How Much

Payday loans are a quick and easy way to get cash fast, but they are also a financial obligation that must be repaid. Deciding whether to take out a ten dollar payday loan or a $1000 payday loan requires some thinking about how much you need, how much is available to you, and how much you can afford to repay.

Figuring Out How Much You Need
Cash advances can be used for virtually any purpose when you need a temporary loan to help keep you going until your next paycheck. The most common reasons for taking out a short-term loan include car repairs and medical or hospital bills, but you can also apply for a cash advance
- when you need a few dollars to prevent the electricity from being shut off,
- when you need some extra cash for diapers and formula,
- when you have to pay off a past-due account to get collectors off your back, or
- when you just need some extra spending money to last through payday.

Some people are satisfied with a $200 payday loan, whereas others demand $1500 payday loans. When deciding how big or small your loan should be, ask yourself the following questions:
- When will my next paycheck arrive?
- How much money do I have to live off of until that time?
- What emergency expenses have come up within the last week?
- What bill payments will be due before payday?
- How much extra money should I keep in my wallet for everyday purchases?

Also consider how much you can afford to repay, principal plus interest, when your next paycheck arrives. While payday loan lenders generally have systems in place to prevent you from overborrowing, you are ultimately responsible for repaying your debts. You must make sure that, if you take out a $700 cash advance, that you have $700 plus fee money in your checking account by the time that cash advance must be paid back.

Cash Advance Small to Large
While some states permit a person to take out a 10 dollar payday loan, getting a $50 or $100 payday loan is a more practical minimum. For maximum payday loans 1500 dollars is most frequently advertised as the highest loan amount. Depending on the state where you live, you may be able to take out a larger loan, even up to a $5000 cash advance.

Payday Loan Limits by State
Each state sets its own limits for the size and frequency of small loans that can be taken out within its jurisdiction. While $500 payday loans are the most common loan products, financing up to $5000 or more is available in some areas.

States With $500 Maximum Loans
Residents of the following states can borrow up to a $500 cash advance:
- Alabama
- Alaska
- Colorado
- Delaware
- Florida
- Iowa
- Kansas
- Kentucky
- Missouri
- Nebraska
- New Hampshire
- North Dakota
- Oklahoma
- Rhode Island
- South Dakota
- Tennessee
- Virginia.

Smaller Loan Limits
The states below have authorized small cash advance programs capped below $500:
- Arkansas: Arkansas residents are limited to $400 short-term loans.
- California: The maximum for Californians is a $300 cash advance.
- Louisiana: Louisiana cash advances are limited to $350.
- Minnesota: People living in Minnesota are limited to $350 in cash advance loans.
- Mississippi: The maximum payday loan amount in Mississippi is $400.
- Montana: People living in Montana can borrow a $300 payday loan for up to 31 days.

These states have limited or banned payday lending, so even a small payday loan may be difficult to obtain:
- Arizona
- Connecticut
- District of Columbia
- Georgia
- Maine
- Maryland
- Massachusetts
- North Carolina

Max Payday Loan
Qualified residents of the following states have access to the largest cash advances:
- Hawaii: Cash advances up to $600 are legal in the state of Hawaii.
- Idaho: The payday loan limit in this state is set at a $1000 cash advance.
- Illinois: Residents of Illinois can take out a $1000 cash advance loan or 25% of their gross monthly income, whichever amount is less.
- Indiana: Borrowers in Indiana can be given $550 or 20% of their gross monthly income, whichever is less.
- Michigan: Adults living in Michigan can borrow up to $600 for 31 days.
- Nevada: In Nevada, any loan balance up to 25% of the borrower’s gross monthly income is acceptable. If a person earned $10,000 per month, he/she could take out a $2500 payday loan.
- New Jersey: The state of New Jersey does not currently put a cap on paycheck loans. A grand cash advance may be offered by qualified lenders.
- New Mexico: The maximum New Mexico loan is 25% of a person’s gross monthly income. A person would need to earn at least $800 per month to take out a $200 cash advance.
- New York: New York residents can take out any loan amount. For borrowers of a cash advance 1500 dollars is an acceptable amount, unlike in other states.
- Ohio: Payday loans up to $800 are authorized in Ohio.
- Oregon: Oregon residents can borrow up to 25% of their gross monthly incomes. For most people, $1500 cash advance loans are not possible because of the income restrictions, but other amounts are accessible.
- Pennsylvania: In Pennsylvania, loan contracts are negotiated between the lender and borrower. A qualified individual can get up to a $1500 payday.
- South Carolina: The maximum loan in South Carolina is $550.
- Texas: The state of Texas does not currently cap cash advances. For any qualified applicant wanting a cash advance 2000 dollars, more or less, may be borrowed.
- Utah: Residents of Utah can take out any loan amount. A $2500 cash advance is available if needed.
- Vermont: Vermont does not place limits on payday loans, as long as they do not exceed an 18% interest rate. For borrowers who need a short-term cash advance 1000 dollars may be available.
- Washington: Cash advances are limited to $700 or 30% of a Washington resident’s gross income per month, whichever is less.
- West Virginia: In West Virginia, cash advances can be in any amount that complies with state usury laws.
- Wisconsin: Cash loans in Wisconsin are not currently limited. For residents who want a cash advance 2500 dollars or more may be available.
- Wyoming: The state of Wyoming does not have a payday loan limit. Borrowers have access to a $3000 cash advance if needed.

Borrowers should keep in mind that they do not need to borrow the state’s maximum loan amount. Even a $100 cash advance is available in locations where paycheck lending is legal. Whether you decide to take out small payday loans or large payday loans, the money is available when you need it. Choosing the right amount can ensure that you have an adequate amount of cash for whatever bills you encounter.