Payday Loans or “Quick Cash” loans come in real handy when you are short on cash. Today you can go to brick and mortar business for a payday loan or cash advance loan and you can even get online payday loans. The interest rates are a little healthy, but the speed and convenience of getting the cash quick to cover an unexpected expense overrides the costs.
These are the rules, laws and regulations of payday loans in Maine.
Maine Payday Loan Laws
Maine Legislation State Information
Payday Loan Legal Status: Prohibited – Permitted for supervised lenders
Citation:
Maine’s UCCC applies. 9-A Me.Rev.Stat.Ann. 2-401. Supervised Lenders are exempt from 32 M.R.S.A. 6138(4)(D) which prohibits a check casher from cashing or advancing any money on a postdated check.
Small Loan Rate Cap
30% per year on amounts up to $2,000 or a fee of $5 for amounts financed up to $75;
$15 for amounts financed $75.01-$249; or $25 for amounts financed of $250 or more.
Regulator: Maine Office of Consumer Credit Regulation
Address:
Department of Professional and Financial Regulation
35 State House Station
Augusta ME 04333
Phone: (207) 624-8527
Fax: (207) 582-7699
Auburn
Augusta
Bangor
Bath
Belfast
Berwick
Biddeford
Brewer
Brunswick
Buxton
Cape Elizabeth
Caribou
Cumberland
Ellsworth
Fairfield
Falmouth
Farmington
Freeport
Gardiner
Gorham
Gray
Hampden
Houlton
Kennebunk
Kittery
Lewiston
Lisbon
Old Orchard Beach
Old Town
Orono
Portland
Presque Isle
Rockland
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York County
Payday Loans or “Quick Cash” loans come in real handy when you are short on cash. Today you can go to brick and mortar business for a payday loan or cash advance loan and you can even get online payday loans. The interest rates are a little healthy, but the speed and convenience of getting the cash quick to cover an unexpected expense overrides the costs.
These are the rules, laws and regulations of payday loans in Louisiana.
Louisiana Payday Loan Laws
Louisiana Legislation State Information
Payday Loan Legal Status: Legal
Citation:
La. Stat. Ann. § 9:3578.1 et seq.
Payday Loan Terms:
Maximum Payday Loan Amount: $350
Payday Loan Term: 60 days
Maximum Finance Rate and Fees: $5 documentation fee + the greater of 16.75% of check or $45 (After default: months 1-12: 36% per year; months 13 and beyond: 18% per year)
Finance Charge for 14-day $100 loan: $25
APR for 14-day $100 loan: 650%
Payday Loan Debt Limits:
Maximum Number of Outstanding Loans at One Time: Not Specified
Rollovers Permitted: None – cannot renew or rollover but licensee may accept partial payment of 25% of amount advanced plus fees and enter into new loan
Cooling-off Period:
Repayment Plan:
Payday Loan Collection Limits:
Collection Fees: One NSF fee of actual bank charge (if disclosed) + the greater of $25 or 5% of check (if disclosed);
Regulator: Louisiana Office of Financial Institutions
Address: P.O. Box 94095 Baton Rouge LA 70804
Phone: (225) 925-4660
Fax: (225) 925-4548
Abbeville
Alexandria
Arabi
Baker
Bastrop
Baton Rouge
Bayou Cane
Belle Chasse
Bogalusa
Bossier City
Breaux Bridge
Bridge City
Brownsville-Bawcomville
Carencro
Chalmette
Claiborne
Covington
Crowley
De Ridder
Denham Springs
Destrehan
Donaldsonville
Eden Isle
Estelle
Eunice
Fort Polk South
Franklin
Galliano
Gardere
Gonzales
Gretna
Hammond
Harahan
Harvey
Houma
Jefferson
Jennings
Kenner
Lacombe
Lafayette
Lake Charles
Laplace
Larose
Leesville
Luling
Mandeville
Marrero
Meraux
Merrydale
Metairie
Minden
Monroe
Morgan City
Moss Bluff
Natchitoches
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Oak Hills Place
Oakdale
Opelousas
Pineville
Plaquemine
Prien
Raceland
Rayne
Reserve
River Ridge
Ruston
Scott
Shenandoah
Shreveport
Slidell
St. Martinville
St. Rose
Sulphur
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Thibodaux
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Village St. George
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Zachary
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Grant Parish
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Jackson Parish
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Tensas Parish
Terrebonne Parish
Union Parish
Vermilion Parish
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Webster Parish
West Baton Rouge Parish
West Carroll Parish
West Feliciana Parish
Winn Parish
Payday Loans or “Quick Cash” loans come in real handy when you are short on cash. Today you can go to brick and mortar business for a payday loan or cash advance loan and you can even get online payday loans. The interest rates are a little healthy, but the speed and convenience of getting the cash quick to cover an unexpected expense overrides the costs.
These are the rules, laws and regulations of payday loans in Kentucky.
Kentucky Payday Loan Laws
Kentucky Legislation State Information
Payday Loan Legal Status: Legal (Applies to check cashiers only)
Citation:
Kentucky Rev. Stat. Ann. § 286.9.010 et seq.
Payday Loan Terms:
Maximum Payday Loan Amount: $500
Payday Loan Term: 14-60 days
Maximum Payday Loan Finance Rate and Fees: $15 per $100
Finance Charge for 14-day $100 payday loan: $17.65
APR for 14-day $100 loan: 459%
Payday Loan Debt Limits:
Maximum Number of Outstanding Payday Loans at One Time: Two – $500 aggregate loans outstanding to all licensees
Rollovers Permitted: None – cannot renew, rollover, or consolidate
Cooling-off Period: None
Repayment Plan:
Payday Loan Collection Limits:
Collection Fees: One NSF fee (if disclosed)
Criminal Action: Prohibited
Regulator: Kentucky Office of Financial Institutions
Address: 1025 Capital Center Drive, Suite 200 Frankfort KY 40601
Phone: (800) 223-2579
Fax: (502) 573-8787
Alexandria
Ashland
Bardstown
Bellevue
Berea
Bowling Green
Buechel
Burlington
Campbellsville
Corbin
Covington
Cynthiana
Danville
Edgewood
Elizabethtown
Elsmere
Erlanger
Fairdale
Fern Creek
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