Page last reviewed: 28 May 2018
Contents:
- Loan calculator – compare 9 companies in Washington;
- Legal information – consumer rights and obligations of lenders;
- Payday loan help – what to do if you are in trouble;
- Cities – detailed review of payday lenders in biggest cities in Washington;
Payday loans calculator
Legal information
Washington law prohibits a lender from making a payday loan to you if:
1. You currently have one or more outstanding payday loans totaling $700 or equaling 30% of your gross monthly income, whichever is less;
2. You currently have an installment plan to pay off a previous payday loan;
3. You have taken out 8 loans in the last 12 months; or
4. You are in default on another payday loan.
Important features of Washington payday lending laws:
- The lender is permitted to charge you a fee of $15 per hundred dollars loaned for loans up to and including $500 and $10 per hundred dollars loaned for loan amounts over $500 and up to and including $700.
- The lender cannot charge you a fee for cashing their check.
- Your loan term must be your next pay date or the pay date after that if your first pay date is within 7 days of the date the loan is made. The loan term cannot be longer than forty-five days, unless you enter into an installment plan or otherwise agree to a longer loan term.
- The lender cannot cannot make a loan to you to refinance, renew, extend, or pay off your payday loan with the proceeds of a new loan.
- You may request an installment plan on or before the date your loan is due if you are unable to pay the loan in full on that date. The installment plan should be at least 90 days for loans up to $400 and at least 180 days for bigger loans. Your payday lender may not charge you a fee to enter into an installment plan.
- You have the right to rescind your loan at any time prior to the close of business on the next day the lender is open following the date your loan is made by paying the payday lender the amount advanced to you.
- When collecting or attempting to collect a payday loan, the lender may not harass or intimidate you. The lender is restricted from contacting you or your spouse more than 3 times in one week and may not contact you at home between the hours of 9 p.m. and 7;30 a.m.
- If you do not repay the loan by the time the loan is due, the lender is permitted to charge you a one-time fee of $25 for a returned check fee if they deposited your check and it was returned unpaid.
Summary of consumer rights could be found here – pdf file.
Payday loan help
If you have questions about payday lending or have a complaint against a payday lender, please contact the Department of Financial Institutions toll free at (877) RING DFI (1-877-746-4334) or 360-902-8700. You may file a complaint on the Internet at http://dfi.wa.gov/cs/complaint.htm
Cities
For detailed review of payday lenders in each city, please click the link: