GITNUX MARKETDATA REPORT 2024
Maximum Number Of Loans Possible Statistics
A statistical analysis determining the maximum number of loans possible based on the available data and variables.
In this post, we will explore the regulations surrounding the maximum number of payday loans allowed in various states across the United States. From Nevada’s cap based on income to Pennsylvania’s outright prohibition, understanding these limits is crucial for borrowers navigating the payday loan landscape. Let’s dive into the statistics to shed light on the diverse lending policies in different states.
Statistic 1
"The maximum number of payday loans an individual can take out in Nevada varies, but cannot exceed 25% of the borrower's expected gross monthly income."
Statistic 2
"In Washington, individuals are allowed to take out eight payday loans in a 12-month period."
Statistic 3
"In California, the law limits borrowers to one payday loan at a time."
Statistic 4
"In Oregon, a payday loan borrower may take out a new loan immediately after paying off the old one."
Statistic 5
"In Illinois, a person can have two payday loans out at a time with a combined total of $1,000 or 25% of gross monthly income."
Statistic 6
"Alabama law allows a maximum of one payday loan from the same lender at a time."
Statistic 7
"In South Dakota, an individual can have up to $500 worth of payday loans at one time."
Statistic 8
"In Michigan, an individual can have 2 payday loans out at a time."
Statistic 9
"In Missouri, an individual can have up to $500 in payday loans at one time."
Statistic 10
"In Ohio, an individual can have up to 4 payday loans with a total maximum of $1000."
Statistic 11
"In Georgia, the maximum payday loan amount is $300."
Statistic 12
"In Pennsylvania, payday loans are prohibited."
Statistic 13
"In Indiana, an individual is not allowed to have more than two loans at once, and the loans cannot exceed a total sum of $550."
Statistic 14
"In Tennessee, the maximum amount of payday loans is $500."
Jannik Lindner
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