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: lesser of $1000 or 25% gross monthly income. Payday installment loan lesser of 22.5% gross monthly income or $1,000.
Loan Term: 13 to 120 days. Payday installment loans 112 to 180 day terms.
Maximum Finance Rate and Fees: $15.50 per $100, plus a $1 verification fee
Finance Charge for 14-day $100 loan: $15.50
APR for 14-day $100 loan: 403%
Maximum Number of Outstanding Loans at One Time: Two
Rollovers Permitted: None (cannot rollover). Payday installment loan can be refinanced one time during term.
Cooling-off Period: 7 days after 45 consecutive loan days. Payday installment loan max 180 days in debt.
Repayment Plan: Yes. After 35 days, if payday loan unpaid, right to at least 55 days to repay in installments with no added cost.
Collection Fees: One $25 NSF fee (Presentment limit = 2)
Criminal Action: Prohibited
Call for Cash: +1 (855) 462-5019
State Rate & Fee Regulations