An emergency loan is usually a smaller installment loan for an urgent bill, so ask the company you owe about a payment plan first; the table below shows each state's rate cap on small loans.
What emergency loans can cost
These examples show how cost adds up. They are illustrative, not a quote. Your lender sets the actual rate and terms.
Representative example
- Amount borrowed
- $500
- Annual percentage rate (APR)
- 29.99%
- Repayment
- 12 monthly payments
- Payment
- $48.74
- Finance charge
- $84.88
- Total of payments
- $584.88
Example: a $500 installment loan at 29.99% APR repaid in 12 monthly payments of $48.74 costs $584.88 in total, including a finance charge of $84.88. Illustration only; your lender will disclose your actual APR, payment schedule and total cost before you accept a loan.
Representative example
- Amount borrowed
- $1,000
- Annual percentage rate (APR)
- 29.99%
- Repayment
- 12 monthly payments
- Payment
- $97.48
- Finance charge
- $169.76
- Total of payments
- $1,169.76
Example: a $1,000 installment loan at 29.99% APR repaid in 12 monthly payments of $97.48 costs $1,169.76 in total, including a finance charge of $169.76. Illustration only; your lender will disclose your actual APR, payment schedule and total cost before you accept a loan.
Representative example
- Amount borrowed
- $3,000
- Annual percentage rate (APR)
- 29.99%
- Repayment
- 12 monthly payments
- Payment
- $292.45
- Finance charge
- $509.40
- Total of payments
- $3,509.40
Example: a $3,000 installment loan at 29.99% APR repaid in 12 monthly payments of $292.45 costs $3,509.40 in total, including a finance charge of $509.40. Illustration only; your lender will disclose your actual APR, payment schedule and total cost before you accept a loan.
Cheaper options to try first
Worth checking whatever your credit: these can cost less than a high-rate loan.
- Credit union payday alternative loans (PALs). Federal credit unions may offer small loans of up to $2,000 with terms of up to 12 months and an APR no higher than 28%, under NCUA rules (12 CFR 701.21). You usually need to be a member.
- Nonprofit credit counseling. A counselor accredited by the National Foundation for Credit Counseling can help you build a budget or a debt management plan.
- Ask your creditor for a payment plan. Utilities, hospitals and many lenders offer hardship or extended payment plans if you ask before you miss a payment.
- Local assistance. Call 211, or visit 211.org, for emergency help with rent, utilities and food.
Rate caps on small loans, by state
Allowed in 51 of the 51 states we have checked so far. Pick yours for its limits and local help.
| State | Status | Rate cap in state law for $500 | Rate cap in state law for $1,000 |
|---|---|---|---|
| Alabama | Allowed | 36% APR up to $200; 24% APR above $200 | 36% APR up to $200; 24% APR above $200 |
| Alaska | Allowed | 36% APR up to $850 | 36% APR up to $850; 24% APR from $850 to $10,000 |
| Arizona | Allowed | 36% APR up to $3,000 | 36% APR up to $3,000 |
| Arkansas | Allowed | 17% APR | 17% APR |
| California | Allowed | Not yet confirmed for this amount | Not yet confirmed for this amount |
| Colorado | Allowed | Not yet confirmed for this amount | Not yet confirmed for this amount |
| Connecticut | Allowed | 36% APR | 36% APR |
| Delaware | AllowedNo rate limit in state law | No rate limit | No rate limit |
| District of Columbia | Allowed | 24% APR | 24% APR |
| Florida | Allowed | 36% APR up to $10,000 | 36% APR up to $10,000 |
| Georgia | Allowed | 60% APR | 60% APR |
| Hawaii | Allowed | 36% APR | 36% APR |
| Idaho | AllowedNo rate limit in state law | No rate limit | No rate limit |
| Illinois | Allowed | 36% APR | 36% APR |
| Indiana | Allowed | 36% APR up to $2,000, or 25% APR if greater | 36% APR up to $2,000, or 25% APR if greater |
| Iowa | Allowed | 36% APR up to $3,000 | 36% APR up to $3,000 |
| Kansas | Allowed | 36% APR up to $860 | 36% APR up to $860; 21% APR above $860 |
| Kentucky | Allowed | 36% APR up to $5,000 | 36% APR up to $5,000 |
| Louisiana | Allowed | 36% APR up to $1,400 | 36% APR up to $1,400 |
| Maine | Allowed | 30% APR up to $2,000 | 30% APR up to $2,000 |
| Maryland | Allowed | 33% APR up to $1,000 | 33% APR up to $1,000 |
| Massachusetts | Allowed | 23% APR | 23% APR |
| Michigan | AllowedNo rate limit in state law | No rate limit | No rate limit |
| Minnesota | Allowed | 33% APR up to $1,425, or 21.75% APR if greater | 33% APR up to $1,425, or 21.75% APR if greater |
| Mississippi | Allowed | See the rules | See the rules |
| Missouri | AllowedNo rate limit in state law | No rate limit | No rate limit |
| Montana | Allowed | 36% APR | 36% APR |
| Nebraska | Allowed | 24% APR up to $1,000 | 24% APR up to $1,000 |
| Nevada | AllowedNo rate limit in state law | No rate limit | No rate limit |
| New Hampshire | Allowed | 36% APR | 36% APR |
| New Jersey | Allowed | 30% APR | 30% APR |
| New Mexico | Allowed | 36% APR | 36% APR |
| New York | Allowed | 25% APR | 25% APR |
| North Carolina | Allowed | 33% APR up to $4,000 | 33% APR up to $4,000 |
| North Dakota | Allowed | 36% APR | 36% APR |
| Ohio | Allowed | 25% APR | 25% APR |
| Oklahoma | Allowed | Limit depends on loan size | Limit depends on loan size |
| Oregon | Allowed | 36% APR | 36% APR |
| Pennsylvania | Allowed | 24% APR | 24% APR |
| Rhode Island | Allowed | 36% APR up to $300; 30% APR from $300 to $800 | 36% APR up to $300; 30% APR from $300 to $800; 24% APR above $800 |
| South Carolina | Allowed | 18% APR | 18% APR |
| South Dakota | Allowed | 36% APR | 36% APR |
| Tennessee | Allowed | 24% APR | 24% APR |
| Texas | Allowed | 30% APR up to $500 | 30% APR up to $500; 24% APR from $500 to $1,050 |
| Utah | AllowedNo rate limit in state law | No rate limit | No rate limit |
| Vermont | Allowed | 24% APR up to $1,000, or 18% APR if greater | 24% APR up to $1,000, or 18% APR if greater |
| Virginia | Allowed | 36% APR | 36% APR |
| Washington | Allowed | 25% APR | 25% APR |
| West Virginia | Allowed | 31% APR | 31% APR |
| Wisconsin | AllowedNo rate limit in state law | No rate limit | No rate limit |
| Wyoming | Allowed | 36% APR up to $1,000 | 36% APR up to $1,000 |
Guides about emergency loans
Important disclosures
APRs vary by lender and state. Each lender sets its own rates and terms and must show you the APR before you sign.
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