Washington Payday Loans Law

Washington Payday Loans Law

Washington 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

These Washington payday loans law are basic information to assist your decision to borrow money. This information may be added or modified or canceled by Washington government without prior notice.

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