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 (Applies to check cashers only)
Maximum Loan Amount: $500 face value of check
Loan Term: Under $250: maximum of 30 days; $250-$500: 28-30 days
Maximum Finance Rate and Fees: Under $250: $20 per $100 advanced; $250-500: $21.95 per $100 advanced
Finance Charge for 14-day $100 loan: $20
APR for 14-day $100 loan: 520%
Maximum Number of Outstanding Loans at One Time: Not Specified. Maximum $500 in one or more checks.
Rollovers Permitted: None (cannot renew or otherwise extend)
Cooling-off Period: N/A
Repayment Plan: Voluntary
Collection Fees: $30 NSF fee; Court-awarded fees (if disclosed)
Criminal Action: Prohibited (When check returned due to NSF)
Call for Cash: +1 (855) 462-5019
State Rate & Fee Regulations