Legal Status: Legal (Lender must have a small loan endorsement to their check casher license in order to make payday loans)
Citation: Wash. Rev. Code Ann. 31.45.010 et seq.
Washington State Licensed Online Lenders:
CashCentral.com, CashNetUSA.com, CheckCity.com, SpeedyCash.com
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%
Collection Fees: $25 NSF fee (one time per instrument); collection costs (excluding attorney's fees, interest and damages)
Criminal Action: Prohibited
Regulator: Washington Department of Financial Institutions
Address: Division of Consumer Services, PO Box 41200 Olympia WA 98504
Washington Department of Financial Institutions
File a Complaint
About Predatory Lending
The table below will display a representation of different loans with an annual interest rate of 35%*. Interest rates are set after assessing each customer's credit worthiness through traditional credit checks.
|Borrowed Amount||Loan Period||Monthly Payments||Total Payable Amount|
* The interest rate displayed in the examples table above is only representative. Not all customers will be eligible for a loan with the lowest interest rate. The APR and loan amount is determined by several factors such as: credit history, employment history, even state law.