State Payday Loan Laws N-W
As payday loan laws vary from state-to-state, the maximum amount you can borrow from Fast Cash Loans--as well as the time you're given to pay it back--depends on where you live. To give you an idea of what you're limited to, here's part two of our list of state loan laws:
- Nebraska: State law calls for a maximum loan amount of $500, which borrowers have 31 days to repay.
- Nevada: Each resident is only permitted to borrow an amount not exceeding 25% of the expected gross income on his or her next paycheck. The law does not govern time limits.
- New Hampshire: The state limit for a payday loan is $500. Lenders are required to give customers at least seven days to pay it back, and borrowers are given no more than 30 days to do so.
- New Jersey: Currently, there are no state laws governing payday loans.
- New Mexico: While there are no laws specific to payday loans, payday lenders must comply with the state's small loan act.
- New York: The Empire State has no laws governing payday loans.
- North Carolina: While North Carolina has some laws in place that govern certain aspects of payday lending, it has no cap on the amount or a set time limit in which it has to be repaid.
- North Dakota: Residents can borrow up to $500 and are given 60 days to pay it back.
- Ohio: Residents can borrow up to $800, and they're permitted to extend the loan for six months.
- Oklahoma: The state limit for a payday loan is $500. Lenders are required to give customers at least 12 days to pay it back, and borrowers are given no more than 45 days to do so.
- Oregon: Each resident is restricted to borrowing an amount not exceeding 25% of his or her net monthly income. A maximum of two rollovers are permitted.
- Pennsylvania: Currently, there are no state laws governing payday loans.
- Rhode Island: Residents are permitted to borrow up to $500 or 15 percent of their next paycheck's face value, whichever is less. Lenders are required by law to give them at least 13 days to repay the loan.
- South Carolina: Residents are permitted to borrow up to $300 or 15 percent of their next paycheck's value, whichever is less. They're allowed to keep the loan active for no more than 31 days.
- South Dakota: State laws limit loan amounts to $500, but don't govern the terms.
- Tennessee: Residents are permitted to borrow up to $500 or 15 percent of their next paycheck's value, whichever is less. They're given 31 days to pay it back.
- Texas: Although state laws don't restrict loan amounts, they do call for lenders to allow at least seven days before asking to be repaid. Borrowers are required to settle their accounts within 31 days.
- Utah: There are no state laws governing payday loans.
- Vermont: There are no state laws governing payday loans.
- Virginia: Borrowers are limited to $500, and lenders are required to give them at least seven days for repayment. State law specifically forbids rollovers.
- Washington: The maximum loan amount is $700, which borrowers are required to repay within 45 days.
- West Virginia: The law requires payday lenders to abide by the regulations set for conventional lenders, which essentially prevents them from operating in the state.
- Wisconsin: There are no laws restricting payday loan amounts or payback terms.
- Wyoming: State law doesn't restrict the amount that can be borrowed from a payday lender, although it does restrict the time borrowers have to repay it to 30 days. However, since rollovers aren't allowed, the actual term is about 14 days.
