Advance Cash Loan In Your State
Advance Cash has gathered information about advance cash loans in every state and made it accessible to you. Each state has its own cash advance loan lending laws and regulations so be sure to check the correct one.
Legal Status of Cash Advance Lending by State
Since they are small loans, cash advance loans are subject to state regulations. In many situations, states will cap small loan rates to 24 to 48% annual interest and require that the customers are able to make installment payments on the loan. Many states also protect consumers through criminal usury laws. New York, for example, has a criminal usury cap of 25% annual interest.
In some states, the laws exempt cash advance lenders from small loan and usury caps. In these states, licensed cash advance lenders can charge as much as they want for their interest rates.
Prohibited by Small Loan Laws or Usury Caps
There are currently two territories and twelve states that have the small loan laws or usury caps that eliminate the ability of cash advance lenders to charge triple-digit interest rates. Arkansas has a special situation. While the state constitution caps any rates at 17% annual interest, the laws also permit check cashers to make one time payment loans if they hold a check. Whether or not cash advance lending in triple-digit interest rates is going to be considered constitutional in Arkansas is currently being challenged in court.
Authorized by Specific Cash Advance Loan Laws or Licensed Lender Laws
These are the states that have created special laws that allow cash advance lenders to offer loans based on checks written on consumers' bank accounts at triple-digit interest rates. New Mexico and Wisconsin do not explicitly allow cash advance loans, but licensed lenders can charge any rates they choose according to the laws in these two states.
|District of Columbia