All of the lenders in our network are required to adhere to the regulations that govern short term loans in each state. Some of the terms that individual states control include the maximum loan amounts, the amount of fees or interest that a lender can charge, the number of loans that can be outstanding at any given time and a number of simultaneous loans, and even the amount that lenders are allowed to charge for non sufficient funds and the terms for non-payment and late payment actions. We have compiled a list of states, the maximum loan amounts in those states and the regulations they have in place for your convenience. These regulations are subject to changes, so the list is not exclusive and gives only the general information regarding the regulations in each state. For more details, please, use the links at the bottom of the page to check current regulations in each state via governmental websites and authorized resources.
This table lists the state, the maximum loan amount and the regulations in that state.
The states in which short term cash loans are prohibited are: Arizona, Connecticut, Georgia, Maryland, Massachusetts, New Jersey, New York, North Carolina, Pennsylvania, Vermont and West Virginia (this list is not exclusive, the regulations in each state vary and subject to changes).Follow the link to this official website and this resource to get all the necessary information regarding the regulations in your state.
Representative APR Range
Shorttermloans4u.org is not a lender and does not provide short-term loans but refers consumers to the lenders who may provide such loans. Shorttermloans4u.org is unable to supply you with an exact APR (Annual Percentage Rate) that you will be charged if you are approved for a loan. APRs vary according to the information supplied by you in your loan request and your lender. You will be given the APR, loan fees, and other terms by your lender when you are redirected to your loan agreement in the loan request process. Payday loans are relatively expensive when compared with other loan products. Payday loans are not recommended as a long term financial solution and they should only be taken for emergency financial needs.
The APR on a short term loan can range from 200% to 2,290% depending on how the APR is calculated (nominal vs. effective), the duration of the loan, loan fees incurred, late payment fees, non-payment fees, loan renewal actions, and other factors. Keep in mind that the APR range is not your finance charge and your finance charge will be disclosed later on.
Implications of Late Payment
You are encouraged to contact your lender as soon as possible if you are unable to repay your loan on the scheduled repayment date. Your lender will set own late payment fees in accordance with state regulations, and your lender may have several courses of action available if your payment is late. For more information about your lender’s specific procedures as they apply to late payments, please, review your loan agreement or contact your lender directly.
Implications of Non-Payment
The costs associated with loans of up to $500 can range from 15% to 40% of the entire loan amount, and the charges associated with loans of more than $500 can be even more. Your lender may also charge you late fees as well as the fees for non-sufficient funds. As an example, your lender may charge you a $20 nonsufficient funds fee as well as 15% of the loan balance as a late fee. Please review your loan agreement carefully for information about the financial implications of non-payment before you provide your electronic signature.
The majority of the lenders in our network will not sell your debt to outside collection agencies. Instead, they may attempt to collect the debt in-house via telephone, email, postal mail or even text message. Similarly, they will not threaten criminal charges or sue borrowers; they will generally offer debt settlements over time instead. Every lender in our network is required to adhere to the Fair Debt Collection Practices Act which protects consumers from being abused or harassed by debt collectors.
Impact on Credit Score
Lenders are within their rights to report your failure to repay a loan to one or all of the major credit reporting agencies — Experian, Equifax and Transunion. This negative report will be reflected on your credit history indefinitely until the loan is repaid in full. After the lender has received payment in full, they can report this to the credit reporting agencies and the report may be removed from your record.
Some of the lenders in our network may automatically renew your loan if it becomes past due. You should check your loan agreement for your lender’s policy on automatic loan renewal prior to e-signing your loan agreement. If your loan is renewed, there will be additional charges as determined by your lender, and the minimum term can be set up. Your lender may offer you other options in addition to renewal, including the ability to repay your loan in full at a later date or repay your loan over time in a series of installments.