Alabama |
$500 |
Interest cannot exceed 17.5%
|
Alaska |
$500 |
Finance charges cannot exceed $5 and interest cannot exceed 15%
|
Arkansas |
$400 |
Finance charges may not exceed $10 and interest may not exceed 10%.
|
California |
$300 |
Late charges cannot exceed 15% of the loan amount.
|
Colorado |
$500 |
Lenders can charge a fee of 20% on loans of up to $300 and 7.5% on loans greater than $300. Interest may not exceed 45%
|
Delaware |
$500 |
N/A
|
Florida |
$500 |
Finance charges may not exceed 10%.
|
Georgia |
N/A |
N/A
|
Hawaii |
$600 |
Interest may not exceed 15%.
|
Idaho |
$1000 |
None
|
Illinois |
$1000 |
The loan maximum is $500 or 25% of the borrower’s gross income, whichever is less.
Interest may not exceed 15.5%.
|
Indiana |
$550 |
Minimum loan amount is $50.
Lenders may charge no more than 15% interest on the first $250, 13% on amounts between $251 and $400, an 10% on amounts between $401 and $550.
|
Iowa |
$500 |
Lenders may not charge more than 15% on the first $100 of the loan or more than 10% on each consecutive $100.
|
Kansas |
$500 |
Lenders may not charge more than 15% interest and an additional 3% per month after the loan maturity date. No additional charges are allowed with the exception of returned check fees.
|
Kentucky |
$500 |
Consumers may not have more than two outstanding short term loans at any given time, and the total of both loans cannot exceed $500.
Interest may not exceed 15%.
|
Louisiana |
$350 |
Interest may not exceed 16.75%.
|
Maine |
None |
None
|
Michigan |
$600 |
Service charges cannot go beyond 15% of the first $100, 14% of the second $100, 13% of the third $100, 12% of the fourth $100 and 11% of the fifth and sixth $100.
|
Minnesota |
$350 |
Lenders may impose a $5.50 charge of loans up to and including $50. They may charge 10% of the loan amount as well as a $5 service fee on amounts between $51 and $100. They may charge 7% and a $5 service fee on amounts between $101 and $250. They may charge 6% and a $5 service fee on amounts between $251 and $300. Lenders may not charge more than 2.75% as late fees.
|
Mississippi |
$400 |
Fees may not exceed 3% of the amount of the loan or $5, whichever is greater.
Lenders may not charge more than 18% of the loan amount as interest.
|
Missouri |
$500 |
Collective fees and interest may not exceed 75% of the loan amount at any time.
|
Montana |
N/A |
Loans have a $50 minimum cost and a $300 maximum cost. Interest and fees may not exceed 36% per annum including fees for nonsufficient funds.
|
Nebraska |
$500 |
Interest may not exceed 15%.
|
Nevada |
N/A |
Interest may not exceed 15%.
|
New Hampshire |
$500 |
Fees may not exceed 6% and interest may not exceed 36% per year.
|
New Mexico |
N/A |
Loan amount plus fees may not exceed 25% of the borrower’s gross monthly income. Interest cannot exceed 15.59% and processing fees or new loans cannot exceed $50. Fees for insufficient funds cannot exceed $15.
|
North Dakota |
$500 |
Lenders may not charge more than 20%
|
Ohio |
$500 |
Interest may not exceed 28%.
|
Oklahoma |
$500 |
Lenders may not charge more than 15% for the first $300 of any loan or more than 10% for loans greater than $300.
|
Oregon |
None |
Lenders cannot charge more than 36% interest. Service charges cannot exceed 10% of the loan or $30, whichever is less.
|
Rhode Island |
$500 |
Lenders may not charge more than 10% interest.
|
South Carolina |
$550 |
Lenders may not charge more than 15% interest.
|
South Dakota |
$500 |
None
|
Tennessee |
N/A |
Lenders may not charge more than 15% interest.
|
Utah |
None |
None
|
Virginia |
$500 |
Lenders cannot charge more than 20% as interest and verification fees must not exceed $5.
|
Washington |
$700 |
Loans cannot exceed 30% of the borrower’s gross monthly income. Interest charges cannot exceed 15% on loans of up to $500. Interest charges cannot exceed 10% on loan amounts greater than $500.
|
Wisconsin |
None |
There are no regulations that control interest, but lenders may not penalize borrowers for repaying their debts early.
|
Wyoming |
None |
Finance charges shall not exceed either $30 or 20% a month.
|