Rates and Fees: Revised on 08/03/2018

Short-term loans like payday loans, cash advances, and installment loans, are regulated in each state and lenders within our network must adhere to these governing laws. Areas that come under the control of the states include:

  • Maximum loan amounts;
  • Cap fees and interest charges;
  • Limit the number of outstanding and simultaneous loans;
  • Set a fixed number of loan rollovers or prohibit such actions;
  • Limit penalty charges for insufficient funds;
  • Regulate terms that apply to late and non-payment actions taken by the lender.

Rates and Fees for Payday loans and Cash advances for each state

Listed below for your convenience are the states and their maximum loan amounts and relevant regulations. The list is not an exclusive one and provides just general information about state regulations. Be aware that they sometimes change. We have supplied links below for you to be able to check current regulations. They link back to each state via their authorized government websites.

State Loan Amount Additional Details
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 Columbia N/A

N/A

Florida $500

Finance charges may not exceed 10%.

Georgia N/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%.

Maine None

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.

Montana N/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%.

Nevada N/A

Interest may not exceed 15%.

New Hampshire $500

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

New Mexico N/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.

Oregon None

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

Tennessee N/A

Lenders may not charge more than 15% interest.

Utah None

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.

Wisconsin None

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

Wyoming None

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.

Short term cash loans are not allowed in Arizona, Connecticut, Georgia, Maryland, Massachusetts, New Jersey, New York, North Carolina, Pennsylvania, Vermont and West Virginia. We remind you that regulations change, so the list is not exclusive.

Representative APR Range

12M Loans refers potential borrowers to the actual lender who will assess the loan application and then may elect to provide the loan. Because 12M Loans is not the lender, we are not able to provide the exact APR (Annual Percentage Rate) that you will be charged if you are approved for a loan. Your personal information and credit history is the final determinant of the APR that will be applied by the lender. Details such as the final APR, fees associated with the loan, and the loan terms and conditions are provided by the lender. Please take note that short-term loans, when compared to other loan products, will cost you more.

Payday loans and cash advances are primarily for financial emergencies and should not be considered as a financial solution in the long term. The APR on short-term loans can be anywhere between 200% to 2,290% depending on how that figure is calculated, how long the loan is for, cost of fees, late payment fees, non-payment fees and whether the loan is rolled over. Your finance charge is not connected to your APR. That will be shown as a separate charge.

Payday Loans APR calculations example

Borrow: $200 for 14 days with a $30 to $60 lender fee. Your estimated APR is 391% to 782%
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%

Penalties and Financial Implications

Implications of Late Payment

Always communicate with your lender as soon as you realize you cannot make the payment on time. The lender may apply the late payment fee in accordance with state regulations, as well as other actions. You will find all the relevant information regarding late payments in your loan agreement.

Implications of Non-Payment

There are costs associated with loans up to $500 and these can be from 15% to 40% of the loan amount. For loans above $500, costs may even be higher.

Other fees associated with non-payment include late fees and fees for insufficient funds. It’s important that you carefully read your loan agreement. It will have all the details of what can happen and what charges apply in the case of non-payment.

Collection Practices

Most lenders 12M Loans working with, will not sell off your debt. They prefer to collect unpaid monies in-house. That could mean contacting you by phone, email, text, and post. Lenders are not prone to threaten criminal charges or take borrowers to court. Debt settlement is a preferred option. All lenders in our network must abide by the Fair Debt Collection Practices Act. This Act protects consumers from undue harassment by debt collectors.

Impact on Credit Score

If a borrower does not repay a loan the lender has the right to report that to one or all of the major credit reporting agencies – Experian, Equifax, and Transunion. This report will negatively affect your credit history until the loan is repaid. Once the loan has been repaid, the negative report may be requested to be removed by contacting the credit bureaus.

Renewal policy

If your loan becomes past due, some lenders in our network may renew the loan automatically. Again, check your loan terms and conditions regarding automatic loan renewal so you are aware of what you are signing. A loan renewal, whether made by you or automatically, will attract additional charges by the lender. You may be offered the option by the lender to repay the loan in full later, or set up repayments over an agreed length of time by installments.