District of Columbia

State Payday Loan Law Information

Payday loans in the District of Columbia are not restricted to any maximum amount. The minimum amount of a check held for deferred deposit by a lender must amount to no less than $50. The accumulated amount of checks being held for deferred deposit must not exceed $1,000 per customer. 

Certain collection charges are permitted for cashing a check. A 5% charge is of value of a government or payroll check, 7% of the face value of an insurance check, 10 percent of the face value of a personal check or money order, or $4, whichever is greater is permitted. The lender may charge an additional fee for verification, handling, and documentation processing totaling no more than $5 on a personal check with a face amount of up to $250; no more than $10 on a personal check with a face amount of $250.01 to $500; no more than $15 on a personal check with a face amount of $500.01 to $750; and no more than $20 on a personal check with a face amount of $750.01 to $1,000. 

No requirements were found for the number of rollovers permitted or the amount of time for a cooling-off period.

 

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