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/
  • File complaint: http://www.dfi.wa.gov/
    consumers/complaint.htm



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