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Washington Cash Advance Law and Legislation


Washington Cash Advance Law and Legislation

Payday financing is appropriate in Washington.

The maximum payday loan amount should not exceed $700 or 30% of the gross monthly income in the state of Washington. The utmost loan term is 45 times. Average APR for the $300 cash advance is 391%*. Finance costs for loans smaller compared to $500 must not go beyond %15, for loans bigger than $500 – 10%. Unlawful actions are forbidden. Roll-overs and extensions aren’t permitted.

Washington has thus far been good in using measures against high-cost financing techniques. Due to the regulations that are existing the sheer number of payday financing locations paid down dramatically: 23.9% from 2016 to 2017. And because 2006, the decrease happens to be much more prominent – 88.4% (in accordance with DFI 2017 Payday Lending Report). Therefore has got the annual buck volume of pay day loans in Washington (82% decrease since 2006). Read more!