This service is not a lender and never makes credit decisions. For this reason, the service cannot provide the users of the website with any information regarding the rates and fees associated with particular short-term loan products and the offers, provided by the lenders connected with the users of the website. However, we are striving hard to ensure that the lenders in our network strictly adhere to all applicable international, federal, state and local regulations and laws and able to provide fair credit practices within the industry.
Short-term loans should be used as a temporary financial instrument and can become very expensive in case this financial product is used for additional terms. Usually, this credit is associated with relatively high financial charges, rates and fees. For this reason, the industry is heavily regulated on federal, state and local levels. Moreover, the number or organizations, either governmental or non-governmental, which provide control over the agents in this industry and establish the best practices and regulative procedures, steadily grow and develop.
We provide the users of the website with multiple resources and educational material, which can help study the industry and understand their options better to get positive credit experience. Thus, we recommend using the websites of Federal Trade Commission and the Consumer Financial Protection Bureau, two government agencies responsible for creating and enforcing the laws and acts that govern short-term lending and protect consumers from the cases of unfair lending practices and discrimination.
In order to protect consumers from unfair lending practices, many states have implemented their own regulations in addition to federal laws. Individual states may govern the terms including but not limited to the maximum allowable loan amount, the charges that lenders are able to apply to loans, the number of rollovers (renewals) and term specifications that are available, the late fees that may be applied and the number of outstanding loans that consumer can have at a time. Follow the link to this official website and this resource to get all the necessary information regarding the regulations in your state. Please check back before requesting a loan, as these regulations are subject to changes at any time.
The states in which short-term cash loans are prohibited include but not limit to Arkansas, New York, Vermont and West Virginia. This list is not exhaustive and subject to changes at any time without prior notice. Please, check the official websites listed above to follow the changes in state regulations regarding short-term lending.
|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%|
|District of Columbia||N/A||N/A|
|Florida||$500||Finance charges may not exceed 10%.|
|Hawaii||$600||Interest may not exceed 15%.|
|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%.|
|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.|
|Tennessee||N/A||Lenders may not charge more than 15% interest.|
|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.|
The following states do not regulate short term loans: Connecticut, Massachusetts, New York, Maryland, New Jersey, Pennsylvania, West Virginia and Vermont
Short term loans are prohibited in Georgia and West Virginia.
Arizona and North Carolina permitted pre-existing short term loaning statutes to sunset.