Payday Loan Laws State By State

Notes:

1. In this state, online loans follow the lender's state laws, and not the borrower's state laws.
2. In this state, lender may be regulated as a credit service organization (CSO). Generally, a CSO does not need to be licensed so there is no limit to the maximum loan or finance charge.
3. Minnesota:
   1. (i) On any amount up to and including $50, a charge of $5.50 may be added;
   2. (ii) on amounts in excess of $50, but not more than $100, a charge may be added equal to 10% of the loan proceeds plus a $5 administrative fee;
   3. (iii) on amounts in excess of $100, but not more than $250, a charge may be added equal to 7% of the loan proceeds with a minimum of $10 plus a $5 administrative fee;
   4. (iv) for amounts in excess of $250 and not greater than $350, a charge may be added equal to six percent of the loan proceeds with a minimum of $17.50 plus a $5 administrative fee. After maturity, the contract rate must not exceed 2.75% per month of the remaining loan proceeds after the maturity date calculated at a rate of 1/30 of the monthly rate in the contract for each calendar day the balance is outstanding.
4. Nevada: May be up to 90 days if:
   1. (a) The loan provides for payments in installments;
   2. (b) The payments are calculated to ratably and fully amortize the entire amount of principal and interest payable on the loan;
   3. (c) The loan is not subject to any extension; and
   4. (d) The loan does not require a balloon payment of any kind.
5. Oregon: 36% APR interest plus $10/$100 origination fee up to $30
6. South Carolina: Transaction may be handled as a consumer installment loan, not a "payday loan" per se, so there is no limit to the maximum loan or finance charge.

* Tribal lenders are not regulated by or subject to state laws.

Payday Loan Laws State by State. Source: Bills.com