Payday loans are made by payday loan stores, check cashers, and pawn shops. Some rent-to-own companies also make payday loans. Loans are also marketed via toll-free telephone numbers and over the Internet. All a consumer needs to get a payday loan is an open bank account in relatively good standing, a steady source of income, and identification. Lenders do not conduct a full credit check or ask questions to determine if a borrower can afford to repay the loan.
Legal Status: Legal
Maximum Loan Amount: $1000
Loan Term: Less than 60 days
Maximum Finance Rate and Fees: Not Specified
Finance Charge for 14-day $100 loan: No Limit
APR for 14-day $100 loan: No Limit
Maximum Number of Outstanding Loans at One Time: Limit of five loans from all licensees in 12-month period.
Rollovers Permitted: Four (rollovers)
Cooling-off Period: N/A
Repayment Plan: Voluntary workout agreements. Equal instalments, minimum 90 days, no fees or interest
Collection Fees: One fee for nonpayment if the contract so provides, not to exceed 5% of the payment amount. Attorney fees and court costs
Criminal Action: Prohibited
Call for Cash: +1 (855) 462-5019
State Rate & Fee Regulations