Washington State Information

Legal Status: Legal (Lender must have a small loan endorsement to their check casher license)

Wash. Rev. Code Ann. 31.45.010 et seq.

Loan Terms:
Maximum Loan Amount: $700 or 30% of gross monthly income, whichever is less
Loan Term: Min. 7 days, 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%

Debt Limits:
Maximum Number of Outstanding Loans at One Time:
 A company cannot hold a check or checks in an aggregate face amount of more than $700 plus allowable fees from any one borrower at any one time. Maximum 8 loans in 12 months.
Rollovers Permitted:
 None (cannot refinance, renew, extend or pay off loan with proceeds of another)
Cooling-off Period:

Repayment Plan:
 Yes. (Plan is 90 days for debt of $400 or less and at least 180 days for larger debts. No extra fees.)

Collection Limits:
Collection Fees: $25 NSF fee (one time per instrument); collection costs (excluding attorney's fees, interest and damages)
Criminal Action: Prohibited

Where to Complain, Get Information:
Regulator: Washington Department of Financial Institutions
Address: Division of Consumer Services, PO Box 41200 Olympia WA 98504
Phone: (360) 902-8700               
Fax: (360) 586-5068
Regulator Website

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