The amount of money you can borrow with a payday loan can vary based on your financial situation, the state you live in, and the lender you’ve applied for a loan with. The maximum loan term will vary state by state as well. Keep in mind that just because a lender may offer a loan of up to $500, doesn’t mean you will be approved for the full amount. Your history as a borrower, other major expenses, and income may factor into the amount you’re approved for.