Washington Payday Loan Laws and Regulations in (WA)

(last updated 01/02/2018)
Payday loans and cash advances are legal in Washington. The Washington Department of Financial Institutions has been regulating Payday Loans and Cash Advances since Jan. 1, 2010. As of 09/19/2014 there were not specified licensed lenders and not specified licensed locations in Washington.
 
The maximum payday loan allowed in Washington is $700 or 30% of your gross monthly income, whichever is less. The maximum payday loan as a percentage of income is 30% of your gross monthly income. The number of loans that can be open at one time is no more than one loan of $700 plus allowable fees from any one lender. The maximum permissible fees allowed in Washington is 15% for the first $500; 10% for the remaining portion of the loan in excess of $500 up to the $700 maximum. The maximum APR for a $100 14 day loan is 390%. The cooling off or waiting period for obtaining another loan is 0 days. The number of rollovers that are permitted is 0 (cannot repay a loan with proceeds of another). The minimum loan term is not specified. The maximum loan term is 45 days.
 
This information is for informational purposes only. Although care has been taken to accurately describe the laws and regulations in Washington, no guarantees are implied or expressed about its accuracy. This is not legal advice. If you need legal advice, please consult an attorney or the Washington Department of Financial Institutions.
 
The following classes of lending organizations may be exempt from some, all, or none of the regulations and laws set by the state of Washington. Federally chartered banks, state chartered banks, credit unions and some entities organized under the laws of a sovereign nation (for example) a Native American Tribe or the country of Antigua.

Washington Payday Lending Regulator (WA)

Regulating Authority
Washington Department of Financial Institutions
Division of Consumer Services
150 Israel Road Southwest
Tumwater , WA 98501
(360) 902-8700, or 1-877-RING DFI (746-4334)
http://dfi.wa.gov/check-cashers

Agency for Handling Complaints
Washington Department of Financial Institutions
Division of Consumer Services
P.O. Box 41200
Olympia , WA 98504
(360) 902-8700, or 1-877-RING DFI (746-4334)
http://dfi.wa.gov/documents/payday-loan-complaint.htm

 


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Washington Payday Loans (WA) by City

Auburn
Bainbridge Island
Bellevue
Bellingham
Bothell
Bremerton
Burien
Des Moines
Edmonds
Everett
Federal Way
Issaquah
Kenmore
Kennewick
Kent
Kirkland
Lacey
Lake Stevens
Lakewood
Longview
Lynnwood
Maple Valley
Marysville
Mercer Island
Mount Vernon
Oak Harbor
Olympia
Pasco
Pullman
Puyallup
Redmond
Renton
Richland
Sammamish
SeaTac
Seattle
Shoreline
Spokane
Spokane Valley
Tacoma
University Place
Vancouver
Walla Walla
Wenatchee
Yakima

Washington Debt Relief, Financial Counseling, and Consumer Credit Information


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