New Mexico payday loan laws overview

New Mexico is the 5th largest state in the United States and its 36th most populated. It turned into the nation’s 47th state when it joined the union in 1912. The principle drivers of the state’s economy include tourism as well as oil and gas. New Mexico payday loans are available for people in need.

Payday loan regulations in New Mexico

Payday loan regulations in New Mexico

Payday loan regulations in New Mexico

The legislation of payday loans in New Mexico has always been different from other states as the legislation has gone through several caps in the last decade. However, that does not mean that payday loans are no longer available to those who are in need of quick cash. There are many lending companies offering the service both online and in physical stores. Even though the payday loan concept has changed since the introduction of New Mexico payday loans laws on payday loans caps for payday offers, original New Mexico payday loans still exist in the form of installment loans that allow borrowers to go beyond the widely accepted limit of $1,000 in cash until their next pay day.

How do payday loans work in New Mexico?

To qualify for a payday loan, there are certain requirements that you must meet – you need to be at least 18 years old and you also need to have a bank account. Submitting an application is really fast and it usually takes no more than 2 minutes to do it. Usually, the period of the loans is no more than 30 days, even though some exceptions are still possible. If you repay your loan on time, you won’t be subject to any penalties. You need to calculate your monthly gross income as that will determine the maximum amount of money you’ll be able to qualify for a payday loan (the payday loan cannot exceed 15% or your income), including fees. However, you cannot get more than $2,500. In any case, you can expect to get around $650-$1,000 per payday loan.

The repayment part of New Mexico payday loans fees and regulations is not legally shaped yet, so the terms may vary a lot from one payday loan contract to another.

New Mexico payday loans state of affairs

New Mexico payday loans

online payday loan offerings in New Mexico

There is plenty of space for sidestepping legislation in New Mexico. Which is why the state attracts a lot of different types of financial institutions. Last year, the state had more than 784 legally operating payday loan lending offices. The number of online payday loan offerings in New Mexico is a lot higher since there are more than 100 thousand searches on the subject every month. That means that there are a lot of payday lending options in New Mexico and it is up to the borrower to do thorough research to find the best deals for himself.

Borrower’s responsibility when taking out a payday loan in New Mexico

Payday loans can be an immediate answer to  presing financial situations. Payday loans are not a good option if what you are looking for a long-term loan. In that case, it may be better for you to consider installment loans, personal loans or some other types of loan with a lower interest rate than paydayl loans.

Cities in New Mexico where you can find payday loan lenders:

  • Alamogordo   
  • Albuquerque
  • Angel F
  • Tijeras
  • Chaparral
  • Dexter
  • Las Vegas
  • Carlsbad
  • Sunland Park
  • Los Lunas
  • Edgewood
  • Silver City
  • Rio Rancho
  • Espanola
  • Farmington
Additional information about payday loans in New Mexico

Additional information about payday loans in New Mexico

Additional information about New Mexico payday loans

  • What is the credit term of a payday loan in New Mexico?

The credit term of payday advances in New Mexico can be from 14 to 35 days. It can be shorter if both lender and borrower come to a mutual agreement.

  • Is there a cool-off period prerequisite in the middle of two payday advances?

Yes, 10 days is required by state law.

  • Who do I contact if I want to file a complaint against a payday lender  in New Mexico?

It is best that you contact the New Mexico Financial Institutions Division.

 

Nevada payday loan laws overview

In Nevada, payday loans are also known as cash advances. In this article, we’ll try to give some useful information and tips regarding Nevada payday loans.

Nevada is the 7th biggest state by land size in the US and is its 35th most populous in terms of population. Tourism, cattle ranching and mining play a big part in its economy. Its tourism is mainly gambling and entertainment related, which makes this industry the state’s biggest employer. Moreover, Nevada is the world’s fourth-biggest producer of gold.
Nevada’s income per capita in 2009 was over $38,000. In 2010, the state’s total product was $126 billion. Nevada’s unemployment rate in December 2016 remained at 6.8%.

Are payday loans legal in Nevada?

Nevada payday loans

Nevada payday loans

Yes, cash advances or payday loans are completely legal in Nevada. Nevada payday loans laws state that a moneylender cannot give a loan surpassing 25% of a borrower’s gross month to month salary. The maximum term  a loan can have is 35 days. This can, however, be extended for up to 90 days if the initial contract allows you to make installments in portions without being liable to an extension.

A lending company that give payday loans in Nevada needs to have a valid license issued by the Financial Institutions Division of Nevada. You can cancel a Nevada cash advance before or by the end of the company’s business hours on the next business day.

Why take out a payday loan in Nevada

  • Numerous options. There are various direct payday loan lending companies in the Nevada that you can choose from. While some of these lending companies operate only online, others have physical stores too. If you prefer not to do broad researches on your own, you can get an advance co-ordinating support to find a loan best suited for your situation.
  • Simple process. Applying for Nevada payday loans online may take only a couple of minutes. If a payday lending store is near your workplace or your home, you can also apply conveniently. Depending the way you choose to apply, you can get your money either on the day of your application or by the next business day.
  • Bad credit is ok. You don’t need to have a perfect credit score to submit an application for a payday loan in Nevada. That’s because, in Nevada, your existing financial situation and ability to repay are also taken into account by the loan lenders.

Nevada payday loans fees and charges 

Maximum fees & finance rate

Maximum fees & finance rate

Nevada has payday loan laws that dictates how much your credit may end up costing you. There are a few things you should know:

  • Maximum fees and finance rate. Payday loan laws in Nevada do not explicitly point to a maximum finance rate. That results in unlimited charges or annual percentage rate for a 14-day $100 loan. After default, a lending company cannot charge interest exceeding the prime rate at the biggest bank in Nevada with 10% added.
  • Collection fees. In Nevada, payday lending companies can charge a fee for  dishonored check of up to $25. A lending company in Nevada cannot charge a fee for not having sufficient funds in the borrower’s account more than two times and can’t charge more than one fee for a closed account. The borrower may also have to pay court costs, attorney’s fees and service of process costs.
  • Rollover fees. There aren’t any specific regulations regarding rollover of payday advances in Nevada. However, a moneylender can’t augment a term past 60 days after the expiry of the underlying loan term.

How to apply for a payday loan in Nevada

How to apply for a payday loan in Nevada

How to apply for a payday loan in Nevada

Applying for a payday loan in Nevada is very simple. You can submit a loan application form by dropping by a payday lender’s store or you can do it online. To submit an application, you must meet the following requirements:

  • You must be at least 18 years old
  • You must be an American citizen or a permanent resident of the United States
  • You need to have a regular source of income

Prepare to submit the following information to complete your loan application successfully:

  • Your name, birth date, social security number and a legitimate type of ID, for example, your driver’s permit or identification
  • Your phone number, home and email address
  • Details about your income and employment
  • In case you decide to apply for a loan online, you also need to show your current financial records

Cities in Nevada where you can find payday loan lenders:

  • Battle Mountain
  • Boulder City
  • Carson City
  • Crystal Bay
  • Dayton
  • Elko
  • Ely
  • Fallon
  • Fernley
  • Gardnerville
  • Henderson
  • Las Vegas
  • Laughlin
  • Lovelock
  • Mesquite
  • Minden
  • Nellis Afb
  • North Las Vegas
  • Reno
  • Sparks
  • Stateline
  • Sun Valley
  • Winnemucca
  • Yerington

 

Nebraska payday loan laws overview

In 2010, the state of Nebraska has a gross state product of $89.8 billion. In 2014, the state’s income per person is over $27,548. in April 2015, Nebraska had an unemployment rate standing at 2.6%, which made it the lowest in the US. The residents of the state have the option to apply for Nebraska payday loans.

The state of Nebraska is the 16th biggest state in the United States and is the 37th most crowded. There are wide fluctuations between winter and summer temperatures and storms and tornadoes happening regularly. Farming is an essential part in Nebraska’s economy. The state of Nebraska is a noteworthy producer of sorghum, corn, soybeans, pork and beef. Its economy also includes manufacturing, cargo transport, insurance, data innovation and broadcast communications.

In 2010, the state of Nebraska has a gross state product of $89.8 billion. In 2014, the state’s income per person is over $27,548. in April 2015, Nebraska had an unemployment rate standing at 2.6%, which made it the lowest in the US.

Are cash advances legal in Nebraska?

Nebraska payday loan laws

Nebraska payday loan laws

Yes, payday loans are legal in the state of Nebraska.  All payday loan lending companies in Nebraska are governed by the Nebraska Statutes Chapter 45 Article 9.

Why it could benefit you to take out a payday loan in Nebraska?

Let’s see why more and more people are using the services of payday loan lenders in Nebraska.

  • Bad credit is not a problem. In Nebraska, it is ok to apply for a payday loan even if your credit score is not perfect or even good. As long as you have a regular income, you’ll have no problems with the application. Payday lending companies have very different criteria from banks. Their only concern is whether you’ll be able to pay back the loan by your next payday.
  • The application process is fast and simple. With online payday lenders, you can apply from the comfort of your home. You can also apply for your loan by going to a the physical store of payday lending companies in Nebraska.
  • You get your money real fast. Applying for a loan in a physical store can get you the money right away. If you do it online, it may take one business day before you get your cash.

Fees and charges of Nebraska payday loans

Nebraska Payday Loans

Nebraska Payday Loans

When it comes to charging payday loan expenses, moneylenders need to obey the Nebraska payday advance laws. The following will give you a clear idea on how much your payday loan may cost you:

  • APR and fees. In Nebraska, payday lending companies can charge up to $15 for every $100 borrowed as fees. The maximum charge for a two-week $100 payday loan is $17.65. The maximum annual percentage rate of a two-week $100 payday loan is 458%.
  • Collection fees. A payday lender in Nebraska cannot charge more than one $15 NSF fee.
  • Rollover fees. in Nebraska, you are not able to rollover your payday loan. This means that rollover fees do not apply.

How to apply for a payday loan in Nebraska

You can visit a store or submit your application online.For your application to be successful, you need to meet certain requirements:

  • You must be 18 old or older
  • You must be a citizen or a permanent resident of the US
  • You need to have a steady income

To complete your application for Nebraska payday loans you are also required to provide some basic information such as:

  • Your name, phone number, home and email address
  • A valid form of ID such as your passport or driver’s license
  • Your social security number and date of birth
  • Details of your employment
  • Details of your income

Useful information

Useful information

Useful information

What is the approach when looking for an expansion on a cash advance in Nebraska?

A payday loan specialist can give an augmentation of close to 34 days, if it doesn’t charge any extra fees.

Can I apply for an online payday loan in Nebraska if I live in another state, but my ID states that I’m a resident of Nebraska?

You can, as long as all other qualification criteria are met.

Who do I contact when filing a complaint regarding a payday lending company in Nebraska?

You should reach out to the Nebraska Department of Banking & Finance.

Cities in Nebraska where you can find payday loan lenders:

  • Alliance
  • Beatrice
  • Bellevue
  • Blair
  • Chadron
  • Columbus
  • Doniphan
  • Fremont
  • Grand Island
  • Hastings
  • Holdrege
  • Kearney
  • La Vista
  • Laurel
  • Lexington
  • Lincoln
  • Mc Cook
  • Nebraska City
  • Norfolk
  • North Platte
  • Ogallala
  • Omaha
  • Papillion
  • Scottsbluff
  • Sidney
  • South Sioux City
  • York

California payday loan laws

Summary of California payday loans

There are 32 states in the USA that have either legalized high-cost payday loans or failed to plug loopholes that are exploited by payday lenders. Among them is the State of California where payday loans are legal. State law calls payday loans deferred deposit transactions. The consumer provides the lender or originator (as the state law calls him) a personal check for the amount of loan. The originator then offers the consumer the loan amount, excluding a fee that is agreed upfront. The lender then holds on to the check for an agreed short period of time. California payday loans are available at most of the cities and online. The biggest cities in California are Los Angeles, San Diego, San Jose, San Francisco, and Fresno.

Applicable law in the state

California Financial Code §§ 23000 to 23106.

Loan amount and loan term

California payday loans laws

California payday loans laws

The maximum loan amount, including fees, cannot exceed $300. If the maximum permitted fee of 15% ($45) is charged, the actual loan amount would be $255.

As for the maximum tenure of the loan, it cannot exceed 31 days. Nevertheless, there can be repayment extensions, so lenders may grant borrowers more time to pay up, but they are not allowed to charge any fees for that. However, lenders are not legally required to grant extension requests.

Fees and annual percentage rate requirements

The State law sets a limit on the fees that a lender can charge a borrower – they cannot exceed more than 15% of the amount of the borrower’s personal check. For example, for a $300 check, the maximum fee would be $45. In other words, the borrower would be able to borrow $255.

Another requirement is that lenders are obliged to inform consumers what the loan fees are in terms of its annual percentage rate. Usually, the APR in California exceeds 400%.

In case of a returned check that is not honored and is returned by the bank, the loan originator can charge a maximum of $15. But be aware that the lender’s bank may charge additional fees for insufficient funds.

In addition, the finance charge for a typical 14-day $100 loan is $17.65 and the APR for the same loan amount and time period is 459%.

There are also additional fee restrictions for military service members.

Lender licensing requirement

All lenders in the State of California should be licensed by the state Department of Business Oversight or DBO. Otherwise, they are unable to lawfully provide loans for customers. Therefore, consumers should only borrow California payday loans from licensed lenders. If a consumer borrows from an unlicensed lender, they wouldn’t benefit from the state law consumer protection. This applies to both online and store-front operating California payday loans lenders. The law protects consumers by limiting the dollar amount of loans, fees charged and by requiring obligatory information to be stated in the loan contracts.

DBO has an online list of the licensed lenders that can be found here:

http://www.dbo.ca.gov/FSD/Licensees/default.asp

Outstanding loans, rollovers limits and repayment plan

Outstanding loans, rollovers limits & repayment plan

Outstanding loans, rollovers limits & repayment plan

There is a limitation regarding the number of outstanding loans. The deferred deposits are limited to one at a time.

No rollovers are permitted and the loan originator cannot charge any fee for an extension of the loan period. As for the so-called cooling-off period, the law doesn’t require one.

The repayment plan is voluntary, not obligatory. No fees may be charged for the repayment extension.

Obligatory information in the lending contract

Loan originators are obliged to disclose the full fee amount, both as a dollar amount and as APR. Secondly, they have to state all payment obligations and the charge in case of a returned check. They cannot accept any collateral or require their clients to buy other products to take out a loan. They have to clearly state that the consumers cannot be threatened with prosecution or be prosecuted in order to collect repayment. They also have to make known their California license and schedule at every location.

Restrictions on lenders

Loan originators cannot accept collateral for a loan or require the purchase of another product in order to provide a loan. They cannot accept blank checks, provide loans to customers with an outstanding loan even if it’s for repaying the previous. The total amount of both loans should not be no more than $300. They cannot commit any unlawful, unfair or deceptive acts. They are obliged not to make misleading statements.

The right to cancel a payday loan

The right to cancel a payday loan

The right to cancel a payday loan

A California payday loans customer may cancel a deferred presentment service agreement without being asked to pay any cost for any reason if this is done not later than the closing hours of the lending business on the business day that follows the date of the deferred presentment service transaction.

Payday lending regulator

The regulator of lender licensing for the State of California is the Department of Business Oversight. If a customer wishes to file a formal complaint against any payday lenders, they should call the DBO at 1-866-275-2677. They can also complete the online complaint form found on http://www.dbo.ca.gov/Consumers/consumer_services.asp

Customers can check the licensing status of a payday lender as well as whether he has a history of disciplinary action against him.

Financial tips by DBO

To avoid future borrowing, customers are advised to create a budget by listing all sources of monthly income and all expenses. They should also prioritize their debt by paying the most expensive interest rates and by cutting unnecessary expenses. They should build an emergency fund through a savings account with regular deposits. They should also contact their local consumer credit counseling service that can help with managing debt and budget. As for online lenders, DBO advises that consumers check the lender’s license before contracting them. Lenders without a license may illegally collect from the customer’s bank account without his permission and may illegally charge an interest rate that is higher than the lawful limitations. Illegal online lenders may sell personal or financial information. Lenders that operate from a different state or offshore are hard to track for criminal activities. Lastly, when taking out a payday loan, customers should borrow only as much as they can afford to repay.

Customers should be aware that the federal law requires mandatory credit counseling before declaring bankruptcy. The U.S. Department of Justice Trustee Program lets organizations provide mandatory counseling before declaring bankruptcy and mandatory debtor education after declaring bankruptcy.

 

Alaska payday loan laws

Summary of Alaska payday loan laws

There are 32 states in the USA that either legalized high-cost payday loans or failed to close loopholes exploited by payday lenders. Among them is the State of Alaska where payday loans are legal. The five biggest cities of the state are Anchorage, Fairbanks, Juneau, Sitka and Ketchikan. Alaska payday loan market is notably active only in the biggest city Anchorage. 

Alaska payday loan laws

Applicable law in the state

Applicable law in the state

The law that regulates payday loans in Alaska is the Alaska Statute §§ 06.50.010 et seq.

Loan amount and loan term

The Alaska Statute states that the maximum loan amount cannot exceed $500. The minimal term of a loan should be 14 days.

Finance charges

The Alaska Statute also includes special provisions regarding finance charges. The law provides that a licensee can only charge an upfront origination fee that is non-refundable. Its amount cannot exceed $5. Also, the lender may charge a fee that does not exceed $15 for each $100 of the loan, or 15% of its total amount, whichever is lower. This means that, for example, the finance charge for a 14-day $100 loan will be $20. The annual percentage rate for the same loan will be 520%.

Outstanding loans, rollovers limits and obligatory repayment plan

There isn’t a specified maximum number of outstanding loans at one time. The permitted number of rollovers or renewals is two. There are also provisions regarding the repayment plan. The plan can take up to 6 months, excluding all extra fees and the borrower is obliged to pay 5% of the balance due when he takes up the plan.

Collection fees

The collection fees of payday loans in Alaska are as follows: there is a $30 NSF fee and the court can cost up to $700 over the amount of the payment, but only if it is disclosed in the loan agreement.

Criminal action provisions

Criminal action is prohibited unless the check is returned due to closed account.

Payday lending regulator

 Payday lending regulator


Payday lending regulator

Alaska payday loan lending regulator and institution that deals with complaints is the Alaska Division of Banking and Securities. Its address is P.O. Box 110807 Juneau AK 99811.

The Alaska Division of Banking and Securities also makes annual overviews of payday lending in the state. For example, the 2015 annual overview states that during that year, one new license was issued to lend payday loans and one license was surrendered. The total number of operating licensees in 2015 was 26. The number of Alaskans borrowing payday loans was 17,705 and the total amount of these loans was $36,019,968.99. The average amount of Alaska payday loan was $418.51. On average, each payday borrower took up 4.86 payday loans and also borrowed about $2,000 on average.

In 2014, the loans were geographically distributed as follows: The main market share went to Anchorage/Eagle River with 47.91% and a total loan amount of $16,841,735. The second most active loan market was in Fairbanks with 2.47% of the market share and $867.898 total loan amount. Other parts of Alaska have 4.58% of the market that equals to $1,611,260 in total loan amount. Online loans have a 45.04% share with the total loan amount at $15,831,731.

Another overview made in 2016 showed the number of loans made by banks in the state and among them was the number of payday loans. The overview divided the loans into three categories – loans that have passed 30 to 89 days and are still accruing; loans that have passed 90 days and are still accruing and loans that are non-accrual. In the first category, there are 28 loans to individuals for household, family and personal expenditures. Among a total of 3,412 loans of all kinds are lent by banks in Alaska to borrowers from the state. In the second category, there are no loans of that type. In the third category, there are only 10 loans made to individuals for personal and household expenditures among a total of 14,183 loans of all types.

Nevertheless, it should be noted that this summary excludes several banks because they were considered to be branch offices of other bank institutions. This overview was concluded by the end of September 2016.

 

Payday loan laws in the state of Wyoming (overview)

In Wyoming, payday loans are legal according to the Wy. Stat. 40-14-362 et seq. Wyoming residents can easily apply for them and enjoy the benefits that payday loan services offer. In the statem there are about 77 locations where you can get access to payday loans or you can simply do it online. Actually, Wyoming payday loans laws do not restrict the cash amount that can be borrowed  in any way. However, the laws put certain restrictions on the time that the loan should be paid back.

  • Interest rate and loan limit

Wyoming payday loans interest rate

Wyoming payday loans interest rate

The annual percentage rate of Wyoming is one of the highest in the whole of United States. The APR goes up to 700%, so getting a loan in this state is definitely very expensive. In addition, unlike other payday loans in the country, the state of Wyoming does not have any loan limit so lenders are the ones that actually imposed the limit.

In Wyoming, lenders usually charge about 20% interest per $100 loaned or about $30 on a loan with rates based on the calendar month. For example, when a borrower applies for $200 loan in 30 days, the charge is around $200 for 20% interest rate. So the total payable is $240 per month even if the loan is just 14 days, or the charge is $30.

  • How to apply for a payday loan in Wyoming?

If you want to apply for a payday loan in person, you simply have to walk into a payday lender’s store. You can also apply it online. Whichever the case, you have to meet some eligibility criteria:

  • You’re at least 18 years of age
  • You’re an American citizen or a permanent resident of this country
  • You have a regular source of income
Regular source of income

Regular source of income

For your application to be successfully, you’ll have to provide some basic information:

  • Your name, date of birth and contact information
  • Your social security number along with a valid form of ID such as your driver’s license or passport
  • Details about your employment, income and pay schedule
  • Your bank account details, in case you’re applying online
  • Wyoming payday loans rollovers

Rollover is a loan that is taken to pay off a previous loan, which is seen as a disadvantage to borrowers. Wyoming prohibits rollovers and the borrower cannot refinance or consolidate the loan when it is not settled on time.

  • You can find Wyoming payday loans lenders in all the big cities in Wyoming, including Cheyenne, Casper, Laramie, Gillette, Rock Springs, Sheridan and others.

Payday loan laws in Wisconsin

Wisconsin is the 23rd largest state in the United States and its 20th most populous. It is among the nation’s leading dairy producers, which is why many refer to it as “America’s Dairyland”. As in many other states, you can apply for a Wisconsin payday loan.

  • Are payday loans legal in the state of Wisconsin?

Payday loan laws in Wisconsin are legal

Payday loan laws in Wisconsin are legal

Payday loans are completely legal in Wisconsin. All payday lenders function under the Wisconsin Statutes 138.14.  The maximum payday loan term under Wisconsin payday loan laws is limited to 90 days.

You can’t have an outstanding aggregate liability of more than $1,500 or 35% of your gross monthly income through all your existing payday loans. This includes the principal and interest as well as all applicable fees and charges.

You can repay a payday loan by using the proceeds of a subsequent payday loan made by the same lender or another one. If you do so, you can’t repay the subsequent payday loan using proceeds from yet another payday loan.

 

  • Payday loan fees and charges in Wisconsin

Wisconsin payday loan fees & charges

Wisconsin payday loan fees & charges

Wisconsin payday loan laws don’t impose any limits on the interest that lenders may charge before maturity dates of a Wisconsin payday loan. If a payday loan is not repaid before its due date, the lender may charge interest not exceeding 2.75% per month after the due date, except if you take a subsequent loan to pay off the original one.

If you take a subsequent loan from the same lender to repay the original loan and don’t repay the subsequent loan on time, the lender can charge interest not exceeding 2.75% per month after the due date. In Wisconsin, payday lenders can’t impose any penalties owing to prepayments, late payments or defaults.

A payday lender can’t present your check for payment more than once. This applies to electronic funds transfer authorizations as well. In the event of a payment dishonor, the lender can charge a non-sufficient funds (NSF) fee that doesn’t exceed $15.

  • How to apply for a payday loan in Wisconsin

How to apply for a payday loan in Wisconsin

How to apply for a payday loan in Wisconsin

You can apply for a payday loan in Wisconsin by visiting a store or online. Applying for a payday loan requires the following:

  • You’re over 18 years of age
  • You’re American or a permanent resident of the U.S.
  • You have a regular source of income

To complete the application successfully, prepare the following information:

  • Your name, email address, residential address and phone number
  • Your social security number and a valid form of ID such as your passport or driver’s license
  • Your employer’s name and contact information
  • Details about your income

You can find payday loan lenders in Milwaukee, Madison, Green Bay, Kenosha, Racine, Appleton and many other cities in the state of Wisconsin.

Payday loan laws in Washington

Payday loans are small, high interest, unsecured, short-term loans. Usually, payday loan consumers write a post-dated, personal check for the loan amount, plus a fee. The lender holds the check for the loan period and deposits it afterwards. Alternatively, the customer pays up and reclaim the check. Payday loans are available in many US states, among them is Washington. Washington payday loans lenders are available online and in stores.

  • Washington Payday Loans facts

  • Washington Payday loans

    Washington Payday loans

    You may borrow a total of $700 or 30% of your gross monthly income, whichever is lesser.

  • Your information will be registered in a state-wide database. This is done to ensure that all payday lenders have your most up-to-date loan information.
  • If you can’t repay your loan before its due date, you may request for an installment plan with no additional fees.
  • You may only take out a maximum of 8 payday loans per 12-month period.
  • If you already have an installment plan, you may not receive another loan.
  • Lenders cannot  harass or intimidate you when collecting a the loan. If you are being harassed, contact DFI and file a complaint.
  • Who licenses and regulates payday lenders in Washington?

In the state of Washington, payday lenders and the payday loan industry is licensed and regulated by the Washington State Department of Financial Institutions (DFI) . You can verify the license of any payday lender in Washington State by calling 1-877-RING-DFI (746-4334) or verify a license online.

  • Maximum loan amounts & terms in Washington

  • Maximum Loan Term: 45 days
  • Maximum Loan Amount: $700 or 30% of your gross monthly income, whichever is lesser
  • Maximum Fee: 15% on the first $500 and 10% above $500.
  • Payday lenders online

Payday lenders online

Payday lenders online

According to Washington payday loans laws, online payday lenders that do business with Washington residents must be licensed by the DFI and adhere to Washington’s loan terms and limits. Before doing business with an online payday lender, you have to make sure that they are licensed by the DFI.

  • Your rights as a Washington resident

  • Your rights as a Washington resident

    Your rights as a Washington resident

    If you have taken out a payday loan from a lender that is not licensed by the DFI,  even if you fail to repay the loan, the lender can’t collect it or pursue any legal action against you in Washington State.

  • If you have doubts about the loan you’ve taken out, you have the right to change your mind about it within one day.
  • You have the right to know all the costs involved. You also have the right to a payment plan.
  • Payday lenders may not use criminal prosecution as a method of collecting a past due loan.
  • Payday lenders may not allow borrowers to use a new payday loan as a way to pay off a previous payday loan he has with the same lender or an affiliate of that lender.

You can find Washington payday loans lenders in many cities including Seattle, Spokane, Tacoma, Vancouver and Bellevue.

Virginia payday loan laws

Virginia holds the 35th place for the biggest state in the United States and it is the 12th most populous. It is also the 14th least densely populated state in the country. There are many payday loan businesses in Virginia. You can either go and see what the different lenders offer in person or go online and check out their sites to find a payday loan that suits you. After all, a payday loan can be exactly what you need to take care of an urgent financial situation. In the state of Virginia payday loans are legal.

  • Virginia Payday Loan Laws

Virginia Payday Loans Laws

Virginia Payday Loans Laws

Payday lending companies have the legal right to operate in the state of Virginia. The laws governing payday loans in Virginia are more standardized compared to other states in the US. The maximum loan amount that can be taken out is $500 and there is no minimum loan amount. The standard charge for a $100 payday loan for 14 days is $26.38. In Virginia, you cannot have more than one payday loan at a time. Extensions are not allowed.

As payday loans are legal, there are hundreds of payday loan centers in the state of Virginia. Nowadays, because of the internet, that number has increased tremendously.

  • Virginia payday loans costs

Virginia payday loan rules restrict costs associated with your loan. Here’s what you need to know:

  • Maximum finance rate and fees

The lender can charge a loan fee not exceeding 20% of the amount advanced. It can also charge a $5 verification fee. The maximum charge for a 14-day $100 loan is $26.38. The maximum APR for a 14-day $100 loan is 687.76%

  • Collection fees

Payday loan lenders in Vermont can charge one NSF fee not exceeding $25. A payday lender can also charge court costs and reasonable attorney fees not exceeding $250.

  • Rollover fees

Virginia payday loan laws do not permit refinancing, renewal or extension of payday loans, so any rollover fees do not apply.

  • How residents can apply for Virginia payday loans

How Virginia residents can apply for a payday loan

How Virginia residents can apply for a payday loan

Applying for a payday loan is easy. You can do it online or visit a payday lender’s store. There are certain criteria you have to meet before applying:

  • You are over 18 years old
  • You are an American citizen or a permanent resident of the US
  • You have a regular source of income

Completing the application successfully requires that you provide some basic information, which includes:

  • Your name, residential address, phone number and email address
  • Your date of birth, social security number and a valid form of ID such as your driver’s license or passport
  • Your employer’s name and contact details
  • Details about your income
  • Biggest cities that offer payday loans in Virginia

  • Norfolk
  • Chesapeake
  • Virginia Beach
  • Richmond
  • Newport News

 

 

Utah payday loan laws

According to Utah payday loans laws, payday lenders who operate in this state have to be registered with the Department of Financial Institutions to be eligible to issue payday loans to the consumers residing in Utah. Clear disclosure of all terms and conditions of the loan contract in writing and also verbally is also required by the law. There should not be any hidden clauses in the contract. It is best for consumers to read the fine print thoroughly before signing anything.

  • Federal Laws

Utah Payday Loans Laws

Utah Payday Loans Laws

There are number of federal laws that payday lending companies in Utah must abide by. For instance, they must comply with the Regulation Z of the Truth in Lending Act. The loan terms such as the amount of finance charges,annual percentage rate (APR), repayment period and others must be displayed clearly in the loan contract.

  • Utah Payday Loans Laws

The regulating authority in Utah that enforces payday loans laws is the Department of Financial Institutions. It also reviews the business operations of each payday lending company that is offering payday loans to the residents of the state. Here are some important points regarding the state laws that you should be aware of.

  • If your loan account goes to the collection department and you are in default, you have the right to ask your lender not to contact you or your employer while you are at work.
  • If the post-dated check you give to the lender gets dishonored because of insufficient funds in your bank account, the lender cannot bring criminal charges of any kind against you. Lending companies are strictly prohibited from threatening their borrowers.
  • There is a maximum of 10 weeks of rollover on a loan balance after the default allowed by the Utah payday loans laws (that is from the date when the loan was initially issued). A due date extension of up to 10 weeks can be given. During that time, you will be charged at the same APR. After this 10-week period, no further interest can be charged.
  • The phone number of a person with authority (from the lending company) must be included in the loan contract. This lets borrowers file their complaints (if there are any). The borrowers can also contact the Department of Financial Institutions.
  • In the loan contract, there must be clear explanation of the schedule of fees and other finance charges, including the dollar amount of the fees and the annual percentage rate
  • Actions lenders may take on non-payment of debt

can make it difficult for you to get credit in the future

can make it difficult for you to get credit in the future

If you default on your loan, Utah payday loans laws allow lenders to take some action against you:

  • They can make it difficult for you to get credit in the future by listing all your accounts in default to various credit bureaus.
  • They can charge at least $20 in the form of NSF fee (Non-sufficient fee).
  • They can also file a civil suit against you and seek judgment from the court. If the judgment of the court is against you, the lending company may be allowed to recover reasonable attorneys fees and other court costs from you. Adding to that, the court can also order you to pay up the outstanding balance at the federal rate plus an additional 2%. The current federal rate is 2.99% per annum.
  • Cities offering payday loans in Utah

  • West Valley City
  • Provo
  • West Jordan
  • Sandy
  • Orem
  • St. George
  • Ogden
  • Taylorsville
  • Layton