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.
Loan types the law allows at $1,000
Counts of states, from our state law dataset. A state can allow a loan type and still cap how much you can borrow.
| Loan type | States that allow it | Capped below $1,000 | No amount limit in state law |
|---|---|---|---|
| Installment and personal loans | 51 | 0 | 27 |
| Title loans | 28 | 0 | 21 |
| Payday loans | 35 | 21 | 9 |
States that cap payday loans below $1,000
- Alaska $500
- Alabama $500
- California $300
- Florida $500
- Iowa $500
- Indiana $605
- Kansas $500
- Kentucky $500
- Louisiana $740
- Michigan $600
- Minnesota $350
- Missouri $500
- Mississippi $500
- North Dakota $600
- Nebraska $500
- New Hampshire $500
- Rhode Island $500
- South Carolina $550
- South Dakota $500
- Tennessee $500
- Washington $700
Where the rate cap depends on the loan size
In these states the law sets a different rate cap by loan size. This is the cap the statute sets for $1,000, not a quote.
| State | Loan type | Rate cap in state law for $1,000 |
|---|---|---|
| Alabama | Installment and personal loans | 36% APR up to $200; 24% APR above $200 |
| Alaska | Installment and personal loans | 36% APR up to $850; 24% APR from $850 to $10,000 |
| Arizona | Installment and personal loans | 36% APR up to $3,000 |
| Arizona | Title loans | 180% APR |
| Connecticut | Installment and personal loans | 36% APR |
| Florida | Installment and personal loans | 36% APR up to $10,000 |
| Indiana | Installment and personal loans | 36% APR up to $2,000, or 25% APR if greater |
| Indiana | Title loans | 36% APR up to $2,000, or 25% APR if greater |
| Iowa | Installment and personal loans | 36% APR up to $3,000 |
| Kansas | Installment and personal loans | 36% APR up to $860; 21% APR above $860 |
| Kentucky | Installment and personal loans | 36% APR up to $5,000 |
| Louisiana | Installment and personal loans | 36% APR up to $1,400 |
| Maine | Installment and personal loans | 30% APR up to $2,000 |
| Maine | Payday loans | 30% APR up to $2,000 |
| Maryland | Installment and personal loans | 33% APR up to $1,000 |
| Minnesota | Installment and personal loans | 33% APR up to $1,425, or 21.75% APR if greater |
| Nebraska | Installment and personal loans | 24% APR up to $1,000 |
| North Carolina | Installment and personal loans | 33% APR up to $4,000 |
| Rhode Island | Installment and personal loans | 36% APR up to $300; 30% APR from $300 to $800; 24% APR above $800 |
| Texas | Installment and personal loans | 30% APR up to $500; 24% APR from $500 to $1,050 |
| Vermont | Installment and personal loans | 24% APR up to $1,000, or 18% APR if greater |
| West Virginia | Installment and personal loans | 31% APR |
| Wyoming | Installment and personal loans | 36% APR up to $1,000 |
| Wyoming | Title loans | 36% APR up to $1,000 |
A credit union payday alternative loan (PAL) can cover $1,000: NCUA rules allow PALs of up to $2,000 (12 CFR 701.21).
What published data says about $1,000
- Under NCUA rules, a PAL I loan from a federal credit union can be for $200 to $1,000.
- In a 2016 CFPB study of payday installment loans, the median loan was $1,000.
- In a 2016 CFPB study of single-payment vehicle title loans, the median loan was $694, and three in four loans were $1,080 or less.
- In the FDIC's small-dollar loan pilot with banks, which ended in 2009, a small-dollar loan meant $1,000 or less.
- In the Federal Reserve's 2025 household survey, the median cost of a major vehicle repair, house or appliance repair, or medical expense was $1,000 to $1,999 among people who knew the amount.
Ways to borrow $1,000
Under NCUA rules a credit union PAL I loan tops out at $1,000 and a PAL II loan can go up to $2,000, so either kind can cover $1,000; you usually need to be a member. This amount is also the low end of the median major unexpected expense in the Federal Reserve's survey, $1,000 to $1,999. In 21 of the 35 states that allow payday loans, the law caps them below $1,000, though the CFPB's median payday installment loan was $1,000. Title loans are usually smaller, with a median of $694, and 21 of the 28 states that allow them set no amount limit. Asking the creditor for a payment plan or contacting local emergency assistance are other ways to handle a bill this size.
From our state law dataset; each state page cites its statutes. How we research state rules.
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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