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 (Credit Access Businesses)
Maximum Loan Amount: Not specified
Loan Term: Up to 180 days for CAB agreement
Maximum Finance Rate and Fees: No cap on Credit Access Business fees. Lender interest capped at 10%.
Finance Charge for 14-day $100 loan: No cap.
APR for 14-day $100 loan: No cap. Regulator reports average cost 410%.
Maximum Number of Outstanding Loans at One Time: N/A
Rollovers Permitted: N/A
Cooling-off Period: N/A
Repayment Plan: N/A
Collection Fees: Late charge greater of 5% of payment or $7.50. Filing fees and $30NSF fees.
Criminal Action: Prohibited unless fraud or forgery.
Call for Cash: +1 (855) 462-5019
State Rate & Fee Regulations