Payday Advance Loans: Legal or Illegal in US
Payday advance loans are not legal in every US state. Check out the US states in which payday advance loans are legal and the ones in which they are illegal:
Payday Loan States
Alabama: Legal, Max Loan Amount: $500,
Alaska: Legal, Max Loan Amount: $500, Max Charge
Arizona: Legal, Max Loan Amount: $500
Arkansas: Legal (For Check Cashers Only), Max Loan Amount: $500,
California: Legal, Max Loan Amount: $300
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.
Connecticut: Prohibited
Delaware: Legal (permitted under small loan act or licensing law),
Max Loan Amount: $500
Florida: Legal, Max Loan Amount: $500
Georgia Prohibited
Hawaii Legal (For Check Cashers Only), Max Loan Amount: $600
Idaho: Legal, Max Loan Amount: $1000
Illinois: Legal, Max Loan Amount: $1000 of 25% of Gross Monthly
Income, whichever is LESS.
Indiana: Legal, Max Loan Amount: $550, Max Charge/APR% for a 14 Day
Loan ($100)
Iowa: Legal, Max Loan Amount: $500, Max Charge/APR% for a 14 Day
Loan ($100)
Kansas: Legal, Max Loan Amount: $500, Max Charge/APR% for a 14 Day
Loan ($100)
Kentucky: Legal (For Check Cashers Only), Max Loan Amount: $500
Louisiana: Legal, Max Loan Amount: $350
Maine: Prohibited (Except for Supervised Lenders)
Maryland: Prohibited,
Massachusetts: Prohibited
Michigan: Legal Max Loan Amount: $600
Minnesota: Legal, Max Loan Amount: $350
Mississippi: Legal (Check cashers only) Max Loan Amount: $400
Missouri: Legal, Max Loan Amount: $500
Montana: Legal, Max Loan Amount: $300
Nebraska: Legal, Max Loan Amount: $500
Nevada: Legal: Max Loan Amount: 25% of Gross Monthly Income
New Hampshire: Legal, Max Loan Amount: $500
New Jersey: Prohibited
New Mexico: Legal
New York: Prohibited
North Carolina: Prohibited
North Dakota: Legal, Max Loan Amount: $500
Ohio: Legal, Max Loan Amount: $500, Term: Minimum 31 days
Oklahoma: Legal, Max Loan Amount: $500
Oregon: Legal, Max Loan Amount: Not Specified
Pennsylvania: Prohibited
Rhode Island: Legal (Check Cashers only), Max Loan Amount: $500
South Carolina: Legal, Max Loan Amount: $300
South Dakota: Permitted under small loan act/licensing law, Max Loan
Amount: $500
Tennessee: Legal, Max Loan Amount: $500
Texas: Legal Max Loan Amount: Not Specified
Utah: Legal (Check Cashers only)
Vermont: Prohibited
Virginia: Legal, Max Loan Amount: $500
Washington: Legal , Max Loan Amount: $700
West Virginia: Prohibited
Wisconsin: Legal, Max Loan Amount: Not Specified
Wyoming: Legal, Max Loan Amount: Not Specified
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Posted by Starwin on 27th May, 2010
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