Washington

State Payday Loan Law Information

Payday loans in Washington are restricted to amounts equal to or less than $700.  The maximum term of any loan is 45 days.  The maximum finance rate and fees are limited to 15% for the first $500 and 10% for the remaining portion of the loan in excess of $500 up to the $700 maximum.

The maximum number of outstanding loans at one time is limited to one.  A company cannot hold an amount more than $700 plus allowable fees from any one borrower at any time.  Rollovers are not permitted and the loan cannot be repaid with proceeds from another loan.  The cooling off period is unspecified.  A repayment plan may be voluntarily entered by the company and borrower at any time.  A borrower has the right to convert a small loan to a statutory payment plan after four successive loans and prior to default on the last loan.

Collection fees are limited to one $25 NSF per instrument, collection costs excluding attorney’s fees, interest and damages.  Criminal action is prohibited.

 

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