Like in many other states, payday loan lending in California State are lawful and have tight restriction to regulate the payday loan industry. At any one time, customer is not allowed to borrow more than one loan and any kind of renewal or extension is not allowed as well. Payday loan lenders are allowed to issue a loan using a post-dated check but it must hold the check for more than 30 days. It is common practice in California cash advance of not accepting government check and also payday check that 3% more than of the check face value. According to state law, it is prohibited for payday loan lenders to pursue legal action against the borrowers. Details of the California payday loan requirements are summarised as follows:
- Maximum Payday Loan Amount: Borrowers are qualified to apply up to a maximum of $300 in any payday cash advance loans.
- Terms of Payday Loan: The term of loan given to all borrowers is 31 days maximum.
- Payday Loan Extensions: In California State, it is not allowed for any renewal or extension.
- Payday Loan Fees and Charges: The maximum interest a payday loan lender can charge is 15%. The fee for a customer to borrow a payday loan amount of $100 for a two weeks term period is $17.65.
- Payday Loan APR Rate and Fee Schedules: The typical annual percentage rate (APR) for a 14 day payday loan of $100 is 459%.
The payday loan industry in California is huge and growing. Based on a survey conducted in 2003, there are more than 3000 lenders in the state alone. Therefore it is wise to shop around to find the best deal before committed yourself.
To apply for a California payday loan, why not check out our recommended list of online payday loan lenders below. They cover all 50 states including California (CA).
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Payday loan lending is considered legal in the state of Arkansas. But the payday loan lenders must be practiced in accordance to the Arkansas State regulation. At any one time, payday loan lenders are not allowed to issue loan more than once. But for borrowers, he/she can get a loan twice within 72 hours. A single loan payment is allowed provided the check is held. A lender is not allowed to take legal action against the borrower provided that the payment was ceased or the check bounced due to the bank account closure. Details of the Arkansas payday loan requirements are summarised as follows:
- Maximum Payday Loan Amount: Borrowers are qualified to apply up to a maximum of $400 in any payday cash advance loans.
- Terms of Payday Loan: The term of loan given to all borrowers is typically available at minimum of 6 days up to a maximum of 31 days.
- Payday Loan Extensions: In Arkansas State, it is not allowed for any renewal or extension.
- Payday Loan Fees and Charges: The fee for a customer to borrow a payday loan amount of $100 for a 14 days term period is $22.22.
- Payday Loan APR Rate and Fee Schedules: The typical annual percentage rate (APR) for a 14 day payday loan of $100 is 579%.
To apply for an Arkansas payday loan, why not check out our recommended list of online payday loan lenders below. They cover all 50 states including Arkansas (AR).
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According to Arizona State law, it is required for payday loan lenders to operate with a valid license in the state. In the loan agreement, it must provide with a valid contact phone number and correspondence address for the purpose of protection and convenience of borrowers to file a complaint. At any one time, it is not allowed for payday loan lenders in Arizona State to sign more than one loan contract with a single borrower. Likewise for a borrower it is not allowed to have more than one overdue payday loan at any one time. Details of the Arizona payday loan requirements are summarised as follows:
- Maximum Payday Loan Amount: Arizona payday loan lenders are restricted to issue a maximum loan amount up to $500.
- Terms of Payday Loan: The term of loan given to all borrowers is minimum 5 days.
- Payday Loan Extensions: According to Arizona State law, it allows up to three renewals or extensions.
- Payday Loan Fees and Charges: The maximum payday loan fee is set to 15% of the total loan amount for any transaction or extension.
- Payday Loan APR Rate and Fee Schedules: The typical annual percentage rate (APR) for a 14 days payday loan of $100 is 459%.
To apply for an Arizona payday loan, why not check out our recommended list of online payday loan lenders below. They covers all 50 states including Arizona (AZ).
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As similar to many states, Alaska State has legislation to protect payday loan lenders. Under the legislation, there is not limit on the maximum number of loans a customer can borrow at one time. The payday loan lenders are not allowed to take legal action on late loan collection provided that the borrower’s check bounced due to bank account closed. Also under the legislation, it is allowed for payday loan lenders to charge 3 digits interests on borrowers in their bank account checks. Details of the Alaska payday loan requirements are summarised as follows:
- Maximum Payday Loan Amount: Borrowers are qualified to apply up to a maximum of $500 in any payday cash advance loans.
- Terms of Payday Loan: The term of loan given to all borrowers is minimum 2 weeks.
- Payday Loan Extensions: According to Alaska State legislation, it allows up to two renewals or rollovers.
- Payday Loan Fees and Charges: In Alaska, the payday loan store won’t charge a start up fee of more than $5.00. The maximum payday loan fee for a $100 loan is limited to either $15 or 15% of the total loan amount, whichever is lower. Typically for a customer to borrow a payday loan amount of $100 for 14 days term period, will be charged a fee of $20.
- Payday Loan APR Rate and Fee Schedules: The typical annual percentage rate (APR) for a 2 weeks payday loan of $100 is 520%.
To apply for an Alaska payday loan, why not check out our recommended list of online payday loan lenders below. They covers all 50 states including Alaska (AK).
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According to Alabama state legislation, all payday loan and cash advance providers are not subjected to the small loan laws. It is allowed for lenders to charge an interest rate up to 3 digits range in one repayment check from the borrower’s bank account. The maximum amount of loan is limited to not more than $500, but there is no restriction on how many payday loans a borrower can take. If a borrower keeps a good record of repaying two subsequent loans, he/she can apply for another payday loan in the next working day. Details of the Alabama payday loan requirements are summarised as follows:
- Maximum Payday Loan Amount: Borrowers are qualified to apply up to a maximum of $500 in any payday cash advance loans.
- Terms of Payday Loan: The term of loan given to all borrowers is typically available between 10 days and 31 days.
- Payday Loan Extensions: According to Alabama state law, it allows up to one single extension or rollover.
- Payday Loan Fees and Charges: The maximum payday loan fee for any loan amount is limited to 17.5%. Typically for a customer to borrow a payday loan amount of $100 for 14 days term period, will be charged a fee of $17.50. After default, the maximum monthly fee is set to 3%.
- Payday Loan APR Rate and Fee Schedules: The typical annual percentage rate (APR) for a 14 day payday loan of $100 is 456.25%.
To apply for an Alabama payday loan, why not check out our recommended list of online payday loan lenders below. They covers all 50 states including Alabama (AL).
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