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: $550
Loan Term: Max: 31 days
Maximum Finance Rate and Fees: 15% of principal
Finance Charge for 14-day $100 loan: $15
APR for 14-day $100 loan: 390%
Maximum Number of Outstanding Loans at One Time: One.
Rollovers Permitted: None
Cooling-off Period: 2 days following eighth loan in a calendar year
Repayment Plan: Yes (Once per twelve month period, at least four equal instalments, no additional fee)
Collection Fees: N/A
Criminal Action: Prohibited
Call for Cash: +1 (855) 462-5019
State Rate & Fee Regulations