When it comes to quick money, the first thing that comes to our minds is a payday loan from websites like acecashexpress.com. Owing to the convenience of borrowing such, many people tend to question the biggest question of how much can they actually borrow under the conditions of such loans.
And the truth is there is no one answer to this question. One of the greatest determinants of the maximum amount is the law of the state where you want to take it.
To begin, let us explore what payday loans usually account for. Generally speaking, this is a rather inexpensive way to get a relatively small amount of money right now and repay it with interest when the next paycheck comes.
This may be the ultimate option for those repaying loans on a monthly basis and having some difficulties managing their finances to pay things perfectly on time each time.
Differences in State Law Regulations
In order to understand how much you can actually borrow under these conditions, you have to get acquainted with the regulations of the state you plan to conduct this operation in. To help you at least a little bit, we have prepared the maximum amounts of seven states in the U.S. just to give you a rough idea of how this issue is regulated.
Below is the list of seven American states with their respective regulations as to the maximum amount and length of the payday loans:
- Alabama: if you reside in Alabama, you are free to take out up to $500 for at least 10 days however not more than 31 days.
- Alaska: for those living in Alaska, the regulations do not differ tremendously with the same maximum amount and 30 days period to repay.
- California: for people living the California dream taking out a payday loan means being able to borrow not more than $300 for the period of no more than 31 days again.
- Delaware: in this state, the situation differs significantly. Here one can borrow up to $1,000 for the period of up to 60 days. A fair amount for a fair period. Moreover, this is probably one of the best conditions for people managing their finances in struggles.
- Florida: the length of borrowing ranges from 7 to 31 days with the maximum amount not exceeding $500. However, this is without regard to the possible fees.
- Hawaii: surprisingly enough, but people living on these beautiful islands are capable of borrowing up to $600 for quite a period of 32 days.
- Louisiana: here, the law allows you to have not more than $350 for the period not exceeding 30 days in total.
However, there are also certain states where the law does not allow payday loans at all.
Among such are Arizona, Arkansas, District of Columbia, Georgia, New Mexico, and North Carolina.
So before planning on a payday loan make sure that it is available in your state, and that the allowed amount will suffice to cover for your needs.
Because if it is not, payday loans may be rather expensive to take out without actual need.
After all, quick money may be your ultimate choice if you are living in a state which allows them and the conditions are acceptable for your situation.