The legislature has created a few rules to govern payday loans, including a limit of $500, a minimum duration of 31 days and a maximum interest rate of 28% APR. This means that the amount payable for a $500 loan for 31 days would be $13.15.
This is substantially lower than many other states, and therefore we are quite selective about who can qualify for a loan. Additionally, we are unable to offer loans of less than $500 because the fees for processing the loan are such a large component of the amount we can charge.