States of Confusion

Because payday loan laws vary from state to state, the maximum amount you can borrow from EZ Payday Today--as well as the maximum amount of time you're given to pay it back--depends on which part of the country you call home. To give you an idea of the limitations imposed by your state lawmakers, he's a rundown of state loan caps:

• No restrictions. Residents of Connecticut, Maine, New Jersey, New York, North Carolina, Pennsylvania, Texas, Utah, Vermont, Wisconsin and Wyoming are not limited as to how much they can borrow from payday lenders.
• No restrictions--with restrictions. In addition to the 11 aforementioned states, four others have no legal cap on the amount they can loan. In these cases, however, the lack of governing rules produces quite opposite results. In Maryland, Massachusetts, New Mexico and West Virginia, payday lenders are required to comply with their respective state laws set for conventional small loans. Because conventional loans and payday loans are two very different things, these laws severely restrict payday lenders or prevent them from operating all together.
• $3,000. While most states have laws that set maximum loan amounts, the law in Georgia prohibits lenders from granting any loans that are less than $3,000.
• $1000. Residents of Washington D.C., Idaho and Illinois are permitted to borrow up to $1,000. In Illinois, however, there's one stipulation: if 25 percent of a borrower's income equals less than $1,000, he or she can only borrow the lesser amount.
• $800. Not only can residents of Ohio can borrow up to $800, but they're also allowed to extend the loan for a full six months.
• $700. The maximum loan amount in Washington is $700, which borrowers are required to repay within 45 days.
• $600. Residents of Hawaii and Michigan can borrow a maximum amount of $600, which they're required to pay back within 32 and 31 days, respectively.
• $500. The most common limit, $500, is the legal maximum loan in 17 states. They include Alabama, Arizona, Colorado, Delaware, Florida, Indiana, Iowa, Kentucky, Missouri, Nebraska, New Hampshire, North Dakota, Oklahoma, Rhode Island, South Dakota, Tennessee and Virginia. The maximum amount of time borrowers have to repay it differs from state to state, ranging from 30 to 60 days. In Alaska, payday lenders are legally obligated to give borrowers one full day to back out of the deal.
• $400. Each carrying maximum loan amounts of $400, Arkansas requires repayment within 31 days, while Mississippi specifies no more than 30 days.
• $350. Both Louisiana and Minnesota require that payday loans be issued in amounts not exceeding $350. Louisiana law calls for a repayment period of no more than 60 days, while Minnesota's is half that.
• $300. Residents of California, Montana and South Carolina are permitted to borrow up to $300, with exceptions for the latter two: In Montana, if 25 percent of the borrower's take home pay is less than $300, he or she has to go with the smaller amount. South Carolina has a similar stipulation, except residents are given only 15 percent to work with.
• 25 percent. Residents of Nevada are restricted to borrowing an amount not exceeding 25 percent of the expected gross income on his or her next paycheck. Residents of Oregon are limited to borrowing an amount not exceeding 25 percent of his or her net monthly income.