Washington Payday Loan
Within the state of Washington the Washington Department of Financial Institutions (WA DFI) regulates payday lenders, cash advances and the payday lending industry. The state of Washington has strict limits on all short term lenders operating within the state.
Washington State Payday Loan Rules:
- Max Loan Length: 45 days
- Max Loan Amount: $700 or 30% of monthly gross income (whichever is lower)
- Max Fee: 15% on first $500 and 10% on any amount above $500
Any online lenders that lends to Washington state residents must be licensed by the State of Washington and follow the lending rules above. If you are being harassed by payday loan debt collectors or have a complaint or question about a lender offering loans in the state of Washington please contact the WA DFI at 1-877-RING-DFI (746-4334).
Please remember, in Washington it is legal to operate a payday lending company and industry laws governing payday loans are more standardized in comparison with the rest of the states. The maximum payday loan that can be taken is $700 with no minimum amount that must be extracted from the lender. A loan may be taken out for a maximum term of forty-five days. The finance charge for a $100 payday loan for 14 days is $15. No extensions are permitted.
Instead of a payday loan you may be eligible for a personal loan or installment loan. Read detailed reviews of available lenders on Samedaypayday.com. Also before assuming a new loan consider alternatives and review our Advice for Consumers
Washington Payday Loan - Cities