Payday loan laws in Washington
Status: Legal (Wash. Rev. Code Ann. 31.45.010 et seq.)
For Lenders
Lending specifications:
- Maximum loan amount: $700 or 30% of gross monthly income, whichever is smaller
- Loan tenure: Max: 45 days
- Fees and finance charges: 15% on first $500; extra 10% on remaining portion of the loan in excess of $500 & up to $700
- Finance charge on a 14-day $100 loan: $15
- APR on 14-day $100 loan: 390%
Collection restrictions:
- Collection fees: $25 NSF fee, other costs (excluding attorney's fees, interest and damages)
- Criminal procedures: Prohibited
For Borrowers
Debt limits:
- Maximum no. of outstanding loans at a time: A company cannot hold any check for the face value of more than $700 plus allowable fees from any borrower
- Rollovers allowed: None
- Cooling-off period: 1 day after repayment; 45 days after 5th loan within 180 day period; 90 days after payment plan
- Repayment plan: Available (no extra cost if they notify lender on or before the loan is due)
Complaint cell:
- Regulator: Washington State Department of Financial Institutions (DFI)
- Address: PO Box 41200, Olympia WA 98504-1200
- Phone: (360) 902-8700/(360) 902-8703
- Fax: (360) 664-2258
- Toll-free: 1-877-RING DFI (746-4334)
- Regulatory contact: Deborah Bortner, Director of Consumer Services
- Website: http://www.dfi.wa.gov/
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File complaint: http://www.dfi.wa.gov/
consumers/complaint.htm
Updated on:
