A payday loan is a small, unsecured, high interest, short-term cash loan. In most cases, consumers write a post-dated, personal check for the advance amount, plus a fee. The lender holds the check for the loan period and then deposits it, or the customer returns with cash to reclaim the check.
Changes Effective January 1, 2010 New!
* You may only borrow a total of $700 or 30% of your gross monthly income, whichever is less.
* Your information will be registered in a state-wide database, ensuring that all payday lenders have your most up-to-date loan information.
* You may only take 8 payday loans per 12-month period.
* If you are unable to repay your loan before your loan is due, you may request an installment plan with no additional fees.
* If you currently have an installment plan you may not receive another loan.
* Lenders may not harass or intimidate you when collecting a loan. If you are harassed, contact DFI and file a complaint.
Payday Loans In Washington State
* Who Licenses And Regulates Payday Lenders In Washington?
In Washington State, the Department of Financial Institutions (DFI) licenses and regulates payday lenders and the payday loan industry. You can verify the license of a payday lender in Washington State by calling 1-877-RING-DFI (746-4334) or verifying a license online.
* Complaint Against A Washington Payday Lender?
If you have a complaint against a payday lender operating in Washington, file a complaint with DFI.
* Maximum Loan Amounts & Terms In Washington
Maximum Loan Term: 45 days
Maximum Loan Amount: $700
Maximum Fee: 15% on the first $500 and 10% above $500.
Example 1: A loan for $500 + $75 fee = $575.
Example 2: A loan for $700 + $95 fee = $795
* Internet Payday Lenders
Internet payday lenders that do business with Washington residents must be licensed by DFI and adhere to Washington’s loan limits and terms. Before doing business with an internet payday lender, make sure they are licensed by DFI.