Washington DC Payday Loans Law

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