What personal 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
- $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.
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.
Where personal loans are allowed
Allowed in 51 of the 51 states we have checked so far. Pick yours for its limits and local help.
| State | Status | APR cap | Max amount |
|---|---|---|---|
| Alabama | Allowed | 36% APR (top tier) | $1,499.99 |
| Alaska | Allowed | 36% APR (top tier) | $25,000 |
| Arizona | Allowed | 36% APR (top tier) | $10,000 |
| Arkansas | Allowed | 17% APR | Not set |
| California | Allowed | 36% APR | $9,999.99 |
| Colorado | Allowed | Tiered cap | Not set |
| Connecticut | Allowed | 36% APR (top tier) | $50,000 |
| Delaware | Allowed | No numeric cap | Not set |
| District of Columbia | Allowed | 24% APR | Not set |
| Florida | Allowed | 36% APR (top tier) | $25,000 |
| Georgia | Allowed | 60% APR | $3,000 |
| Hawaii | Allowed | 36% APR | $1,500 |
| Idaho | Allowed | No numeric cap | Not set |
| Illinois | Allowed | 36% APR | Not set |
| Indiana | Allowed | 36% APR (top tier) | Not set |
| Iowa | Allowed | 36% APR (top tier) | $30,000 |
| Kansas | Allowed | 36% APR (top tier) | Not set |
| Kentucky | Allowed | 36% APR (top tier) | $15,000 |
| Louisiana | Allowed | Tiered cap | Not set |
| Maine | Allowed | 30% APR (top tier) | Not set |
| Maryland | Allowed | 33% APR (top tier) | $25,000 |
| Massachusetts | Allowed | 23% APR | $6,000 |
| Michigan | Allowed | No numeric cap | Not set |
| Minnesota | Allowed | 33% APR (top tier) | Not set |
| Mississippi | Allowed | See the rules | Not set |
| Missouri | Allowed | No numeric cap | Not set |
| Montana | Allowed | 36% APR | Not set |
| Nebraska | Allowed | 24% APR (top tier) | $100,000 |
| Nevada | Allowed | No numeric cap | Not set |
| New Hampshire | Allowed | 36% APR | $10,000 |
| New Jersey | Allowed | 30% APR | $50,000 |
| New Mexico | Allowed | 36% APR | $10,000 |
| New York | Allowed | 25% APR | $25,000 |
| North Carolina | Allowed | 33% APR (top tier) | $25,000 |
| North Dakota | Allowed | 36% APR | Not set |
| Ohio | Allowed | 25% APR | Not set |
| Oklahoma | Allowed | Tiered cap | $1,500 |
| Oregon | Allowed | 36% APR | Not set |
| Pennsylvania | Allowed | 24% APR | $25,000 |
| Rhode Island | Allowed | 36% APR (top tier) | $5,000 |
| South Carolina | Allowed | 18% APR | Not set |
| South Dakota | Allowed | 36% APR | Not set |
| Tennessee | Allowed | 24% APR | Not set |
| Texas | Allowed | Tiered cap | Not set |
| Utah | Allowed | No numeric cap | Not set |
| Vermont | Allowed | 24% APR (top tier) | Not set |
| Virginia | Allowed | 36% APR | $35,000 |
| Washington | Allowed | 25% APR | Not set |
| West Virginia | Allowed | 31% APR (top tier) | Not set |
| Wisconsin | Allowed | No numeric cap | $25,000 |
| Wyoming | Allowed | 36% APR (top tier) | $50,000 |
Bars place each APR cap on a 0 to 400% scale; the pin marks the cap. A striped bar means the statute sets no numeric cap.
Guides about personal loans
Important disclosures
Illustrative range for installment loans: APRs from 5.99% to 35.99%. This range is not a quote; each lender sets its own rates. Your APR depends on your credit, income, state and the lender.
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- Short-term loans are costly and are not a long-term financial solution. Borrow only what you can repay on time.
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- Each state regulates lenders through its own financial regulator. Our state guides link to each one.
- You can submit a complaint about any lender to the Consumer Financial Protection Bureau at consumerfinance.gov/complaint.