Payday Loan Interest Rates: Fees per $100, State by State
| How payday loans are priced | Flat fee per $100 borrowed |
|---|---|
| Common state caps | About $10–$20 per $100 |
| Example | $15 per $100: $300 loan costs $45, repay $345 |
| Disclosure | Lender must show finance charge and APR before you sign |
| State rules | Vary widely; some states set no fee cap |
| Amounts via our network | $100–$5,000 (by state and loan type) |
How payday loan "interest" really works
When people search for payday loan interest rates, they're usually asking one thing: how much will this cost me? The answer is simpler than most loans. A payday loan typically carries a flat fee for each $100 you borrow, due along with the loan on your next payday.
Example: at $15 per $100, a $300 loan costs $45. You repay $345 on your due date. There's no compounding during the term, and many states ban or limit rollovers so the fee can't keep stacking.
Federal Truth in Lending rules require every lender to show the finance charge in dollars and as an annual percentage rate (APR) in your agreement before you sign, so you can compare offers on the same basis. Learn the basics in how payday loans work.
Payday loan fee caps by state
These are maximum fees allowed by law in states with a set fee cap, from our verified state law records. Lenders can charge less, and some states add small database or verification fees.
| State | Legal fee limit | Max fee on $100 | Max fee on $300 |
|---|---|---|---|
| Alabama | 17.5% of amount advanced | $17.50 | $52.50 |
| Alaska | $15 per $100 (or 15%, if less) plus up to $5 origination | $20 | $50 |
| California | 15% of the check (max check $300) | $15 on a $100 check | $45 on a $300 check (you get $255) |
| Florida | 10% of amount plus verification fee ($5) | $15 | $35 |
| Indiana | 15% on first $250, 13% to $400, 10% to $825 | $15 | $44 |
| Iowa | $15 on first $100 of check, $10 per additional $100 | $15 | $35 on a $300 check |
| Kansas | 15% of the advance | $15 | $45 |
| Kentucky | $15 per $100 of the check | $15 | $45 on a $300 check |
| Louisiana | 16.75% of the check | $16.75 | $50.25 on a $300 check |
| Michigan | Tiered: 15%, 14%, 13%, 12%, 11% per $100 step | $15 | $42 |
| Mississippi | $20 per $100 (checks to $250); $21.95 per $100 (checks $250–$500) | $20 | $65.85 |
| North Dakota | 20% of amount paid to you | $20 | $60 |
| Rhode Island | 10% of amount advanced (through Dec 31, 2026) | $10 | $30 |
| South Carolina | 15% of principal | $15 | $45 |
| Tennessee | 15% of the check | $15 on a $100 check | $45 on a $300 check |
| Washington | 15% of first $500, 10% above | $15 | $45 |
| Wyoming | Greater of $30 or 20% a month | $30 | $60 (one month) |
Where the cap is set on the check amount, the fee comes out of the check, so you receive less than the check's face value.
States with other kinds of limits
- Ohio: short-term installment loans up to $1,000 with an annual interest cap plus limited fees; total fees and charges can't exceed 60% of the amount borrowed.
- Virginia: short-term installment loans up to $2,500 with a simple-interest cap plus a monthly maintenance fee of up to 8% of the original amount or $25, whichever is less.
- Missouri: rate set by agreement, but total interest and fees over the loan and all renewals can't exceed 75% of the original amount.
- Oregon: an annual interest cap plus a one-time origination fee of $10 per $100 or $30, whichever is less.
- Maine: minimum finance charges of $5, $15 or $25 depending on loan size, or general consumer-loan rates.
- Minnesota: an all-in annual rate cap on small and short-term loans.
No set fee cap: Delaware, Idaho, Nevada and Utah leave fees to the agreement, with disclosure rules; Wisconsin limits charges only after maturity; in Texas, credit access business fees aren't capped by the state.
Where payday loans aren't offered
Payday loans aren't allowed, or rate caps mean licensed payday lenders don't operate, in Arizona, Arkansas, Colorado, Connecticut, the District of Columbia, Georgia, Hawaii, Illinois, Maryland, Massachusetts, Montana, Nebraska, New Hampshire, New Jersey, New Mexico, New York, North Carolina, Oklahoma, Pennsylvania, South Dakota, Vermont and West Virginia, according to our state records.
If you live in one of these places, a personal installment loan is usually the way to go. Here's what monthly payments can look like (illustrations, not quotes):
| Loan | Assumed APR | Term | Monthly payment | Total repaid |
|---|---|---|---|---|
| $500 | 36% | 6 months | About $92.30 | About $553.79 |
| $1,000 | 36% | 12 months | About $100.46 | About $1,205.55 |
| $1,500 | 30% | 12 months | About $146.23 | About $1,754.77 |
See installment loans and payday vs installment loans.
Check your state and your cost
Use the table and calculator below to see your state's rules and what a loan would cost in dollars. Full details are on each state page and on payday loan laws by state.
| State | Payday loans | Max loan | Fee / rate cap | Rollovers |
|---|---|---|---|---|
| Alabama | Legal | $500 per loan. | The fee may not exceed 17.5% of the amount advanced ($17.50 per $100). | One renewal or extension is allowed at the same fee, for a maximum of two continuous transactions. |
| Alaska | Legal | $500 outstanding at one time from a licensee, including all of its locations. | A non-refundable origination fee of up to $5, plus a fee of no more than $15 per $100 advanced or 15% of the advance, whichever is less. | Up to two consecutive renewals, each for at least 14 days and at no higher fees. |
| Arizona | Not available | — | Licensed consumer lenders may charge up to 36% a year on consumer loans of $3,000 or less (lower tiers above $3,000), plus limited allowed… | — |
| Arkansas | Not available | — | 17% per year maximum interest on loans covered by Amendment 89 § 3. | — |
| California | Legal | Your personal check cannot exceed $300. | The fee may not exceed 15% of the check amount ($45 on a $300 check). | Rollovers are prohibited. |
| Colorado | Not available | $500. | 36% APR, all charges included. | — |
| Connecticut | Not available | — | 36% APR (or the Military Lending Act maximum, if lower) for small loans under $5,000. | — |
| Delaware | Legal | $1,000. | No cap. | No more than 4 rollovers of an existing loan. |
| District of Columbia | Not available | — | 24% per year maximum interest. | — |
| Florida | Legal | $500 per single-payment loan (not counting fees). | Single-payment loan: fees may not exceed 10% of the amount provided, plus a verification fee (OFR states this as $5.00). | Not allowed. |
| Georgia | Not available | — | — | — |
| Hawaii | Not available | — | — | — |
| Idaho | Legal | $1,000 per loan, and no more than $1,000 in total outstanding with one lender (plus fees). | No dollar or percentage cap. | A lender may renew a payday loan no more than 3 times in a row; after that the loan must be repaid in full. |
| Illinois | Not available | Payments coming due in the loan's first month, together with your other payday loans due that month, may not exceed the lesser of $1,000 or… | 36% APR on the unpaid amount financed, calculated the all-in Military Lending Act way (finance charges plus fees and add-on products count). | Prohibited. |
| Indiana | Legal | $825 total outstanding with one lender (single or combined loans), and no single loan over 20% of your gross monthly income. | 15% on the first $250; 13% on the part from $250 to $400; 10% on the part from $400 to $825. | Not allowed. |
| Iowa | Legal | A lender may not hold checks from you totaling more than $500 at any one time. | $15 on the first $100 of the check and no more than $10 on each additional $100 (pro rata for part of $100). | Not allowed. |
| Kansas | Legal | $500 cash advance. | 15% of the amount of the cash advance. | A payday loan may not be repaid with the proceeds of another payday loan from the same lender or a related business. |
| Kentucky | Legal | You may have at most two payday loans open at once, and the total cash you receive from all open payday loans may not exceed $600. | The fee may not be more than $15 per $100 of the check's face amount, prorated. | A lender (or its affiliate) may not renew, roll over or consolidate a payday loan for a fee. |
| Louisiana | Legal | For September 1, 2026 to August 31, 2027, the most a lender may pay you on a payday loan (deferred presentment) is $740; a 'small loan' is… | The fee may not be more than 16.75% of the face amount of your check. | Renewals and rollovers are banned. |
| Maine | Legal | Maine law sets no payday-specific maximum loan amount, according to the Bureau of Consumer Credit Protection. | A lender may charge either the general consumer-loan finance charge (30% a year on the first $2,000 and lower tiers above that) or a flat… | Maine law has no payday-specific rollover or renewal limit, according to the Bureau. |
| Maryland | Not available | — | Interest on loans of $2,000 or less is capped at 2.75% a month (33% a year) on the first $1,000 and 2% a month (24% a year) on the rest;… | — |
| Massachusetts | Not available | — | Licensed small loan companies may charge no more than 23% a year on the unpaid balance (actuarial method), plus a $20 administrative fee… | — |
| Michigan | Legal | A licensee may make one payday loan to you for any amount up to $600 (fees not included). | The service fee may not exceed 15% of the first $100, 14% of the second $100, 13% of the third $100, 12% of the fourth $100 and 11% of the… | A lender may not renew a payday loan. |
| Minnesota | Legal | A consumer small loan is $350 or less, and one borrower may not owe more than $350 in total on such loans at one time. | The lender may charge an annual percentage rate of up to 50%, counting all interest, finance charges and fees. | A consumer small loan may not be repaid with the proceeds of another such loan from the same lender (or a related… |
| Mississippi | Legal | Your check (loan plus fee) may not be for more than $500, and you may not have more than $500 in total outstanding, fees included. | No more than $20 per $100 advanced for checks with a face amount up to $250, and no more than $21.95 per $100 advanced for checks over $250… | A lender may not renew or extend a payday check, and a check may not be paid off with the proceeds of another check… |
| Missouri | Legal | Payday loans are loans of $500 or less, and a lender (with its affiliates) may not have more than $500 in payday loans outstanding to you… | Interest and fees are whatever the parties agree to (simple interest), but you can never be required to pay total interest and fees of more… | The lender must renew the loan if you ask in writing and pay the interest and fees due, but each renewal must reduce… |
| Montana | Not available | A payday loan must be at least $50 and no more than $300, not counting the fee. | The fee for making or carrying a payday loan may not be more than 36% a year. | Payday loans may not be renewed or extended for a fee, and a lender may not pay off one payday loan with another. |
| Nebraska | Not available | A lender may not hold checks from one borrower totaling more than $500 at any one time. | A lender may not charge more than 36% APR. | Renewals, rollovers and paid extensions are banned. |
| Nevada | Legal | A payday loan, together with the borrower's other outstanding loans from the lender, may not exceed 25% of the borrower's expected gross… | Nevada sets no cap on the interest rate or fee for a payday loan. | Repaying, renewing or refinancing a payday loan may not stretch the loan past 90 days from the date it was made. |
| New Hampshire | Not available | A borrower may not owe a lender more than $500 in payday loan principal at one time. | APR may not exceed 36%, and interest is the only charge allowed, with no other fees. | Refinancing, renewing or extending a payday loan is prohibited. |
| New Jersey | Not available | — | — | — |
| New Mexico | Not available | — | 36% APR maximum, counting ancillary products, credit insurance and other fees even if federal Regulation Z would leave them out. | — |
| New York | Not available | — | Civil usury cap of 16% a year (loans under $250,000 by non-bank lenders and state-chartered banks); above 25% a year is criminal usury. | — |
| North Carolina | Not available | — | Unlicensed lenders: 16% a year on loans of $25,000 or less. | — |
| North Dakota | Legal | A lender may not give you more than $500 in one payday loan. | The fee may not be more than 20% of the amount the lender pays you. | A loan may be renewed only once. |
| Ohio | Legal | A short-term loan may not exceed $1,000. | Interest is capped at 28% a year. | A lender may refinance a short-term loan only if the new loan stays within the 28% interest cap and no monthly… |
| Oklahoma | Not available | Small loans are capped by the total you may owe across all small lenders. | Interest may not exceed 17% per month. | — |
| Oregon | Legal | — | Interest may not exceed 36% a year. | No more than two renewals. |
| Pennsylvania | Not available | — | No payday fee schedule exists. | — |
| Rhode Island | Legal | The check may not exceed $500, and a lender and its affiliates may hold no more than $500 in total outstanding checks from you. | The deferred deposit fee may not exceed 10% of the amount advanced. | Only one rollover (extending the due date for an extra fee) is allowed. |
| South Carolina | Legal | No more than $550 advanced to you at one time, not counting the fee. | The fee may not exceed 15% of the principal and may be charged only once per agreement. | Not allowed. |
| South Dakota | Not available | — | 36% a year, counting all fees and charges. | — |
| Tennessee | Legal | A lender (and related persons) may hold no more than two of your checks at once, with a total face value of no more than $500. | The fee may not exceed 15% of the face amount of the check. | Not allowed. |
| Texas | Legal via CSO/CAB | — | No state cap on the credit access business fee. | State law does not ban refinancing. |
| Utah | Legal | — | No rate or fee cap in the payday statute. | Rollovers are allowed only if you ask for one, and only within the 10-week limit. |
| Vermont | Not available | — | No payday product is allowed. | — |
| Virginia | Legal | A short-term loan may not exceed $2,500, and a lender may not have you owe it more than $2,500 in principal at any time. | Interest at a simple annual rate of no more than 36%, plus a monthly maintenance fee of no more than 8% of the original loan amount or $25,… | A lender may refinance a short-term loan only into another short-term loan that meets all the Chapter 18 rules, and… |
| Washington | Legal | $700 or 30% of your gross monthly income, whichever is lower. | Total interest and fees may not exceed 15% of the first $500 of principal and 10% of any principal above $500. | A lender may not give you a new payday loan to pay off an old one from the same lender or its affiliate. |
| West Virginia | Not available | — | No payday product is allowed. | — |
| Wisconsin | Legal | A lender may not make a payday loan that leaves you owing all payday lenders combined more than $1,500 or 35% of your gross monthly income,… | No limit on the interest a licensee may charge before the maturity date. | You may repay a payday loan with the proceeds of one new payday loan, but you may not repay that second loan with yet… |
| Wyoming | Legal | — | The only charge allowed is a post-dated check finance charge of no more than $30 or 20% a month of the principal, whichever is greater. | A post-dated check loan may not be repaid, refinanced or consolidated with the proceeds of another post-dated check… |
Verified against state statutes and regulators; click a state for citations. Last verified 2026-10-25.
How much will I repay?
Estimate only. Your lender shows your exact cost before you sign.
Ways to keep your payday loan cost low
- Borrow only what you need. The fee is per $100, so every $100 less saves the whole fee on it.
- Repay on time. Many states limit or ban rollovers, and paying on the due date keeps the cost to one fee.
- Ask about a payment plan if you can't pay in full; several states require lenders to offer one.
- Consider an installment loan for larger amounts so the cost is spread across months.
- Compare offers. Lenders can charge less than the cap.
Ready to see your offer? See if you qualify — it takes about 3 minutes. Start your free request. Zebra Finance is a free matching service, not a lender, and there's no obligation to accept an offer.
Frequently asked questions
What is the interest rate on a payday loan?
Most payday loans charge a flat fee per $100 borrowed instead of a traditional interest rate. State caps commonly range from about $10 to $20 per $100. For example, at $15 per $100, a $300 two-week loan costs $45. Your lender must show the finance charge and APR in your agreement before you sign.
How much does a $300 payday loan cost?
It depends on your state and lender. Under common caps, the fee on $300 ranges from about $30 (at 10%) to $60 (at 20%). At $15 per $100 it's $45, so you'd repay $345 on your due date. Check your state's limit in the table above.
Which states cap payday loan fees?
Many states with legal payday lending set a maximum fee, such as Alabama, Florida, Indiana, Kansas, Kentucky, Louisiana, Michigan, Mississippi, North Dakota, South Carolina, Tennessee and Washington. A few, including Delaware, Idaho, Nevada and Utah, don't set a fee cap but require disclosure.
Do payday loans charge interest if I pay early?
Payday fees are usually earned when the loan is made, so paying early may not reduce the fee unless your state or agreement says otherwise. Installment-style loans that charge interest over time usually cost less if paid early. Ask your lender about early payoff before you sign.
What if payday loans aren't allowed in my state?
You can still request a personal installment loan through our form, where state law allows. These are repaid in monthly payments; for example, $1,000 over 12 months at 36% APR is about $100.46 a month. Lenders in our network serve many states, with amounts from about $100 to $5,000.
Sources
- CFPB — What is a payday loan?
- eCFR — 12 CFR Part 1026 (Regulation Z, Truth in Lending)
- California DFPI — Payday lenders (CDDTL)