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This Blog Post is a resource of links to pawn shop interest rate laws by state. Please check with your local pawn shop to confirm their pawn shop interest rates and fees as this page is for informational purposes only and we cannot guarantee its accuracy.

Please leave comments if you want to share a link or offer a correction to this nation-wide pawn shop interest resource.

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Alabama Pawn Shops

http://www.banking.alabama.gov/pdf/Laws/Pawn_Shop_Act.pdf

(a) A pawnbroker may contract for and receive a pawnshop charge in lieu of interest or other charges for all services, expenses, costs, and losses of every nature but not to exceed 25 percent of the principal amount, per month, advanced in the pawn transaction. 

Alaska Pawn Shops

https://www.commerce.alaska.gov/web/Portals/5/pub/PawnbrokersStatutes.pdf

Sec. 08.76.210. Finance fee. (a) Except as provided in AS 08.76.280, for each 30-day period of a pawn transaction, including a grace period, a pawnbroker may charge a pledgor a finance fee of $5 or an amount that equals interest at a rate that does not exceed 20 percent of the amount financed, whichever amount is greater. 

(b) A finance fee is considered to be earned on the day that the pawn transaction is entered into and on the first day of each subsequent 30-day period of the pawn transaction. 

Sec. 08.76.220. Other charges allowed. (a) Except as provided in AS 08.76.280, a pawnbroker may charge a processing fee of not more than $5 for each pawn transaction for preparing and processing the pawn transaction documentation, for providing law enforcement reports, for paying expenses, for providing other services, and for losses. 

Arizona Pawn Shops

http://www.azleg.gov/FormatDocument.asp?inDoc=/ars/44/01626.htm&Title=44&DocType=ARS

A. A pawnbroker may charge or receive interest at a rate not exceeding thirteen per cent per month for the first two months and at a rate not exceeding eleven per cent per month thereafter. A pawnbroker shall prorate interest on a daily basis and shall not impose an additional charge if the pledgor agrees to pay a loan in monthly installments, except that interest for two months may be charged or received if the pledged goods are redeemed within two months of the pawn transaction.

Arkansas Pawn Shops

 

California Pawn Shops

http://www.leginfo.ca.gov/cgi-bin/displaycode?section=fin&group=21001-22000&file=21200-21209

21200.

(a) Except as otherwise provided in this chapter, no pawnbroker shall charge or receive compensation at a rate exceeding the sum of the following: (1) Three percent per month on the unpaid principal balance of any loan.

(2) A charge not exceeding three dollars ($3) a month on any loan when the monthly charge permitted by paragraph (1) would otherwise be less. (b) One month’s interest may be charged for any part of the month in which pawned property is redeemed.
21200.1.

A loan setup fee of five dollars ($5) or 3 percent, whichever is greater, may be charged for each loan. However, the maximum loan setup fee shall not exceed thirty dollars ($30). Loan setup fees are in addition to any other allowed charges.

Section 21200.5 of the Financial Code is amended to read:
21200.5. A pawnbroker may charge as prescribed in the following schedule: Schedule of Charges:
(a) A charge not exceeding three dollars ($3) may be made on any loan for not more than three months which does not exceed nineteen dollars and ninety-nine cents ($19.99).
(b) A charge not exceeding six dollars ($6) may be made on any loan for not more than three months of twenty dollars ($20) or more, but not exceeding forty-nine dollars and ninety-nine cents ($49.99).
(c) A charge not exceeding nine dollars ($9) may be made on any loan for not more than three months of fifty dollars ($50) or more, but not exceeding seventy-four dollars and ninety-nine cents ($74.99).
(d) A charge not exceeding twelve dollars ($12) may be made on any loan for not more than three months of seventy-five dollars ($75) or more, but not exceeding ninety-nine dollars and ninety-nine cents ($99.99).
(e) A charge not exceeding fifteen dollars ($15) may be made on any loan for not more than three months of one hundred dollars ($100) or more, but not exceeding one hundred seventy-four dollars and ninety-nine cents ($174.99).
(f) A charge not exceeding 9 percent may be made on any loan for not more than three months on any loan of one hundred seventy-five dollars ($175) or more, but not exceeding two thousand four hundred ninety-nine dollars and ninety-nine cents ($2,499.99). (g) The monthly charge for any extension of a written contract required by Section 21201 or 21201.5 shall be computed in accordance with the provisions of Section 21200. (h) The schedule of charges prescribed by this section shall be posted in a place clearly visible to the general public.

SEC. 4.

Section 21200.6 of the Financial Code is amended to read:

21200.6.2 (a) In addition to other allowed charges, at the time property is redeemed or a replacement loan is issued pursuant to Section 21201.5, the pawnbroker may collect a handling and storage charge for pawned articles. The maximum amount that may be charged pursuant to this section is in accordance with the following schedule:
(1) One dollar ($1) for any article that can be contained within one cubic foot. (2) Five dollars ($5) for any article that cannot be contained within one cubic foot but can be contained within three cubic feet. (3) Ten dollars ($10) for any article that cannot be contained within three cubic feet but can be contained within six cubic feet. (4) Twenty dollars ($20) for any article that cannot be contained within six cubic feet and one dollar ($1) for each additional cubic foot in excess of six cubic feet. (b) For purposes of this section, cubic feet shall be determined by multiplying the width of an article, at its greatest width, by the depth of an article, at its greatest depth, by the height of an article, at its greatest height.

Colorado Pawn Shops

8%

Connecticut Pawn Shops

https://www.cga.ct.gov/current/pub/chap_409.htm#sec_21-44

2%

Delaware Pawn Shops

Not Allowed

Florida Pawn Shops

http://www.leg.state.fl.us/Statutes/index.cfm?App_mode=Display_Statute&URL=0500-0599/0539/0539.html

25%

Georgia Pawn Shops

http://dbf.georgia.gov/pawnshops-title-pawn

25%

Hawaii Pawn Shops

http://codes.findlaw.com/hi/division-2-business/hi-rev-st-sect-445-134-13.html

20%

Idaho Pawn Shops

http://statelaws.findlaw.com/idaho-law/idaho-interest-rates-laws.html

12%

Illinois Pawn Shops

http://www.ilga.gov/legislation/ilcs/ilcs3.asp?ActID=1188&ChapAct=205%26nbsp%3BILCS%26nbsp%3B510%2F&ChapterID=20&ChapterName=FINANCIAL+REGULATION&ActName=Pawnbroker+Regulation+Act%2E

23%

Indiana Pawn Shops

http://iga.in.gov/legislative/laws/2016/ic/titles/028/articles/007/chapters/005/

23%

Iowa Pawn Shops

http://www.lectlaw.com/files/ban02.htm

12%

Kansas Pawn Shops

http://kslegislature.org/li_2012/b2011_12/statute/016_000_0000_chapter/016_007_0000_article/016_007_0019_section/016_007_0019_k/

10%

Kentucky Pawn Shops

http://www.lrc.ky.gov/Statutes/chapter.aspx?id=38345

22%

Louisiana Pawn Shops

10%

Maine Pawn Shops

https://www1.maine.gov/pfr/consumercredit/licensing/pawnbroker/Ratechrt.htm

25%

Maryland Pawn Shops

No reference

Massachusetts Pawn Shops

Need Reference

Michigan Pawn Shops

http://www.legislature.mi.gov/(S(furrwvlavgpwld5dzl5dwbuz))/mileg.aspx?page=getObject&objectName=mcl-446-209

3%

Minnesota Pawn Shops

https://www.revisor.mn.gov/statutes/?id=325J.07&year=2011

3%

Mississippi Pawn Shops

http://www.dbcf.state.ms.us/documents/cons_finance/pawnshopact.pdf

25%

Missouri Pawn Shops

Need reference

2%

Montana Pawn Shops

http://leg.mt.gov/bills/mca/31/1/31-1-401.htm

25%

Nebraska Pawn Shops

Need reference

Nevada Pawn Shops

http://www.leg.state.nv.us/Division/Legal/LawLibrary/NRS/NRS-646.html#NRS646Sec050

13%

New Hampshire Pawn Shops

Need Reference

New Jersey Pawn Shops

https://www.yundle.com/laws/new-jersey/pawn-shop-laws/pawnbroker-regulations-in-new-jersey

3%

New Mexico Pawn Shops

http://law.justia.com/codes/new-mexico/2011/chapter56/article12/section56-12-13/

10%

New York Pawn Shops

https://www1.nyc.gov/assets/dca/downloads/pdf/about/pawnbroker_statelaw_law_rules.pdf

4%

North Carolina Pawn Shops

http://www.ncleg.net/enactedlegislation/statutes/html/bysection/chapter_66/gs_66-393.html

North Dakota Pawn Shops

http://www.legis.nd.gov/cencode/t47c14.pdf

3%

Ohio Pawn Shops

Need Reference 5%

Oklahoma Pawn Shops

https://www.ok.gov/okdocc/documents/1.%20Oklahoma%20Pawnshop%20Act.pdf

Oregon Pawn Shops

http://www.oregonlaws.org/ors/726.390

13%

Pennsylvania Pawn Shops

http://www.pacode.com/secure/data/010/chapter63/s63.1.html

3%

Rhode Island Pawn Shops

http://webserver.rilin.state.ri.us/Statutes/TITLE19/19-26/19-26-18.HTM

2.5%

South Carolina Pawn Shops

http://www.consumer.sc.gov/business/licensing_registration/pb/Documents/Rate%20Chart%20for%20Pawnbrokers.pdf

18.75%

South Dakota Pawn Shops

Need reference

Tennessee Pawn Shops

https://www.lawserver.com/law/state/tennessee/tn-code/tennessee_code_45-6-210

22%

Texas Pawn Shops

http://www.statutes.legis.state.tx.us/Docs/FI/htm/FI.371.htm

15%

Utah Pawn Shops

Vermont Pawn Shops

3% Need Ref

Virginia Pawn Shops

5% Need reference

Washington Pawn Shops

http://apps.leg.wa.gov/rcw/default.aspx?cite=19.60&full=true#19.60.060

3%

West Virginia Pawn Shops

3%

Wisconsin Pawn Shops

https://docs.legis.wisconsin.gov/statutes/statutes/138

12%

Wyoming Pawn Shops

http://legisweb.state.wy.us/LSOWEB/wyStatutes.aspx

7%

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