LOS ANGELES, May 27 /PRNewswire/ -- Payday loans are not legal in all states. Some states they are legal, some they are prohibited, and in some states they are legal but there are limits and restrictions on the payday lenders. Below is a summarized version of that article:
Alabama: Legal, Max Loan Amount: $500, |
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Alaska: Legal, Max Loan Amount: $500, Max Charge |
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Arizona: Legal, Max Loan Amount: $500 |
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Arkansas: Legal (For Check Cashers Only), Max Loan Amount: $500, |
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California: Legal, Max Loan Amount: $300 |
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Colorado: There have been some very recent changes to laws in Colorado, which makes it tough at this point to pin down all of the specifics as House Bill 1351 passed just weeks ago which may have made short term lending illegal. |
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Connecticut: Prohibited |
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Delaware: Legal (permitted under small loan act or licensing law), Max Loan Amount: $500 |
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Florida: Legal, Max Loan Amount: $500 |
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Georgia Prohibited |
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Hawaii Legal (For Check Cashers Only), Max Loan Amount: $600 |
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Idaho: Legal, Max Loan Amount: $1000 |
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Illinois: Legal, Max Loan Amount: $1000 of 25% of Gross Monthly Income, whichever is LESS. |
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Indiana: Legal, Max Loan Amount: $550, Max Charge/APR% for a 14 Day Loan ($100) |
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Iowa: Legal, Max Loan Amount: $500, Max Charge/APR% for a 14 Day Loan ($100) |
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Kansas: Legal, Max Loan Amount: $500, Max Charge/APR% for a 14 Day Loan ($100) |
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Kentucky: Legal (For Check Cashers Only), Max Loan Amount: $500 |
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Louisiana: Legal, Max Loan Amount: $350 |
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Maine: Prohibited (Except for Supervised Lenders) |
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Maryland: Prohibited, |
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Massachusetts: Prohibited |
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Michigan: Legal Max Loan Amount: $600 |
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Minnesota: Legal, Max Loan Amount: $350 |
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Mississippi: Legal (Check cashers only) Max Loan Amount: $400 |
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Missouri: Legal, Max Loan Amount: $500 |
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Montana: Legal, Max Loan Amount: $300 |
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Nebraska: Legal, Max Loan Amount: $500 |
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Nevada: Legal: Max Loan Amount: 25% of Gross Monthly Income |
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New Hampshire: Legal, Max Loan Amount: $500 |
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New Jersey: Prohibited |
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New Mexico: Legal |
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New York: Prohibited |
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North Carolina: Prohibited |
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North Dakota: Legal, Max Loan Amount: $500 |
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Ohio: Legal, Max Loan Amount: $500, Term: Minimum 31 days |
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Oklahoma: Legal, Max Loan Amount: $500 |
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Oregon: Legal, Max Loan Amount: Not Specified |
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Pennsylvania: Prohibited |
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Rhode Island: Legal (Check Cashers only), Max Loan Amount: $500 |
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South Carolina: Legal, Max Loan Amount: $300 |
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South Dakota: Permitted under small loan act/licensing law, Max Loan Amount: $500 |
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Tennessee: Legal, Max Loan Amount: $500 |
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Texas: Legal Max Loan Amount: Not Specified |
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Utah: Legal (Check Cashers only) |
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Vermont: Prohibited |
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Virginia: Legal, Max Loan Amount: $500 |
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Washington: Legal , Max Loan Amount: $700 |
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West Virginia: Prohibited |
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Wisconsin: Legal, Max Loan Amount: Not Specified |
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Wyoming: Legal, Max Loan Amount: Not Specified |
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For more details check out the source website that provides good resources about payday loans. You can also find a series of articles on payday loans and educate yourself about this sector of financial industry.
SOURCE Pay1Day.com
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