State Rate Caps for $500 and $2,000 Loans - NCLC

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June 1, 2022 — Issue Brief

Bar graphs showing the Annual Percentage Rate Caps for $500 loans, maximum APR* in states with cap (45 states plus DC) and & $2,000 two-year loan, maximum APR* in states with cap (43 states plus DC)

Two bar graphs showing the Annual Percentage Rate Caps for 6-month $500 loans & 2-year $2000 loans, as of June, 2022. The first shows the Annual Percentage Rate Caps for $500 loans as follows: NC: 16%, AR: 17%, VT: 24%, DC: 24%, NY: 25%, PA: 27%, ME: 30%, NJ: 30%, MD: 33%, RI: 35%, ND: 36%, AK: 36%, CT: 36%, IA: 36%, MT: 36%, NH: 36%, OR: 36%, SD: 36%, WY: 36%, IL: 36%, MA: 37%, WV: 38%, WA: 39%, NV: 40%, KS: 43%, MI: 43%, CA: 45%, KY: 47%, FL: 48%, NE: 48%, MN: 51%, NM: 52%, AZ: 54%, GA: 61%, SC: 72%, LA: 85%, IN: 89%, CO: 91%, TX: 93%, AL: 94%, TN: 106%, VA: 129%, OH: 145%, HI: 146%, OK: 204%, MS: 305%, Median average: 39.5%. Note: ID, UT, & WI have no cap except unconscionability, while DE & MO have no cap. The second bar graph shows the Annual Percentage Rate Caps for $2000 loans as follows: AR: 17%, VT: 21%, MA: 24%, PA: 24%, DC: 24%, CA: 25%, NY: 25%, RI: 29%, WA: 29%, ME: 30%, MD: 30%, NE: 30%, NJ: 30%, MI: 30%, AK: 31%, CO: 31%, FL: 31%, HI: 31%, NC: 31%, WY: 31%, MN: 32%, GA: 32%, KS: 32%, WV: 33%, OK: 34%, TX: 35%, CT: 36%, IA: 36%, MT: 36%, NH: 36%, OR: 36%, SD: 36%, IL: 36%, NM: 36%, ND: 36%, OH: 37%, LA: 38%, IN: 40%, NV: 40%, AZ: 41%, KY: 42%, TN: 43%, VA: 50%, MS: 59%, Median average: 32%. Note: AL, ID, SC, UT, & WI have no cap except unconscionability, while DE & MO have no cap.