Payday loans are currently legal in 37 US states. So providing that you live in one of these 37 locations, then you should be able to get a payday loan near you. With options to visit payday loan stores or to borrow money online, there are certainly many ways to get the money that you need.


What Is A Payday Loan?


Payday loans offers a short term loan that can help you when financial emergencies arise. If you are short of cash and need a quick injection of money before you receive your next paycheck, then a payday loan can offer a convenient and easy option to help tide you over. It is then intended that you will repay back the loan with interest on your upcoming payday, usually 2 to 4 weeks after you have taken out the loan.

To qualify for a payday loan, you would need to be over 18 years old with a State ID or Driver’s License. A regular income of roughly $500-$800 is required, as well as being employed in a stable job. You would also need to own a mobile phone and having a live checking account for the funds to be deposited into.

Reasons you may need to take out a payday loan include due to:

  • Medical emergencies
  • Dental fees
  • Pet bills
  • Funeral costs
  • Childcare bills
  • House renovations
  • Auto repair costs
  • Purchasing an engagement ring
  • Rent payments
  • Utility bills
  • Wedding costs

It goes without saying that payday loans are only designed to be used for important or urgent expenses. Payday loans should not be taken out for frivolous spending such as shopping, gambling or partying. Payday loans should also not be used to pay off any other outstanding debts such as credit card payments as this can lead you to fall into a spiral of debt issues.




Where Can I Get A Payday Loan?


Payday loans are currently legal in 37 out of the 50 US states. They can be borrowed online via online platforms such as Dollar Hand or you can get a loan by visiting payday loan stores.

States where payday loans are legal include Alabama, Alaska, California, Deleware, Florida, Illinois, Kansas, Kentucky, Louisiana, Mississippi, Missouri, Nevada, Ohio, Oregon, South Carolina, Texas, Tennessee and Virginia. They are currently illegal in Arizona, Arkansas, Connecticut, the District of Columbia, Georgia, Maryland, Massachusetts, New Jersey, New York, North Carolina, Pennsylvania, Vermont and West Virginia.



How Much Money Can I Borrow Near Me?


Payday lending rules and regulations exist in many US states that determine the minimum and maximum loan amount that residents can borrow in their area. Examples are included in the table below:


States Loan Amount
Alabama $100-$500
Alaska Up to $500
California Up to $300
Colorado Up to $500
Delaware Up to $1000
Idaho Up to $1000
Illinois Up to $1000 or 25% of gross monthly income
Indiana $50-$550
Iowa Up to $500
Kentucky Up to $500
Louisiana Up to $350
Michigan Up to $600
Minnesota Up to $350
Mississippi Up to $500
Missouri Up to $500
Montana $50-$300
Nebraska Up to $500
New Hampshire Up to $500
Ohio Up to $1000
Oregon Up to $50,000
Rhode Island Up to $500
South Carolina Up to $550
South Dakota Up to $500
Tennessee Up to $500
Texas Unlimited
Washington Up to $700 or 30% of gross monthly income


(Source: National Conference Of State Legislations)


Is A Payday Loan Right For Me?


When deciding whether a payday loan is right for you, it is important to make sure that you will comfortably be able to afford your payday loan repayments. If you fail to repay back your loan, you could face late fees and charges. Your credit score could also be lowered as you would not be perceived as a reliable borrower.

It is essential to get in touch with your lender immediately if there is a chance you will be unable to pay back your loan on time. Lenders will be much more understanding if you are communicative, and they may even offer you a more flexible alternative repayment plan or freeze the interest.

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