California Payday Loan Laws

October 25th, 2012 by Shawn Martin

California State Flag
California State Flag

California payday loan laws are similar to other states in they are designed to protect the borrower.

You must be licensed to give internet payday loans in California but it is legal to do business in Payday and cash advances.

The maximum amount of a Payday loan or cash advance in California is 31 days. No roll overs are allowed, and the interest rate is  15 percent of the amount loaned.

A 14 day loan will cost you $17.50 and that works out to an APR of 459 percent annually.

The laws are aimed at avoiding predatory  lending practices. Because of the many choices of lenders in California we suggest you make sure the one you choose to do business with is on the up and up.

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Payday Loan Laws In the state of Arkansas

October 24th, 2012 by Shawn Martin

Arkansas State Flag
Arkansas State Flag

The payday loan laws in the state of Arkansas are unique and rather disheartening to the borrowers welfare. While payday loans are technically illegal in Arkansas, they are still in business and growing by the day.

Arkansas law prohibits any lender to charge more than 5 percent annually for and given loan agreement.

Since the APR of  payday loans is usually around 390 to 780 percent annually, yes, you read that right, this makes payday loans illegal in this state.

Many law suites have been created out of this law and payday loan companies had to do something about this problem so the convinced the Arkansas legislature to introduce and pass the Act 1216 of 1999, the “Check-Cashers Act,” codified at ARK. CODE ANN. § 23-52-100

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Arizona Payday Loan Laws

Arizona State Flag
Arizona State Flag

Arizona payday loan laws cover several points that were meant to help the borrower.

The interest rates are 15 percent and a borrower may only have one payday loan at a time.

This only one loan at a time law was added for the protection of the borrower but lack of follow up on the lenders part creates a situation where the borrower can easily obtain more than one payday loan.

While the answer may be illegal, when asked if they have any other payday loans taken out, borrowers are just stating they do not, thus the lender goes by the word of the borrower and writes the loan.

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Alaska Payday Loan Laws

October 8th, 2012 By Shawn Martin

Alaska State Flag
Alaska State Flag

Alaska is one of our more friendly Payday Loan states. They have a pretty straight forward outlook on these kinds of loans.

The minimum loan duration is 14 days but there is no cap on how many times it may be extended or rolled over, which really puts the squeeze on borrowers.

They follow an interest rate of 15 percent or the lesser of $15.00 per $100.00 loaned, plus a $5.00 fee.

Alaska does require lenders to be clear and precise in the terms of their loans, and make sure the customer does understand what all is involved in taking out a Payday loan.

Alaska also does not allow any collateral other than a check in exchange for the Payday loan and clearly monitors collection activity.

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Alabama Pay Day Loan Laws



Alabama State Flag
Alabama State Flag

Alabama like many other states is experiencing the same financial situations as everyone these days.

Alabama Payday loan laws are at the rate of 15.5 percent, and the average loan is 10 to 31 days.

What is interesting is this state offers you the option of paying it all off at once after one roll over, or they can set you up with 4 equal payments over 4 months on any outstanding balance after the one time roll over.

Remember, the interest rates do not drop, and it can be quite costly by the time the loan is finally paid off, and any insufficient funds when checks are presented will be subject to additional fees.

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