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: Prohibited (Usury Cap)
Maximum Loan Amount: $300, up to 25% of monthly net income of borrower
Loan Term: Max: 31 days
Maximum Finance Rate and Fees: 36% APR
Finance Charge for 14-day $100 loan: $1.39
Maximum Number of Outstanding Loans at One Time
Rollovers Permitted: No.
Cooling-off Period: N/A
Repayment Plan: N/A
Collection Fees: One $30 NSF fee
Criminal Action: Prohibited
Call for Cash: +1 (855) 462-5019
State Rate & Fee Regulations