State Payday Loan Laws A-M
Recent changes in state laws regarding payday loans have resulted in a national hodgepodge of varying maximum loan amounts and time limits in which borrowers have to pay off their accounts. Although Fast Cash Loans isn't physically located in each of the 50 states, we are required to abide by the laws that govern the state each borrower lives in. To give you an idea of what your limits are, we've compiled a state-by-state rundown of the most basic rules:
- Alabama: Residents can borrow a maximum of $500, with a minimum of 10 days and a maximum of 31 days to repay it. One rollover is permitted.
- Alaska: Customers can borrow a maximum of $500 and are given a minimum of 14 days to repay it. Borrowers are legally permitted to back out on the deal within one day of being approved.
- Arizona: Residents are permitted to borrow between $50 and $500 and have to be given at least five days to repay it. Three rollovers are permitted.
- Arkansas: A maximum of $400 is allowed, with a minimum of six days and a maximum of 31 days to repay it.
- California: Residents can borrow a maximum of $300 and are given 31 days to settle the debt.
- Colorado: A maximum of $500 can be loaned to an individual, who's given 40 days to repay it.
- Connecticut: No restrictions.
- Delaware: A maximum of $500, with 60 days to settle the debt.
- Washington DC: Borrowers are allowed $50-$1,000, and are given 31 days to pay it back.
- Florida: Customers can borrow no more than $500, and have to be given a minimum of seven days, but no more than 31, to repay it.
- Georgia: State law prohibits granting any loans amounting to less than $3,000.
- Hawaii: Islanders can borrow up to $600, which they're required to pay back within 32 days.
- Idaho: Customers are limited to borrowing $1,000, but there's no specified time limit in which they have to repay it.
- Illinois: Each resident can borrow a maximum of $1,000 or 25 percent of his or her income, whichever is less. Borrowers have to be given a minimum of 13 days, but no more than 45, to pay it back.
- Indiana: Customers can borrow a maximum of $500, and have to be given a minimum of 14 days to repay it.
- Iowa: A maximum of $500 can be loaned to an individual, who's given 31 days to repay it.
- Kentucky: Customers can borrow up to $500, and have to be given at least 14 days, but no more than 60, to pay it back.
- Louisiana: Residents are limited to borrowing $350, which they have to pay back within 60 days.
- Maine: Currently, there are no restrictions.
- Maryland: There are no specific restrictions, although payday lenders are required to comply with the state's small loan laws.
- Massachusetts: Like Maryland, payday loans are governed only by the state's small loan laws.
- Michigan: Borrowers are allowed up to $600 and get 31 days to pay it back. They're not permitted to take out any new loans until the 31-day period has transpired.
- Minnesota: Residents can borrow up to $350, which has to be repaid within 30 days.
- Mississippi: Borrowers are limited to $400, which they must repay within 30 days.
- Missouri: The state limit for payday loans is $500. Lenders are required to give customers at least 14 days to pay it back, and borrowers are given no more than 31 days to do so.
- Montana: State law calls for a payday loan limit of $300 or 25 percent of the face value of the borrower's paycheck, whichever is less. Plus, residents are not allowed to have two active loans at one time with a single payday lender.
