Are payday loans permitted in your state?

Regulations for payday loans vary greatly from state to state. Some states, like Oregon, place practically no restrictions on payday loans, while other states ban them entirely. The regulations of your state have a huge effect on what lenders can charge. As a borrower, it’s important for you to be aware of these regulations and to make sure your loan has the right terms and fees dictated by law.

Are payday loans available in your state?

Payday lending regulations by state

Alternatives if payday loans are illegal in your state

• Installment loans. These are for similar amounts but are repaid over a longer term, usually 12 to 24 months.
• Auto title loans. These loans involve borrowing money against your car’s title in return for financing. Some states consider auto title loans the same as payday loans and ban them, so check your local laws.

Short-term loans and alternatives in states where they’re permitted

Here are some short-term services you can consider. Availability and max amounts may vary based on your state of residence.

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Name	Product	Filter Values	Loan amount	Turnaround time	Requirements
Chime SpotMe® Not rated yet Chime SpotMe® Not rated yet			Up to $200	Same day	Single qualifying $200 direct deposit into Chime checking account in the last 34 days.	Access fee-free overdrafts up to $200 when eligible. Plus get your paycheck up to 2 days early with direct deposit. See Chime terms and conditions.	Go to site More Info	Compare	loading Fetching your data...
Smart Advances Not rated yet Smart Advances Not rated yet			$100 to $20,000	As soon as one business day after loan closing	Have a regular income, 18+ years old, be a U.S. citizen with a valid SSN, have an open bank account, meet any additional requirements your lender may have	Smart Advances was designed to help you request the loan you need, for any reason.	Go to site	Compare	loading Fetching your data...
Cleo Not rated yet Cleo Not rated yet			$20 to $250	3 to 4 days standard transfer. Same day with $3.99 express fee.	Not stated	Automatically monitor your spending plus access cash advances up to $100 at a time.	Go to site	Compare	loading Fetching your data...
OppLoans Installment Loans Finder Rating: 4.7 / 5: ★★★★★ OppLoans Installment Loans Finder Rating: 4.7 / 5: ★★★★★			$500 to $4,000	As soon as the same business day.	+18 years old, Receive paychecks through direct deposit, Meet minimum income requirements, Live in eligible state	Comes with the option to change your due date so you won’t fall behind on repayments.	Go to site More Info	Compare	loading Fetching your data...
Brigit Not rated yet Brigit Not rated yet			$250	1 to 3 business days, or instant with a fee or Premium subscription	Bank account must have at least 60 days of activity, Balance must be above $0 and have an average minimum balance on pay day	Have up to $250 automatically deposited into your account — for a $9.99 membership fee.	Go to site More Info	Compare	loading Fetching your data...
Possible Finance Mobile Installment Loans Not rated yet Possible Finance Mobile Installment Loans Not rated yet			Up to $500	As fast as 1 business day	Checking account with 3+ months of banking history, $750+ monthly income, live in eligible state, ages 18+	Borrow up to $500 with just a few swipes — but only for residents of 21 states.	Go to site More Info	Compare	loading Fetching your data...
LendYou Short-term Loans Finder Rating: 2.5 / 5: ★★★★★ LendYou Short-term Loans Finder Rating: 2.5 / 5: ★★★★★			$100 to $1,000	Same business day to 1 business day	$1,000+ monthly income, direct deposit, US citizen or permanent resident, ages 18+	Get offers from potential lenders in minutes by filling out just one online form.	Go to site More Info	Compare	loading Fetching your data...
MoneyLion Instacash advances Not rated yet MoneyLion Instacash advances Not rated yet			$250, $1000 with RoarMoney account	Up to 5 days or instant for a fee	Bank account must have at least 60 days of activity, show recurring deposits and must have a positive balance	Fee-free, interest-free cash advances up to $250.	Go to site More Info	Compare	loading Fetching your data...
Fast5kLoans Short-term Loans Connection Service Finder Rating: 3.5 / 5: ★★★★★ Fast5kLoans Short-term Loans Connection Service Finder Rating: 3.5 / 5: ★★★★★			$100 to $35,000	As soon as the next business day	Regular source of income, Verifiable bank account, US citizen, Ages 18+	Get connected with multiple lenders you might qualify with — even if you have bad credit.	Go to site More Info	Compare	loading Fetching your data...
CashNetUSA Loan Finder Rating: 3.6 / 5: ★★★★★ CashNetUSA Loan Finder Rating: 3.6 / 5: ★★★★★			Varies by state	As fast as same business day	Regular source of income, bank account, US citizen or permanent resident, age of majority in your state	Sign up for its discount program to get access to coupons and deals on everything from dining out to tax services.	Go to site	Compare	loading Fetching your data...

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What are lenders allowed to charge you?

The Annual Percentage Rate, or APR, is one of the main costs you need to consider with a payday loan. In most states that regulate payday loans, you’ll find the APR is restricted. Otherwise, a lender may be able to charge as much as it wants. Make sure you know the total cost of a loan before you borrow.
Some states also impose restrictions on the percentage lenders may charge based on how much you borrow or in the total amount you can be charged in a year. These regulations usually only apply to interest rates, meaning a lender can charge fees on top of the interest rate or for refinancing your loan.
These fees have been regulated in some states, but in others they remain at the discretion of the lender.
You can learn more about all the ins and outs of payday lending

How much you can borrow and how long you have to repay

States impose limits on loan amounts and terms. The typical state-imposed maximum being around $500 or 25% of your gross monthly income.
Payday loans are meant to last until your next payday. This means that a typical loan term will be two to four weeks, and many states have minimum and maximum terms. The length of your loan has a huge impact on the amount of interest you’ll end up paying. Make sure the amount you’re borrowing and the payment plan aligns with your budget as well as the prevailing state regulations.

Frequently asked questions

How many payday loans can you have at once?
Different lenders will have different policies on simultaneous and consecutive payday loans. Some may have a cooling off period where you can’t take out an additional loan, while others will allow concurrent loans. In addition, many states regulate the amount of money you can borrow at one time.
How fast can I get a payday loan?
Online payday loans can be funded in as little as one business day but may take longer depending on your bank. You may be able to get a payday loan within a few hours if you apply at a storefront.
Can I get a payday loan with bad credit?
Most likely, yes. Payday lenders tend to look at your ability to repay the loan rather than your credit score.
What do I need to qualify for a payday loan?
You’ll need to be a citizen or permanent resident of the US, have a regular income, be at least 18 years old (varies by state) and have a valid checking account if you’re applying online. Lenders may have other requirements, but these are usually the minimum in order to qualify.
Will taking out a payday loan affect my credit?
This depends on if your lender reports you to one of the big three credit agencies. Many don’t, but you should keep in mind that every loan application counts as a query on your credit report, which can negatively impact your credit in the long run. Consider a loan broker or lender-matching service if you only want to fill out one application.