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Are Payday Loans Legal

Legal Status of Payday Loans by State

This page shows the costs of payday loans in each state and why payday loans are legal. In dollars, the cost of payday loans is listed. The annual interest rate for a $100 loan is shown for 14 days.

These pages provide information about the maximum loan amount a consumer may take out and any restrictions regarding loan renewals or extended repayment terms.

Lenders may charge late repayment fees and threaten criminal action against borrowers who are unable to pay the loan amount.

In some states, payday lending isn’t allowed.

If there are loan rate or usury caps in certain states, the state page will provide the citation of the law that restricts rates and the small loan rate cap.

Contact Information for State Regulators

Each state page includes contact information, a website, and a state payday loan regulator. Every state page has a link that allows you to file a complaint with the Consumer Financial Protection Bureau.

What’s the status of payday lending?

Payday loans are small loans that you sometimes may get on the same day and are subject to regulation by the state. States have historically set small loan rates at between 24 and 48 percent annual interest and minimum monthly repayments. Many states have criminal usury laws to protect consumers.

Payday loans with triple-digit interest rates in states that have deregulated small loans are legal.

Extremely high-cost payday loans are prohibited in 16 states and the District of Columbia.

Payday loans can be banned in certain states. Rate caps can also be set by the state to protect their citizens.

Georgia racketing laws prohibit payday loans. New York and New Jersey criminal usury statutes prohibit payday lending. Payday loans are limited to 25 percent and 30 percent annually. In Arkansas, the state constitution restricts loan rates to 17% annually.

After you allow high-cost payday loans to be approved, in New Hampshire in 2009, payday loan rates were capped at 36% annually. Montana voters approved a ballot initiative that would limit loan rates to 36% annually in 2010.

It was implemented in 2011. Colorado’s similar ballot measures were approved by voters, which cap interest rates at 36% for 2018. South Dakota voters approved a 2016 ballot measure of 75% to lower the interest rates for payday, car title, and installment loans to 36% per year.

In Arizona, the 2008 ballot initiative to allow payday loans were rejected by voters, leading to the repealing of the legislation authorizing the loan in 2010. In North Carolina, although payday lending was briefly tried, the law that allowed it was eventually repealed.

Loans were found to trap borrowers in debt. In the United States of Connecticut, Maryland, Massachusetts, Pennsylvania, Vermont, and West Virginia, payday loans were never approved. Payday loans were never approved. District of Columbia was repealed.

Payday lending is available in three states that allow for lower rates

Three states allow small loans to be secured by access to the borrower’s bank account. These rates are lower than the average. Maine, a $250 loan for two weeks $250 has a 30-year interest rate.

However, tiered fees allow for up to 261% annual interest rates. Oregon payday loans with a minimum term of one month at 36 percent interest, $10 per $100 borrowed as initial loan fees, and $10 per $100 repaid are available.

For the initial loan, a $250 one-month loan costs you 154 percent per year, and for subsequent loans, it will cost you 36 percent. In New Mexico, we set a cap on APR at 175% to limit high-cost lending and increased the loan term by 120 days. Instead of making one payment at the end, the loan will require four payments.

Payday loans with high-cost rates have been approved in 31 states.

Thirty-two state legislatures have either approved payday loans or closed loopholes that allow the industry to make high-cost loans.

These are the types available for payday loans: Alabama, Alaska, California, and Delaware. Florida, Hawaii, Idaho, Wyoming, and Illinois.

Payday lending is legal in Ohio despite the 2008 ballot-setting rates caps. Other laws were adopted by the industry, which was not changed by Ohio’s legislature.

Some states have restrictions on the risk of debt-trap. Washington limits borrowers to eight loans each year, according to its law. Virginia law requires that loans are paid in two pay cycles. Virginia lenders have the option to avoid these requirements by structuring loans in unregulated, open-end credit lines.



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Author: Julie Snearl

Editor and writer for over a decade , she has written and edited finance for both national technical and consumer readership, Julia Snearl is the editor for Personal Finance in KashPilot. Her experience in editing business books also includes working as the editor of charts of Ahead of the Curve. More than 3 years' experience in editing content for finance on KashPilot, Julie is interested in learning about how to use digital content to assist people make better financial choices.

Types of Loans We Offer

Installment Loans

Receive your cash and repay it in equal monthly installments. Each payment will include interest, and prepayment is any time without penalty.

Payday Loans

Payday loans online are loans given to people who need money in the short term. Most payday loans are meant for small expenses, such as utility bills or vehicle repairs

Loan Consolidation

KashPilot Offers Loan Consolidation Online for Bad Credit, these are people who can’t manage their loans or can’t repay all the fees and rates (apr) on right time.

Title Loans

KasPilot Offers Title Loans, Your vehicle’s title serves as collateral for a loan you may think of as a secured loan. When you use your car as collateral for a loan


A Payday Loan can be used to cover costs until your next income arrives. Whether you need to pay rent, cover an unexpected medical bill, or purchase groceries, Payday Loans can provide you with the quick cash you require.

You must produce identity, proof of income, a bank statement, and a personal check in order to qualify for a loan. If you do not have a personal check, you can offer a debit card or ACH authorization in several jurisdictions. There is no requirement for personal property to obtain a Cash Advance.

Payday loans are short-term loans owing on the borrower's next payday. Timing is contingent upon your pay schedule.

KashPilot's Payday Loans are accessible to all credit types. When KashPilot evaluates a Payday Loan application, a credit history is among the many elements analyzed.

Yes, Cash Advances are often referred to as Payday Loans. This is a short-term, personal loan that is payable upon receipt of your next paycheck.

State legislation establishes the maximum amount of money you can get through a Payday Loan. In addition, you will qualify for a specific loan amount, within the permissible range, based on your current income.

When evaluating your Cash Advance application, we may use information from third-party data sources to determine your creditworthiness.

Typically, your Payday Loan is payable on your next payday. We provide numerous payment alternatives, including in-person and online payment choices, to make the repayment of your loan easier (varies by state).

KashPilot has assisted thousands of individuals with poor credit by offering a number of financial options, such as Payday Loans, Online Loans, Installment Loans, Title Loans, and Personal Lines of Credit.