Online payday loans offer solutions for temporary money problems and are not intended for long-term use. However, the payday loan industry is governed by state regulations that impose limits on both the interest rate and the loan amount that can be borrowed by a consumer.
Local lenders apply state regulations to frame their payday loan rates that significantly influence the cost of these loans. Make sure you understand the overall cost of a payday loan in your state before you borrow.
Payday Loans: State-by-State Guide
Here is a compilation of payday loan interest percentages by the state, as per the Center for Responsible Lending. Interest rates may vary from state to state. These states have limited the payday loan amounts to around $500 to $1000, as per the National Conference of State Legislators.
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