Rates and Fees

All of the lenders in our network are required to adhere to the regulations that govern short term loans in each state. Some of the terms that individual states control include the maximum loan amounts, the amount of fees or interest that a lender can charge, the number of loans that can be outstanding at any given time and a number of simultaneous loans, and even the amount that lenders are allowed to charge for non sufficient funds and the terms for non-payment and late payment actions. We have compiled a list of states, the maximum loan amounts in those states and the regulations they have in place for your convenience. These regulations are subject to changes, so the list is not exclusive and gives only the general information regarding the regulations in each state. For more details, please, use the links at the bottom of the page to check current regulations in each state via governmental websites and authorized resources.

This table lists the state, the maximum loan amount and the regulations in that state.

Alabama$500

Interest cannot exceed 17.5%

Alaska$500

Finance charges cannot exceed $5 and interest cannot exceed 15%

Arkansas$400

Finance charges may not exceed $10 and interest may not exceed 10%.

California$300

Late charges cannot exceed 15% of the loan amount.

Colorado$500

Lenders can charge a fee of 20% on loans of up to $300 and 7.5% on loans greater than $300. Interest may not exceed 45%

Delaware$500

N/A

District of ColumbiaN/A

N/A

Florida$500

Finance charges may not exceed 10%.

GeorgiaN/A

N/A

Hawaii$600

Interest may not exceed 15%.

Idaho$1000

None

Illinois$1000

The loan maximum is $500 or 25% of the borrower’s gross income, whichever is less.

Interest may not exceed 15.5%.

Indiana$550

Minimum loan amount is $50.

Lenders may charge no more than 15% interest on the first $250, 13% on amounts between $251 and $400, an 10% on amounts between $401 and $550.

Iowa$500

Lenders may not charge more than 15% on the first $100 of the loan or more than 10% on each consecutive $100.

Kansas$500

Lenders may not charge more than 15% interest and an additional 3% per month after the loan maturity date. No additional charges are allowed with the exception of returned check fees.

Kentucky$500

Consumers may not have more than two outstanding short term loans at any given time, and the total of both loans cannot exceed $500.

Interest may not exceed 15%.

Louisiana$350

Interest may not exceed 16.75%.

MaineNone

None

Michigan$600

Service charges cannot go beyond 15% of the first $100, 14% of the second $100, 13% of the third $100, 12% of the fourth $100 and 11% of the fifth and sixth $100.

Minnesota$350

Lenders may impose a $5.50 charge of loans up to and including $50. They may charge 10% of the loan amount as well as a $5 service fee on amounts between $51 and $100. They may charge 7% and a $5 service fee on amounts between $101 and $250. They may charge 6% and a $5 service fee on amounts between $251 and $300. Lenders may not charge more than 2.75% as late fees.

Mississippi$400

Fees may not exceed 3% of the amount of the loan or $5, whichever is greater.

Lenders may not charge more than 18% of the loan amount as interest.

Missouri$500

Collective fees and interest may not exceed 75% of the loan amount at any time.

MontanaN/A

Loans have a $50 minimum cost and a $300 maximum cost. Interest and fees may not exceed 36% per annum including fees for nonsufficient funds.

Nebraska$500

Interest may not exceed 15%.

NevadaN/A

Interest may not exceed 15%.

New Hampshire$500

Fees may not exceed 6% and interest may not exceed 36% per year.

New MexicoN/A

Loan amount plus fees may not exceed 25% of the borrower’s gross monthly income. Interest cannot exceed 15.59% and processing fees or new loans cannot exceed $50. Fees for insufficient funds cannot exceed $15.

North Dakota$500

Lenders may not charge more than 20%

Ohio$500

Interest may not exceed 28%.

Oklahoma$500

Lenders may not charge more than 15% for the first $300 of any loan or more than 10% for loans greater than $300.

OregonNone

Lenders cannot charge more than 36% interest. Service charges cannot exceed 10% of the loan or $30, whichever is less.

Rhode Island$500

Lenders may not charge more than 10% interest.

South Carolina$550

Lenders may not charge more than 15% interest.

South Dakota$500

None

TennesseeN/A

Lenders may not charge more than 15% interest.

UtahNone

None

Virginia$500

Lenders cannot charge more than 20% as interest and verification fees must not exceed $5.

Washington$700

Loans cannot exceed 30% of the borrower’s gross monthly income. Interest charges cannot exceed 15% on loans of up to $500. Interest charges cannot exceed 10% on loan amounts greater than $500.

WisconsinNone

There are no regulations that control interest, but lenders may not penalize borrowers for repaying their debts early.

WyomingNone

Finance charges shall not exceed either $30 or 20% a month.

Follow the link to this official website and this resource to get all the necessary information regarding the regulations in your state.

The states in which short term cash loans are prohibited are: Arizona, Connecticut, Georgia, Maryland, Massachusetts, New Jersey, New York, North Carolina, Pennsylvania, Vermont and West Virginia (this list is not exclusive, the regulations in each state vary and subject to changes).

Representative APR Range

12MonthsLoansBadCredit.com is not a lender and does not provide short-term loans but refers consumers to the lenders who may provide such loans. 12MonthsLoansBadCredit.com is unable to supply you with an exact APR (Annual Percentage Rate) that you will be charged if you are approved for a loan. APRs vary according to the information supplied by you in your loan request and your lender. You will be given the APR, loan fees, and other terms by your lender when you are redirected to your loan agreement in the loan request process. Payday loans are relatively expensive when compared with other loan products. Payday loans are not recommended as a long term financial solution and they should only be taken for emergency financial needs.

The APR on a short term loan can range from 200% to 2,290% depending on how the APR is calculated (nominal vs. effective), the duration of the loan, loan fees incurred, late payment fees, non-payment fees, loan renewal actions, and other factors. Keep in mind that the APR range is not your finance charge and your finance charge will be disclosed later on.

Calculation: (lender fee / loan amount) x (amount of days in a year / duration of the loan) x 100

Low End of Range: ($30 / $200) * (365 days / 14 days) x 100 = 391.07%

High End of Range: ($60 / $200) * (365 days / 14 days) x 100 = 782.14%

Implications of Late Payment

You are encouraged to contact your lender as soon as possible if you are unable to repay your loan on the scheduled repayment date. Your lender will set own late payment fees in accordance with state regulations, and your lender may have several courses of action available if your payment is late. For more information about your lender’s specific procedures as they apply to late payments, please, review your loan agreement or contact your lender directly.

Implications of Non-Payment
Financial Implications

The costs associated with loans of up to $500 can range from 15% to 40% of the entire loan amount, and the charges associated with loans of more than $500 can be even more. Your lender may also charge you late fees as well as the fees for non-sufficient funds. As an example, your lender may charge you a $20 nonsufficient funds fee as well as 15% of the loan balance as a late fee. Please review your loan agreement carefully for information about the financial implications of non-payment before you provide your electronic signature.

Collection Practices

The majority of the lenders in our network will not sell your debt to outside collection agencies. Instead, they may attempt to collect the debt in-house via telephone, email, postal mail or even text message. Similarly, they will not threaten criminal charges or sue borrowers; they will generally offer debt settlements over time instead. Every lender in our network is required to adhere to the Fair Debt Collection Practices Act which protects consumers from being abused or harassed by debt collectors.

Impact on Credit Score

Lenders are within their rights to report your failure to repay a loan to one or all of the major credit reporting agencies — Experian, Equifax and Transunion. This negative report will be reflected on your credit history indefinitely until the loan is repaid in full. After the lender has received payment in full, they can report this to the credit reporting agencies and the report may be removed from your record.

Renewal policy

Some of the lenders in our network may automatically renew your loan if it becomes past due. You should check your loan agreement for your lender’s policy on automatic loan renewal prior to e-signing your loan agreement. If your loan is renewed, there will be additional charges as determined by your lender, and the minimum term can be set up. Your lender may offer you other options in addition to renewal, including the ability to repay your loan in full at a later date or repay your loan over time in a series of installments.