Washington DC State Information
Legal Status: Legal (Lender must have a small loan endorsement to their check casher license)
Loan Terms:
- - Maximum Loan Amount: $700 or 30% of gross monthly income, whichever is less
- - Loan Term: Max: 45 days
- - Maximum Finance Rate and Fees: 15%: first $500; 10%: remaining portion of the loan in excess of $500 up to the $700 maximum
- - Finance Charge for 14-day $100 loan: $15
- - APR for 14-day $100 loan: 390%
Debt Limits:
- - Maximum Number of Outstanding Loans at One Time: A company cannot hold a check or checks in an aggregate face amount of more than $700 plus allowable fees from any one borrower at any one time. Maximum 8 loans in 12 months.
- - Rollovers Permitted: None (cannot refinance, renew, extend or pay off loan with proceeds of another)
- - Cooling-off Period:
- - Repayment Plan: Repayment Plan: Yes. (Plan is 90 days for debt of $400 or less and at least 180 days for larger debts. No extra fees.)
Collection Limits:
- - Collection Fees: $25 NSF fee (one time per instrument); collection costs (excluding attorney's fees, interest and damages)
- - Criminal Action: Prohibited
Where to Complain, Get Information:
- - Regulator: Washington Department of Financial Institutions
- - Address: Division of Consumer Services, PO Box 41200 Olympia WA 98504
- - Phone: (360) 902-8700
- - Fax: (360) 586-5068