As for federal regulation, the Dodd–Frank Wall Street Reform and Consumer Protection Act gave the Consumer Financial Protection Bureau (CFPB) specific authority to regulate all payday lenders, regardless of size. Also, the Military Lending Act imposes a 36% rate cap on tax refund loans and certain payday and auto title loans made to active duty armed forces members and their covered dependents, and prohibits certain terms in such loans.[66]
Payday lenders charge borrowers extremely high levels of interest which can range up to 500% in annual percentage yield (APR). Most states have usury laws that limit interest charges to less than approximately 35% however payday lenders fall under exemptions that allow for their high interest. Since these loans qualify for many state lending loopholes, borrowers should beware. Regulations on these loans are governed by the individual states with some states even outlawing payday loans of any kind.
Small loans secured by access to the borrower’s bank account are authorized in three states at lower than typical rates.  Maine caps interest at 30 percent but permits tiered fees that result in up to 261 percent annual rates for a two-week $250 loan.  Oregon permits a one-month minimum term payday loan at 36 percent interest lus a $10 per $100 borrowed initial loan fees.  As a result, a $250 one-month loan costs 154 percent annual interest for the initial loan, and 36 percent for any subsequent loans.  Colorado amended its payday loan law in 2010 to set a minimum six-month term for loans based on checks held by the lender.  A Colorado payday loan may include charges of 45 percent per annum interest, a monthly maintenance fee of 7.5 percent per month after the first month, and a tiered system of finance charges, with 20 percent for the first $300 borrower and an additional 7.5 percent for amounts from $301 to $500.  Loans can be prepaid at any time with a rebate of unearned fees, repaid in installments, or repaid in one lump sum.
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Customer Notice: Payday Loans are typically for two-to four-week terms (up to six months in IL). Some borrowers, however, use Payday Loans for several months, which can be expensive. Payday Loans (also referred to as Payday Advances, Cash Advances, Deferred Deposit Transactions/Loans) and high-interest loans should be used for short-term financial needs only and not as a long-term financial solution. Customers with credit difficulties should seek credit counseling before entering into any loan transaction. See State Center for specific information and requirements.

In calculating finance charges under this subsection, when the first installment period is longer than the remaining installment periods, the amount of the finance charges applicable to the extra days shall not be greater than $15.50 per $100 of the original principal balance divided by the number of days in a regularly scheduled installment period and multiplied by the number of extra days determined by subtracting the number of days in a regularly scheduled installment period from the number of days in the first installment period.


Tennessee: The State of Tennessee requires a minimum principal reduction. In order to comply with the minimum state-required principal reduction, Speedy Cash requires that minimum payments include a principal reduction of 2% or $2.50 for Customers who get paid bi-weekly/twice-a-month, or 4% or $5 for Customers who get paid monthly, whichever is greater. 

No licensee may make a payday loan to a customer that results in the customer having an outstanding aggregate liability in principal, interest, and all other fees and charges, to all licensees who have made payday loans to the customer of more than $1,500 or 35 percent of the customer’s gross monthly income, whichever is less. As provided in sub. (9m), a licensee may rely on a consumer report to verify a customer’s income for purposes of this paragraph.
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Contact your local consumer credit counseling service if you need help working out a debt repayment plan with creditors or developing a budget. Non-profit groups in every state offer credit guidance to consumers for no or low cost. You may want to check with your employer, credit union, or housing authority for no- or low-cost credit counseling programs, too.
Many countries offer basic banking services through their postal systems. The United States Post Office Department offered such a service in the past. Called the United States Postal Savings System it was discontinued in 1967. In January 2014 the Office of the Inspector General of the United States Postal Service issued a white paper suggesting that the USPS could offer banking services, to include small dollar loans for under 30% APR.[32] Both support and criticism quickly followed, however the major criticism isn't that the service would not help the consumer but that the payday lenders themselves would be forced out of business due to competition and the plan is nothing more than a scheme to support postal employees.[33][34]
All this debate, though, does little to reckon with the desperation that drives consumers to seek out payday loans. Federal regulation can provide a backstop for states that seek to protect their residents from what they view as predatory loans, setting a nationwide regulatory floor backed by federal enforcement resources. But until the government addresses the causes of household financial fragility that fuel demand for payday loans, the best it can do is to regulate the supply.
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A licensee may charge the customer a service fee for each deferred presentment service transaction. A service fee is earned by the licensee on the date of the transaction and is not interest. A licensee may charge both of the following as part of the service fee, as applicable: (a) An amount that does not exceed the aggregate of the following, as applicable: (i) 15 percent of the first $100 of the deferred presentment service transaction. (ii) 14 percent of the second $100 of the deferred presentment service transaction. (iii) 13 percent of the third $100 of the deferred presentment service transaction. (iv) 12 percent of the fourth $100 of the deferred presentment service transaction. (v) 11 percent of the fifth $100 of the deferred presentment service transaction. (vi) 11 percent of the sixth $100 of the deferred presentment service transaction. (b) The amount of any database verification fee allowed under §34(5). 
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