While some states have outlawed pay day loans completely and by law, there are many other states that have forced out pay day loan companies through capping interest rates at a low amount. This effectively puts the payday loan companies out of business in those states. The loans are so small that low interest rates mean the company doesn’t make any money. However, some of these states still have payday loans available, and the companies simply charge a finance charge to help them cover processing expenses. 

Alabama, Alaska, Arizona, and Rhode Island have capped interest rates for any type of loan given anywhere in the state at thirty six percent. Maryland is the next lowest with capped rates of thirty three percent, then Texas with thirty one percent. Michigan has capped rates at twenty five percent, while Hawaii and New Hampshire have capped rates at twenty four percent. Finally, Arkansas has the lowest interest rates of the nation, where lenders are unable to charge more than seventeen percent interest. 

As mentioned, many of these states still have no fax payday loans available with added finance or processing charges. However, it is difficult to locate these lenders in your area. The easiest way to get a payday advance in one of these states is by searching on the internet for payday loans no fax. These companies are more likely to offer loans in your state.