Submitting a loan inquiry through CashAmericaNearMe is free of charge. We don’t lend money directly to customers; our automated system identifies the lenders and loans that match your requirements from its extensive network. If you’re satisfied with an offer, you can submit your application immediately. The Rates and Fees associated with your loan will vary according to the lender, state of residence, product type, and risk level of the application. Therefore, it is important to carefully review each offer and compare them in terms of Rates and Fees before applying. Our page is designed to help you evaluate offers from lenders accurately.
Full Disclosure of Terms
When a lender approves your loan, they may provide you with an e-signature page. It’s important to remember that the Truth in Lending Act requires lenders to disclose all associated loan fees and interest rates for borrowers before approving any loans. The lender must include all this information within their documents, so review it thoroughly before agreeing and e-signing. You are not obligated to accept the terms of the loan.
What is APR, and How it’s Calculated?
The fees associated with a payday loan can vary by state but typically range from $10 to $30 for every $100 borrowed. It translates to an annual percentage rate (APR) of almost 400 percent over two weeks, much higher than what you would find on a credit card which usually has APRs ranging between 12 and 30 percent. In some states, the loan cost, fees, and maximum loan amount are all capped to help protect borrowers.When you have been approved for a loan by the matched lender, they will typically direct you to an e-signature page provided by that same lender. It is important to remember that according to the Truth in Lending Act, every lender must disclose all applicable loan fees and interest rates upon approval of your loan. The loan fees and interest rates are determined by the lender, with amounts based on your supplied information. CashAmericaNearMe has no control over these details or knowledge of them; rather, they remain confidential between you and your lender. If you find a particular lender’s terms unacceptable, you are under no obligation to continue your loan application process.
The average APR across the USA for payday loans is around 400%, which is considered high in cost. The following table outlines the interest rates related to short-term loans according to different states.
The Average APRs in Different States
The cost of a short-term loan varies across the United States, taking into account federal and local regulations on applicable interest rates and additional fees that come with the loan. The following table presents an overview of the average Annual Percentage Rate (APR) for each state in the USA.
| State | Payday Loans Legal? | Maximum Loan Amount | APR |
| Alabama | Yes | $500 | 456% |
| Alaska | Yes | $500 | 435% |
| California | Yes | $300 | 460% |
| Colorado | Yes | $500 | 214% |
| Delaware | Yes | $1,000 | 521% |
| Florida | Yes | $500 | 304% |
| Hawaii | Yes | $600 | 460% |
| Idaho | Yes | $1,000 | 652% |
| Illinois | Yes | $1,000 or 25% of gross monthly income | 404% |
| Indiana | Yes | $550 or 20% of gross monthly income | 382% |
| Iowa | Yes | $500 | 337% |
| Kansas | Yes | $500 | 391% |
| Kentucky | Yes | $500 | 460% |
| Louisiana | Yes | $350 | 391% |
| Maine | Yes | $2,000 | 217% |
| Michigan | Yes | $600 | 369% |
| Minnesota | Yes | $350 | 200% |
| Mississippi | Yes | $500 | 521% |
| Missouri | Yes | $500 | 443% |
| Montana | Yes | $300 | 36% small loan cap |
| Nebraska | Yes | $500 | 460% |
| Nevada | Yes | 25% of gross monthly income | No limit |
| New Hampshire | Yes | $500 | 36% small loan cap |
| North Dakota | Yes | $500 | 487% |
| Ohio | Yes | $1,000 | 28% |
| Oklahoma | Yes | $500 | 395% |
| Oregon | Yes | $50,000 | 154% |
| Rhode Island | Yes | $500 | 261% |
| South Carolina | Yes | $550 | 391% |
| South Dakota | Yes | $500 | 36% |
| Tennessee | Yes | $500 | 460% |
| Texas | Yes | Not specified | 662% |
| Utah | Yes | No limit | 658% |
| Virginia | Yes | $500 | 601% |
| Washington | Yes | $700 or 30% of gross monthly income | 391% |
| Wisconsin | Yes | $1,500 or 35% of gross monthly income | 547% |
| Wyoming | Yes | Not specified | 261% |
It is essential to remember that the average APRs of a state’s lenders should not be taken as definitive. Each lender may have its pricing policy, meaning it can offer higher or lower than-average rates. Therefore, you are responsible for reviewing and comparing the offers you receive.
Fees and Charges
When applying for a payday loan, the interest rates are not the only factor that adds to the cost. Late payment fees, non-payment charges, and renewal fees may also apply. These conditions vary among lenders, and it is important to review them before signing any loan agreement. Depending on state regulations, rollovers, and repayment extensions may be available, but fees and finance charges can add a significant amount to the overall cost of your loan. Therefore, it is essential to understand how these options affect the total cost before committing to a loan contract. CashAmericaNearMe works with reputable lenders who adhere to fair and reasonable collection procedures. Keep in mind that state laws largely determine the terms related to loan renewal.
Lending Policy
Regulation and fair treatment of consumers is overseen by the Federal Trade Commission and the Consumer Financial Protection Bureau. CashAmericaNearMe LLC lenders are expected to abide by rigorous standards as outlined in our core values and mission.
APR
An APR, short for Annual Percentage Rate, refers to a percentage that reflects the yearly cost of borrowing a loan over its term.
Finance Charge
A finance charge is the total amount of cost paid on a loan. It includes interest, fees, and other charges that are collected over its life.
- Total Principal Paid: $ 200
- Finance charge: 30.68
- APR: 400.00 %
- Total Principal Paid: $ 1.000
- Total Interest Paid: $59.01
- Loan term: 4 months
Fixed installment method
With the fixed installment method, the payment each month is fixed. But the amount going toward interest is getting smaller, while the amount going toward principal grows larger month by month.
Equal Principal and Equal Interest
The principal is divided into equally monthly amounts. And the interest each month is calculated on the total principal, which means it will not be reduced over time.
APR
An APR, short for Annual Percentage Rate, refers to a percentage that reflects the yearly cost of borrowing a loan over its term.
Finance Charge
A finance charge is the total amount of cost paid on a loan. It includes interest, fees, and other charges that are collected over its life.
- Total Principal Paid: $ 4,000.00
- Finance charge: 473.42
- APR: 36.00 %
- Total Principal Paid: $ 10,000.00
- Total Interest Paid: $327.97
- Loan term: 12 months