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STATE Rhode Island

South Carolina

South Dakota

Tennessee

Texas

Utah

Vermont

Virginia

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

390

F

Prohibited

P

30

P

24

P

21+

F

391

F

117

F

71

F

No cap

F

None

NA

No cap

F

No cap

F

No cap

F

No cap

F

None

NA

313

F

264

F

87

F

54

F

None

NA

15675

F

Prohibited

P

84

F

81

F

None

NA

No cap

F

No cap

F

No cap

F

No cap

F

No cap

F

Prohibited

P

18 or 20

P

24

P

24

P

Soft cap

P

610

F

No cap

F

36

P

36

P

None

NA

75 Some lenders get around the rate cap on payday loans as well as the prohibition on title lending by setting themselves up as credit service organizations and facilitating both these loans with no rate cap. Tex. Fin. Code Ann. § 393.201 (Vernon).

  • *

    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.

NATIONAL CONSUMER LAW CENTER

Updated Small Dollar Loan Products 5 19

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