Payday loans are not available in all states
They also have different maxium loan amounts!
First of all, not all states allow payday lending. Because, different states have different terms for payday loans, it is important not to take a quick look at our list below. In addition to states either allowing or not allowing payday loans, especially relevant is the fact that there are laws that regulate payday loan state maxiums.
If you find yourself in a situation where you need to get a payday loan, then it is best to make sure that you:
- Check the list below to see if your state is included and what the max loan amount you can expect is.
- If its not on the list, double check here.
- Once, you know what you can get on the market, go to our list of associated payday lenders.
Sometimes, you will find that even if you are on the OK’d list, the online lender may have choosen not to do business in your state. Furthermore, you can apply online anyway and leave the homework to the loan companies. Rather than worry about if you fit the criteria before applying, they will tell you outright whether or not you qualify based on an automated checklist that they have.
So to get started with step one, there are the basic overviews of loan amounts by state. Remember to check out further information in the link if you don’t see your state.
Payday Loan State Maxiums:
States with a payday loan amount max less than $500
- California ($300)
- Louisiana ($350)
- Minnesota ($350)
- Montana ($300)
States with a max $500 loan amount
- Florida (exclusive of fees)
- New Hampshire
- North Dakota
- Oklahoma (exclusive of finance charge)
- Rhode Island
- South Dakota
States with a payday loan amount max above $500
- Delaware ($1000)
- Hawaii ($600)
- Idaho ($1000)
- Illinois ($1000 or 25% of consumers gross monthly income, whichever is less)
- Indiana ($550)
- Michigan ($600)
- North Dakota ($600)
- Oregon ($50,000)
- South Carolina ($550)
- Washington ($700 or 30% of consumers gross monthly income, whichever is less)
Finding more information on payday loans
In conclusion, different states have differnt laws and the payday lenders need to play by these rules. If you want to learn more about then lending practicing laws in your state, I encourage you to check out this website on payday lending state statues.