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Washington Cash Advance Law and Legislation

Washington Cash Advance Law and Legislation

Payday financing is legal in Washington.

When you look at the state of Washington, the utmost cash advance amount must not surpass $700 or 30percent for the gross month-to-month earnings. The utmost loan term is 45 times. Average APR for the $300 pay day loan is 391%*. Finance costs for loans smaller compared to $500 must not meet or exceed %15, for loans bigger than $500 – 10%. Unlawful actions are forbidden. Roll-overs and extensions aren’t permitted.

Washington has up to now been good in using measures against high-cost financing techniques. Because of the regulations that are existing the amount of payday financing areas paid off dramatically: 23.9% from 2016 to 2017. And because 2006, the decrease is much more prominent – 88.4% (in accordance with DFI 2017 Payday Lending Report).