Payday loan regulations are changing on a daily basis as the industry is held under a constant microscope in Washington D.C and on a state level to ensure consumers are protected and loan companies are lending fairly and legally. Now, more than ever, the government wants to educate borrowers on the risks and rewards of borrowing short term loans. Borrowing payday loans in an emergency situation with the ability to pay back the loan on your very next payday is vital to keeping you out of debt. Below are the latest laws by state referencing finance fees, terms and loan amounts currently allowed by state. Please note that the chart below is subject to change and should not be used for legal use, but to ensure that when you apply for a loan you are receiving the APR and fees entitled to you as a citizen of your state.
Online payday loan lenders can work on different models than brick and mortar companies such as the off-shore and tribal model so the restrictions and state regulations may change depending on the lender. These methods allow lenders to work with more consumers in more states without the regulations issued to the state and brick and mortar lenders. Military lending is also a highly regulated, nationwide mandate which caps APRs and fees when military personnel or their dependents borrow short term loans. The collection process and wage garnishing has many stipulations as well so most lenders will not advance money to active duty military personnel or their household.
Please click on a state below to see the latest state regulations: