Payday Cash Advance Loans And State Laws
Payday Cash Advance Loans and State Laws
Payday Cash Advance Loans and State LawsWhen looking into acquiring a payday cash advance, its important to be familiar with your state legislation concerning the companies that lend them. This is both to protect you from fraud and make sure that youre borrowing from a legitimate institution. The duration of the loan, minimum/maximum amounts, and APR are all usually established by the state.
Additionally, different loaners will also have different policies. Research is always key when looking into a loan, whether on the state or local level.
Familiarize yourself with your state laws for cash advance loans such as the following:
Alabama Payday loan amount cannot be more than $500; meanwhile the APR cannot be higher than 17.5% of the loan itself.
Arkansas Payday loan amount cannot be more than $400.
California Payday loan amount cannot be more than $300, meanwhile the fee for a deposit transaction cannot be higher than 15% of the face
amount of the check.
Florida Payday loan amount cannot be more than $500.
Georgia Payday loan lenders are prohibited.
Hawaii Payday loan amount cannot be more than $600, meanwhile the fee for a deferred deposit cannot be higher than 15% of the face amount of the check.
Idaho Payday loan amount cannot be more than $1,000.
Illinois Payday loan amount cannot be more than $1,000 or 25% of the borrowers monthly income. Payday lenders cannot charge more than $15.50 per $100 loaned over the loans term.
Maine Payday loans have no maximum amount, meanwhile there are no APR restrictions.
Nevada Payday loan amount cannot exceed 25% of borrowers gross income.
Additionally, there are cash advance state laws concerning the minimum and maximum of the loan term:
Arizona Payday loans have a maximum term of five days.
Colorado Payday loans have a maximum term that cannot be more than 40 days.
Florida Payday loan terms must be between seven and 31 days.
Hawaii Payday loans have a maximum term that doesnt exceed 32 days.
Louisiana Payday loans have a maximum term that doesnt exceed 60 days.
Michigan Payday loans must have a term less than 30 days.
New Mexico Payday loans have no minimum or maximum term requirements.
Washington Payday loans have a maximum term that cannot be more than 45 days.
Becoming educated about laws and regulations is essential when looking into payday cash advance loans. By being familiar with such rules you can prevent potential fraud and acquire a loan that works for you.
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