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: $500
Loan Term: 7-31 days
Maximum Finance Rate and Fees: 10% of check + verification fee not to exceed $5
Finance Charge for 14-day $100 loan: $16.11
APR for 14-day $100 loan: 419%
Maximum Number of Outstanding Loans at One Time: One
Rollovers Permitted: None (cannot rollover)
Cooling-off Period: 24 hours
Repayment Plan: Yes. Grace period extends term 60 days, no additional charge. Credit counselling required.
Collection Fees: All charges imposed on the lender by any financial institution; lender not entitled to treble damages
Criminal Action: Prohibited
Call for Cash: +1 (855) 462-5019
State Rate & Fee Regulations