 TITLE: What Is a Payday Loan and How Does It Work? CONTENT: How Much Can I Borrow with a Payday Loan?\n-----------------------------------------\nThe median payday loan is $350 on a two-week term, according to the CFPB. But payday loans can range from $50 to $1,000, depending on your state's laws. Currently, 32 states allow payday lending with a capped maximum loan amount. Maine, Utah, Wisconsin and Wyoming do not have a cap. Delaware, Idaho and Illinois have the highest cap amount at $1,000, while California and Montana have the lowest at $300.\nSome states, including Nevada and New Mexico, also limit each payday loan to 25% of the borrower's monthly income. For the 32 states that do permit payday lending, the cost of the loan, fees and the maximum loan amount are capped.\n**Note**: 37 states have specific statutes that allow for payday lending. Some states do not have specific payday lending statutory provisions and\/or require lenders to comply with interest rate caps on consumer loans: Connecticut, Maryland, Massachusetts, New Jersey, New York, Pennsylvania, Vermont, and West Virginia. Arizona and North Carolina allowed pre-existing payday lending statutes to sunset. Arkansas repealed its pre-existing statute in 2011. New Mexico repealed its payday lending statutes in 2017. The District of Columbia repealed its pre-existing statutory provision in 2007. END