Payday Loan Interest Rates: A State by State Overview

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Payday Loan Interest Rates: A State by State Overview

Interest rates for payday loans vary from state to state and may change frequently. Be sure to check your state website to review APRs and regulations that apply to you. Most states have limited payday loan amounts to $100 to $500 but some may allow loans up to $1,000 for payday loans online and over $1,000 for installment loans.

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Below is a list of payday loan interest percentages by state.

State APR % Max Loan Amount
Alabama 456 $500
Alaska 435 $500
Hawaii 460 $600
Indiana 382 $550
Kansas 391 $500
Kentucky 460 $500
Michigan 369 $600
Mississippi 521 $500
Missouri 443 $500
Nebraska 460 $500
New Hampshire N/A $500
North Dakota 487 $500
Ohio 677 $500
Oklahoma 395 $500
Rhode Island 261 $500
South Carolina 391 $550
South Dakota N/A $500
Tennessee 460 $500
Virginia 601 $500

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In these states, loan limits are higher. Some states require that your loan amount is equivalent to a percent of your monthly income.

State APR % Max Loan Amount
Idaho 652 $1,000
Illinois 404 $1,000 or 25% of gross monthly income, whichever is less
Nevada 652 25% of gross monthly income
New Mexico 416 $2,500
Texas 662 Not specified
Utah 658 Not specified
Washington 391 $700 or 30% of gross monthly income, whichever is less
Wisconsin 574 Not specified
Wyoming 261 Not specified

Here are some states where lower payday loan amounts are offered:

State APR % Max Loan Amount
California 460 $300
Louisiana 391 $350
Minnesota 200 $350
Montana N/A $300

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These 2 states have legislation which necessitates that loans be of longer duration.

State APR % Max Loan Amount
Colorado 214% APR $500 with a minimum loan term of 6 months
Oregon 154 $50,000 with a minimum loan term of 31 days

Finally, not every state approves of payday loans. These states dictate that only a regulated few can provide short-term loans, or they prohibit them entirely.

State APR % Max Loan Amount
Arizona N/A Prohibited
Arkansas N/A Prohibited
Connecticut N/A Prohibited
Georgia N/A Prohibited
Maine Only supervised lenders are permitted to cash or advance money on a postdated check
Maryland N/A Prohibited
Massachusetts N/A Prohibited
New Jersey N/A Prohibited
New York N/A Prohibited
North Carolina N/A Prohibited
Pennsylvania N/A Prohibited
Vermont N/A Prohibited
West Virginia N/A Prohibited

The tables above cover all 50 U.S. states and their respective loan terms or amounts. Loan APRs and terms, etc. can be changed at any time and this listing is for informational purposes only!

Online payday loans offer solutions for temporary cash shortages and are not intended to be a way to manage your budget.

Apply for an online payday loan with us today and get cash fast!

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