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Washington Cash Advance Laws & Regulations

Washington residents can obtain a payday loan in person, over the phone or online. The Washington Department of Financial Institutions requires all lenders providing cash advances to Washington residents to be licensed. This is especially important to note for borrowers who obtain their cash advance online, as all lenders over the internet must also be licensed. Continue scrolling down for additional regulations that state payday loans must follow.

Here are some specific Washington regulations, to protect consumers from predatory lending in the payday loan industry:

  • Maximum Payday Loan Term
    45 days
  • Maximum Finance Charges and Fees
    15% interest on loans up to $500 and then 10% on remaining loan amount from $501-700. Finance charges up to $15 on $100.
  • Maximum Loan Amount
    $700 or 30% of borrower's gross monthly income, whichever is less.
  • Number of Rollovers
    None
  • Outstanding Loans Allowed at Once
    8 loans per year, but not at the same time.
  • Cool-Off Period
    N/A
  • Payment Plan
    Payment plans permitted for those who cannot afford to repay and lenders cannot charge additional fees on repayment plan.
  • Collection Fees
    $25 NSF fee
  • Presentment Limit
    One
  • Private Right of Action
    Civil and criminal charges for fraudulent checks
  • Military Protection
    N/A
  • Penalties
    Reasonable court costs and attorney fees, plus all loan costs

As of January 2013, no further legislative mandates governing the cash advance industry have been passed.

References:

Washington Statute: 31.45.010 et seq.

Washington Department of Financial Institutions
Division of Consumer Services
P.O. Box 41200
Olympia, WA 98504
Phone: (360) 902-8700
Fax: (360) 725-7827
Web: http://www.dfi.wa.gov