits a check that has been held by a licensee for more than 31 days from being presented to a bank for payment.

Colorado

40 days

$500

20% first $300; 7.5% of amount loaned in excess of $300

Only one loan per borrower at a time.

Connecticut

The small loan laws of Connecticut permits payday lenders to operate and charge any interest rate or fees which the borrower agrees to pay. Lenders must comply with other provisions of the state’s small loan act. This amounts to very large annual percentage rates.

Delaware

60 days

$500

No limit

The small loan laws of Delaware permits payday lenders to operate and charge any interest rate or fees which the borrower agrees to pay. Lenders must comply with other provisions of the state’s small loan act. This amounts to very large annual percentage rates. H.B. 152: enacted 7/12/05 sets fees/damages for bad checks and provides that damages or fees may not be obtained for pay-day loans, made by a bank or licensed payday lenders.

District of Columbia

31 days

$50 min; up to $1,000 per borrower

$5 on amounts up to $250; $10 face amounts $250.01 to $500; $15 on face amounts $500.01 to $750; and $20 on face amounts of $750.01 to $1,000+ fees

The District of Columbia passed statutes specifically authorizing payday lending. The interest rates and fees that lenders are permitted to charge amount to very large annual percentage rates. The APR for a 14-day $100 loan is 419%. Payday lenders are permitted to add additional fees for handling, processing and verification on a sliding scale based on the amount borrowed.

Florida

7-31 days

$500 exclusive of fees

10% max + $5 fee

Florida passed statutes specifically authorizing payday lending. The interest rates and fees that lenders are permitted to charge amount to very large annual percentage rates. The APR for a 14 day, $100 loan is 390%.

Georgia

$3,000 min

In general Georgia law prohibits the making of any loans of $3,000 or less if that loan violates Georgia's usury law. Payday lenders in Georgia are not permitted to loan borrowers less than $3,000 for more than 16% APR. A payday lender is permitted to charge 16% APR if it attempts to loan money directly to its customers and only then if the in-state lender holds more than a 50% interest in the revenues from the loan. However a state chartered bank operating under the laws of another state and insured by the FDIC, that is not operating in violation of the federal and state laws applicable to that state charter, is not limited by Georgia's 16% cap. (See Georgia Code Ann. §§16-17-1 to 16-17-10).

Hawaii

32 days

$600

15% of face amount of the check

Hawaii passed statutes specifically authorizing payday lending. The interest rates and fees that lenders are permitted to charge amount to very large annual percentage rates. H.C.R. 172 authorizes a review of the registration of payday lenders.

Idaho

$1,000

No limit

Idaho permits payday lenders to operate and charge any interest rate or fees which the borrower agrees to pay. Lenders must comply with other provisions of the state’s small loan act.

Illinois

13-45 days

The lesser of $1,000 or 25% of borrower's gross monthly income, whichever is less.

$15.50 per $100

Illinois permits payday lenders to operate in Illinois. Lenders must comply with other provisions of the state’s small loan act and may not make more than one loan to a borrower at any one time. The law caps the fee that can be charged to $15.50 per each $100. This amounts to a very high effective APR. The APR for a 14-day $100 loan is 403%. Payday lenders are regulated and licensed by the Division of Financial Institutions of the Department of Financial and Professional Regulation. The Payday Loan Reform Act (H.B. 1100) provides that the terms of loans, finance charges, renewals; revocations, suspensions, must be made available to the public.

Indiana

14 days min.

$50-$500 ( but may not exceed borrower’s gross income)

15% on amounts <$250; 13% $251-$400; 10% $410-$500

Indiana permits payday lenders to operate and charge any interest rate or fees which the borrower agrees to pay. Lenders must comply with other provisions of the state’s small loan act. Indiana (permits the charging of $33 rather than the 36% per annum applicable to other loans). The APR for a 14-day $100 loan is 390%

Iowa

31 days

$500

$15 on first $100; $10 on each $100 after

Lender may make no loans for more than $500 to a borrower at any given time.

Kansas

7-30 days

$500

15% + administrative fee

A lender may not have more than two loans outstanding to the same borrower at any one time and may not make more than three loans to any one borrower within a 30 calendar day period. New legislation establishes limits on a payday lender’s ability to collect on payday loans from military borrowers:

Lenders are prohibited from garnishing the wages of military borrowers;
Lenders must defer all collection activity against a borrower who is deployed to combat or a combat support post for the duration of such posting; and
Lenders may not contact any person in the military chain of command of a borrower in an attempt to make collection.

Kentucky

14-60 days

$500

$15 per $100 on amount loaned

Louisiana

60 days

$350

16.75% max. of amount loaned; $45 max fee

Louisiana requires payday lenders to be licensed. And prohibits them from attaching property when collecting on payday loans.

Maine

Maine permits payday lenders to operate and charge any interest rate or fees which the borrower agrees to pay. Lawmakers in Maine are considering approving changes to existing laws that would allow significant expansion of the payday loan industry. One of the proposed changes would allow lenders to charge as much as 17.5%, which would amount to $17.50 per $100. In addition, payday lenders are permitted to use advertising methods that are currently prohibited, and have greater leeway, in collection methods in the event of default than other types of creditors.

Maryland

Maryland requires payday lenders to comply with the state’s small loan or criminal usury laws. Basically, since the allowable interest rates and fees are much lower than what the payday industry usually charges, payday lenders in these states are probably operating illegally.

Massachusetts

Massachusetts requires payday lenders to comply with the state’s small loan or criminal usury laws. Basically, since the allowable interest rates and fees are much lower than what the payday industry usually charges, payday lenders in these states are probably operating illegally.

Michigan

<31 days

$600

15% or the first $100; 14% of amounts $100-200 13% of amounts $200 - $300; 12% of $300-400 the fourth $100; 11% of amounts $400-$600 plus administrative fees

New legislation, the Deferred Presentment Service Transactions Act (H.B. 4834)signed by Governor Granholm will regulate payday lending in Michigan by limiting loan amounts to 600 in a 31 day period and allow lenders to charge up to 15% depending on the size of the loan. Borrowers are allowed only one loan at a time. The law requires all payday lenders to be licensed by June 1, 2006, by the Office of Financial and Insurance Services. The law establishes a statewide database for lenders to determine if customers have other open transactions; and allows borrowers to file complaints with the state. The law permits payday lenders to charge service transaction and service fees for each transaction.

Minnesota

30 days

$350

Ranges from $5.50 for loans up to $50 to 6% + $5 for loans $250 to $350

(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 ten percent 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 seven percent 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 percent 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. (Minnesota Small Loans - Chapter 47.60)

Mississippi

30 days

$400

18% loan amount

Mississippi passed statutes specifically authorizing payday lending. The fees and interest rates amount to very large annual percentage rates. The APR for a 14-day $100 loan is 572%.

Missouri

14-31 days

$500

75%

Missouri passed statutes specifically authorizing payday lending. Lenders may not charge interest and fees in excess of 75% of the initial loan amount on any single authorized loan for the entire loan term and all authorized renewals. Otherwise, interest is set pursuant to small loan law which provides that parties may set rate by contract. The APR for a 14-day $100 loan is 1980%.

Montana

31 days

$50-$300

25% of face value of the check

The maximum loan cannot exceed $300 plus fees and the minimum amount is $50 plus fees. A loan cannot exceed 25% of the borrower's monthly net income (take-home pay). A borrower cannot have more than 2 loans at any one time with a single payday lender. The total of the two loans cannot exceed the $300 maximum. Payday lenders are prohibited from renewing, refinancing or consolidating payday loans. However a payday lender may extend the term of the loaned beyond the due date for no additional charge. S.B. 165 provides that a borrower has the right to rescind for one day after signing a payday loan agreement; and permits lenders to require arbitration.

Nebraska

31 days

$500

15% per $100

A lender may only loan $500 maximum to any one borrower at a time. Nebraska passed statutes specifically authorizing payday lending.

Nevada

Not to exceed 25% of the expected gross income of the borrower when the loan is made

There are no statutory limits on fees that may be charged so long as the borrower agreed to those fees in writing. This amount to a very high APR. Payday lenders are licensed in Nevada.

New Hampshire

7-30 days

$500

Only interest may be charged on loans; No fees are permitted

New Hampshire permits payday lenders to operate and charge any interest rate or fees which the borrower agrees to pay. Lenders must comply with other provisions of the state’s small loan act. New Hampshire removed its interest rate cap effective 1/1/2000.

New Jersey

New Jersey does not have specific payday lending legislation and permits payday lenders to operate and charge any interest rate or fees which the borrower agrees to pay.

New Mexico

No limit

New Mexico permits payday lenders to operate and charge any interest rate or fees which the borrower agrees to pay. Lenders must comply with other provisions of the state's small loan act.

New York

New York does not have specific payday lending legislation and permits payday lenders to operate and charge any interest rate or fees which the borrower agrees to pay.

North Carolina

North Carolina passed statutes specifically authorizing payday lending. The fees and interest rates that payday lenders are permitted to charge amount to very large annual percentage rates. For example, North Carolina permits a 15% charge on a maximum loan amount of $300. This means that the consumer will receive $255 in cash and the lender will pocket a $45 fee. If a $300 loan at this rate is repaid in two weeks, the APR is about 458%.

North Dakota

60 days

$500

20% of loan plus database fee

The maximum rate of interest that can be charged on a $200 loan is 30%.

Ohio

6 months

$800

5% per month on unpaid balance plus $5 fee; plus $3.75 fee for every $50 above $500

The APR for a 14-day $100 loan is 390%.

Oklahoma

12-45 days

$500

15% up to $300; 10% $300 to $500

Oklahoma passed statutes specifically authorizing payday lending. The fees and interest rates that payday lenders are permitted to charge amount to very large annual percentage rates. APR for a 14-day $100 loan is 390%.

Oregon

60 days

No more than 25% of net monthly income

No limit

New legislation enacted in 2006 (S.B. 1105), sets new restrictions on lenders by limiting the maximum rate of interest on payday loans, the amount of the loan origination fees; sets a minimum 31-day loan term for payday loans; prohibits charges other than interest, origination fees and fees for dishonored check or insufficient funds; prohibits the renewal of payday loans more than two times; prohibits a lender from making a new payday loan to a consumer within seven days of expiration of the previous payday loan; Limits the amount of the fee for a dishonored check or insufficient funds; prohibits recovery of statutory damages and attorney fees from consumers for dishonored checks; and grants rulemaking authority to Director of Department of Consumer and Business Services.

Pennsylvania

Pennsylvania does not have specific payday lending legislation and permits payday lenders to operate and charge any interest rate or fees which the borrower agrees to pay.

Puerto Rico

Puerto Rico requires payday lenders to comply with the state’s small loan or criminal usury laws. Basically, since the allowable interest rates and fees are much lower than what the payday industry usually charges, payday lenders in these states are probably operating illegally.

Rhode Island

13 days min.

$500

15% of the face amount of the check

Rhode Island requires payday lenders to comply with the state’s small loan or criminal usury laws. The APR for a 14-day $100 loan is 390%.

South Carolina

31 days

$300

15% of the face amount of the check

South Carolina passed statutes authorizing payday lending. The fees and interest rates that payday lenders are permitted to charge amount to very large annual percentage rates. The APR for a 14-day $100 loan is 459%.

South Dakota

$500

No limit

South Dakota permits payday lenders to operate and charge any interest rate or fees which the borrower agrees to pay. Lenders must comply with other provisions of the state’s small loan act. This amounts to very large annual percentage rates.

Tennessee

31 days

$500

15% of the face amount of the check

Tennessee passed statutes specifically authorizing payday lending. The fees and interest rates that payday lenders are permitted to charge amount to very large annual percentage rates. The effective APR for a 14-day $100 loan is 459%.

Texas

7-31 days

None

10% per loan plus 48% annual interest + $12 monthly fee

Texas does not have specific payday lending legislation and permits payday lenders to operate and charge any interest rate or fees which the borrower agrees to pay. The effective APR for a 14-day $100 loan is 309%. S.B. 1479 protects military members and their families from some actions by payday lenders, and requires lenders to make special disclosures to military borrowers.

Utah

None

No limit

Utah passed statutes authorizing payday lending. The fees that payday lenders may charge amount to very large annual percentage rates, although there is a limit on the interest that can be charged on judgments related to a payday loans.

Vermont

Vermont does not have specific payday lending legislation and permits payday lenders to operate and charge any interest rate or fees which the borrower agrees to pay.

Virgin Islands

$7,500

The Virgin Islands requires payday lenders to comply with the state's small loan law which maintain interest rate caps of up to 26% per annum. Basically since the allowable interest rates and fees are lower than that which the payday lenders usually charge, payday loans are not practical.

Virginia

7 days min.

$500

15% plus a fee for 6% late payments

In Virginia payday lenders must be licensed when making loans to Virginia residents whether or not they have a business in Virginia. Payday lenders cannot:

Make more than one loan to a borrower at any time;
Renew or extend any loan;
Lend to military personnel located in certain locations declared ‘off-limits’ by a military base commander;
Garnish military wages or conduct collection activities when the borrower is deployed to a combat or a combat support post.

Washington

45 days

$700

15% up to $500; 10% of the principal in excess of $500

Licenses lenders may loan up to $700 at one time, In general the usury rate in Washington is 12% per year or 4% above the treasury bill rate. However Washington state-chartered Credit Unions may offer loans to their members at 15%. Washington requires payday lenders to be licensed and has special rules for military borrowers: Payday lenders are prohibited from:

Garnishing a military borrower’s wages s;
Contacting the borrower’s chain of command in an effort to collect on a delinquent loan; and
Make a loan to a person that the licensee knows is a military borrower from a location that a military base commander has notified the licensee in writing is designated off-limits to military personnel
May not collect against a military borrower who has been deployed to a combat or combat support post for the duration of the posting
Must honor the terms of any repayment agreement negotiated between the borrower and lender, or through military counselors or third party credit counselor on behalf of the military borrower

A "military borrower" includes any active duty member of the armed forces of the United States, any member of the National Guard or the reserves of the armed forces of the United States who has been called to active duty S.B. 5415. The effective APR for a 14-day $100 loan is 390%.

West Virginia

West Virginia in an apparent attempt to discourage payday loans, passed laws which requires payday lenders to comply with the state’s small loan and usury laws. Basically since the allowable interest rates and fees are substantially below that which the payday industry charges, payday lenders in these states are likely operating illegally.

Wisconsin

No limit

Wisconsin permits payday lenders to operate and charge any interest rate or fees which the borrower agrees to pay. Lenders must comply with other provisions of the state’s small loan act.

Wyoming

30 days

$30 or 20%, of the principal whichever is greater

Wyoming law regulates payday lenders with physical addressees in Wyoming, which must be licensed. The rates are based in a full calendar month. For example if the total amount loaned is $100 the most that could be charged is $30 since $30 is greater than $20 which is 20% of the amount borrowed. If the amount borrowed is $200 for 14 days, the highest amount that may be charged is $30 [14 days/31 days x 20% x $200 = $18.06]. Rolling over is prohibited. A lender may permit the borrower to repay original finance charges in installments but may not charge an additional fee for that convenience. The APR for a 14-day $100 loanis 780%.

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