States in the West
Alaska – New payday lending laws cap the amount that you can borrow at $500. If you decide to proceed, the interest rate is capped at 15% of the face value of your check. The minimum term is 14 days, and the agreement can be extended on a maximum of two occasions.
Arizona – Under existing payday lending laws, you're only allowed to have one loan and locals are able to borrow between $50 and $500. The cost has been capped at 15% of the principal, and the agreement can be renewed up to a maximum of three times.
California – You're able to borrow up to $300 for a maximum of 31 days. The fees for a payday cash loan are capped at 15%. If these requirements are violated by the lender, they can be punished by a civil penalty of up to $2,000. You can only have one loan; renewals aren't allowed.
Colorado – Payday laws limit the amount you can borrow to $500. Loans for between $0 and $300 are capped at 20%; anything above this figure is capped at 7.5%. The maximum lending term is 40 days and you can perform a maximum of one renewal.
Hawaii – Customers can borrow as much as $600 for a maximum of 32 days. The cost of borrowing is 15% of the face value of your personal check. You can only have one short-term cash loan still active and the agreement cannot be renewed.
Idaho – Customers are able to borrow a maximum of $1,000, but there's no cap on the rate of interest. There is also no restrictions on the lending term, but the loan can be rolled over a maximum of three times. Collection fees are capped at $20.
Montana – Under payday lending laws, customers are able to borrow up to $300 for a total of 31 days. The cost of borrowing mustn't exceed 25% of the loan's principal. If the advance is not repaid punctually, the sum of $15 can be added to the balance. There cannot be more than 2 active payday cash loans at any one time.
Nevada – You're able to borrow up to 25% of your gross income for up to 60 days. There is no maximum APR but, if the agreement is in default, the interest rate cannot exceed the prime rate of the leading bank in Nevada (plus 10%). Payday lending laws specify that the agreement cannot be extended by more than 60 days should a renewal take place.
New Mexico – Customers are able to borrow between $50 and $300. Each $100 that you borrow will cost $17, and this includes a $0.50 verification fee. Subject to a minimum payment of $5, you're able to make partial payments towards your debt. You cannot take out a further advance if you still have an outstanding balance with a payday lender.
Oregon – Customers are able to get an advance for up to 25% of their gross income for a minimum of 31 days. Every $100 that you borrow will cost you a maximum of $10. You're only permitted to have one active loan, but it can be renewed on up to two occasions.
Utah – There's no cap on how much you can borrow or how much you can be charged by the lender. The standard term is set at two weeks, but you can renew the agreement for up to ten weeks from the date of commencement.
Further information available on payday laws in the South, MidWestand East of America.
