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STATE Iowa

Kansas

Kentucky

Louisiana

Maine

Maryland

Massachusetts

Michigan

LOAN TYPE $250, 2-week payday loan $300, 1-month auto-title loan $500, 6-month loan $1000, 1-year loan Criminal usury cap $250, 2-week payday loan $300, 1-month auto-title loan $500, 6-month loan $1000, 1-year loan Criminal usury cap $250, 2-week payday loan $300, 1-month auto-title loan $500, 6-month loan $1000, 1-year loan Criminal usury cap $250, 2-week payday loan $300, 1-month auto-title loan $500, 6-month loan $1000, 1-year loan Criminal usury cap $250, 2-week payday loan $300, 1-month auto-title loan $500, 6-month loan $1000, 1-year loan Criminal usury cap $250, 2-week payday loan $300, 1-month auto-title loan $500, 6-month loan $1000, 1-year loan Criminal usury cap $250, 2-week payday loan $300, 1-month auto-title loan $500, 6-month loan $1000, 1-year loan Criminal usury cap $250, 2-week payday loan $300, 1-month auto-title loan $500, 6-month loan $1000, 1-year loan Criminal usury cap

APR*

GRADE

358

F

35

P

36

P

36

P

None

NA

391

F

No cap

F

36

P

35

P

None

NA

471

F

36

P

42

F

41

F

None

NA

521

F

Prohibited

P

81

F

47

F

None

NA

261

F

Prohibited

P

30

P

30

P

None

NA

Prohibited

P

Prohibited

P

33

P

33

P

None

NA

Prohibited

P

Prohibited

P

37

F

27

P

20+

F

375

F

Prohibited

P

43

F

35

P

25+

F

  • *

    If the APR includes a plus sign (“+”), the grade is an F because the APR could be higher than the stated APR. This situation occurs

if the state permits exceptions to the criminal usury cap and one of the four loan products in the Scorecard has an APR that exceeds 36%. Several states permit lenders to pick one or two or more rate and/or fee alternatives when making smaller loans. Note that the Scorecard APRs are based upon the maximum permissible rates/fees regime.

16 5 Updated Small Dollar Loan Products

NATIONAL CONSUMER LAW CENTER

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