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Rates and Fees
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All the information concerning the charges for short term and online personal loans, as well as payment schedules, terms, and particular rates and fees associated with the loan offers provided by the lenders we partner with, are clearly indicated in every loan agreement.
Each individual lender will ultimately determine the rates and fees associated with your loan in accordance with the regulations in your state, there are industry-wide similarities in various charges. PayDayAllDay.com makes it a point to ensure that you will only deal with the lenders who have agreed to abide by federal and state laws. We provide plenty of information for your convenience as well as resources and links that will help you better understand the industry of short term and online personal lending and handle issues that may arise.
The Fundamentals of Short Term LoansLoanSolo.com has provided resources, documents, articles and links that are designed to help you get the best experience possible when it comes to obtaining short term cash loans. Some of the information includes average rates and fees associated with short term loans, regulations in different states, and the ways to use these loans responsibly.
To help you get the best experience possible when it comes to obtaining short term cash loans, PayDayAllDay.com has provided documents, articles, resources, and links. Included in the information provided are average rates and fees that are applied to short-term loans, the regulations in different states, and responsible borrowing tips.
The Basics of Online Personal Loans
The PayDayAllDay.com website contains general information about online personal loans that will include average rates, possible fees that might be charged, the way these loans work, and a list of regulations for different states.
Links are provided to the Federal Trade Commission and the Consumer Financial Protection Bureau who are responsible for industry regulation and fair treatment of consumers. These groups are responsible for regulating the industry and ensuring that consumers are treated fairly.
Disclosure of Fees and APR
The APR, Annual Percentage Rate, is the interest you will pay on your loan over a year. Short term cash APRs range from 200% to 2,290% depending on how the rate is calculated. This rate is higher than average consumer credit, but the loans are designed to be repaid in a short period, so the actual interest rate you would pay is comparable to bank overdrafts and dishonored checks. The table below shows the charges applied to a $100 loan that has been extended for two weeks. This will show more clearly how interest calculations are made.
|Product Type (single repayment)||Charge||APR|
|NSF + Bounced Check||$45.00||1,173.21%|
|Short Term Loan||$10.00||260.71%|
All the lenders that work within the PayDayAllDay.com network comply with federal laws and state regulations that apply to the online personal lending industry and short-term loans. States regulate some things that apply to the forms of lending provided below:
- the maximum loan amounts
- the number of loans that may be outstanding at any given time
- the fees and interest that lenders can charge
- minimum and maximum terms, details of payment schedules
- how many rollovers are available to consumers (for short-term loans)
- availability of extended payment plans (for online personal loans)
- the amount of applicable fees, etc.
Short Term Loans
The states listed below show their maximum loan amounts and the regulations they have in place. State regulations are subject to change, and the list provides only general information applicable to each state. Official government website links have been provided at the bottom of the page to enable you to check current regulations in each state.
|State||Loan Amount||Additional Provisions|
|Alabama||$500||Finance charges may not exceed more than 17.5% of the total loan amount.|
|Alaska||$500||Finance charges may not exceed more than 15% of the total loan amount, and lenders can charge a discretionary $5 origination fee.|
|California||$300||Finance charges may not exceed 15% of the total loan amount.|
|Colorado||$500||Lenders are permitted to charge a $30 maintenance fee for each month that the loan is unpaid. The APR associated with loans may not exceed 45%. Finance charges may not exceed 20% on the first $300 of the loan and 7.5% on amounts between $301 and $500.|
|Delaware||$500||There are no further regulations in Delaware.|
|Florida||$500||Lenders may charge a reasonable verification fee at their discretion. Finance charges may not exceed 10% of the total loan amount.||Georgia||$0||Banned|
|Hawaii||$600||Finance charges may not exceed more than 15% of the total loan amount.|
|Idaho||$1000||There are no further regulations in Idaho.|
|Illinois||$1000 or 25% of Gross Monthly Income||Finance charges may not exceed 15.5% of the total loan amount.|
|Indiana||$50 Minimum or $500 Maximum||Finance charges may not exceed 15% of the first $200, 13% on amounts between $251 and $400, and 10% on amounts between $401 and $500.|
|Iowa||$500||Finance charges may not exceed 15% for the first $100 of the loan and 10% on the remaining amount of the loan.|
|Kansas||$500||An administrative fee may be charged at the lender’s discretion. Finance charges may not exceed 15% of the total loan amount.|
|Kentucky||$500||No more than two loans are permitted at any given time, and these loans may not exceed the state maximum. Finance charges may not exceed more than 15% of the total loan amount.|
|Louisiana||$350||Finance charges may not exceed 16.75% of the total loan amount.|
|Maine||–||There are no loan limits or state regulations in Maine.|
|Michigan||$600||Finance charges may not exceed 15% of the first $100, 14% for the next $100, 13% for the third $100, 12% for the fourth $100 and 11% for the fifth and sixth $100. Administrative fees are also allowable.|
|Minnesota||$350||Finance charges may not exceed 5.5% on the first $100, 7% for amounts between $101 and $250, and 6% on amounts between $251 and $350. Administrative fees are also allowable.|
|Mississippi||$400||Finance charges may not exceed 18% of the total loan amount.|
|Missouri||$500||Any finance charges or interest is allowable as long as the total fees do not exceed 75% of the total amount of the loan.|
|Montana||$50 Minimum and $500 Maximum||Finance charges cannot exceed 36% of the total loan amount.|
|Nebraska||$500||Finance charges cannot exceed 15% of the total loan amount.|
|Nevada||No More than 25% of Gross Monthly Income||There are no additional regulations in Nevada.|
|New Hampshire||$500||Finance charges may not exceed 6% of the total loan amount.||New Jersey||$0||Banned|
|North Dakota||$500||Finance charges cannot exceed 20% of the loan amount.|
|Ohio||$500||Finance charges may not exceed 28% of the total loan amount.|
|Oklahoma||$500||Finance charges cannot exceed 15% on the first $300 and no more than 10% on any remaining loan amount.|
|Oregon||No More than 25% of Gross Monthly Income||Origination fees of up to $30 are allowable. Finance charges may not exceed 36% of the total loan amount.|
|Rhode Island||$500||Finance charges cannot exceed 15% of the face value shown on the provided check.|
|South Carolina||$550||Finance charges cannot exceed 15% of the total loan amount.|
|South Dakota||$500||No additional regulations in South Dakota.|
|Tennessee||$500||Finance charges may not exceed 15% of the total loan amount.|
|Utah||–||No minimum loan amounts or regulations in Utah.|
|Virginia||$500||Verification and origination fees are allowable. Finance charges may not exceed 15% of the total loan amount.|
|Wisconsin||–||No loan limits or regulations in Wisconsin.|
|Wyoming||No Maximum||Finance charges may not exceed $30 or 20% of the principal balance, whichever is less.|
Follow this resource to get all the necessary information about your state’s regulations.
Online Personal Loans and Online Installment Loans
The status and terms of online personal loans are regulated differently in states. You can find detailed information in this report about maximum loan amounts, loan fees and additional terms in each state.
Important Note: We can’t provide you with the details of any particular loan offer or deal. Please, contact your lender directly or refer to your loan agreement to get the information regarding the terms of your loan. We recommend that you study the information on rates and fees, including APR, late and non-payment fees, additional charges, penalties and other terms concerning your loan offer prior to signing your agreement.