State Car Title Loan Laws

By | Nov 7, 2014

States Having Specific Car Title Loan Regulations and Laws:

Car title loans are legal in the following states, with caveats. Fee and interest rate limits are noted here, but some states also impose limits on the loan principal, the length of the repayment period, and how refinancing “reacts” are addressed. Car title loans are in a constant state of flux. DO YOUR HOMEWORK!

  • Alabama: 300% APR
  • Arizona (204% APR on first $500; 180% on the next $2,000; 156% on the next $2,500; 120% on the remaining balance)
  • California: loans over $2,501 are not subject to small-loan limits. You’ll need a CFL license.
  • Connecticut
  • Delaware
  • Florida: 30% APR [If you want strategies for offering car title loans in Florida, we know how to achieve 90%+APR’s!]
  • Georgia: 300% APR for the first three months; 150% thereafter; lien fee
  • Idaho
  • Illinois: loan maximum of $4,000 and monthly payments not to exceed 50% of the borrower’s gross monthly income
  • Kansas: considered open-end credit lines.
  • Kentucky
  • Louisiana: loan principals above $350 and exceeding 60 days are not limited.
  • Mississippi 300% APR
  • Missouri: a simple “merchant license” required.
  • Minnesota
  • Montana
  • Nevada
  • New Hampshire 300% APR; lien fee
  • New Mexico
  • Oregon
  • Rhode Island
  • South Carolina: title loans above $600 are not subject to small-loan limits
  • South Dakota
  • Tennessee (cost is limited to 1/5 of loan amount plus 24% APR)
  • Texas (120%+ APR)
  • Utah
  • Virginia (264% APR on first $700; 216% on next $700; 180% on remaining balance; lien fee)
  • Wisconsin

Want to know more about the car title loan business? Check out our 300+ Manual HERE

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