payday loan rules in washington state
A payday loan is a small, unsecured, high interest, short-term cash loan. In most cases, consumers write a post-dated, personal check for the advance amount, plus a fee. The lender holds the check for the loan period and then deposits it, or the customer returns with cash to reclaim the check.
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Information for Washington check cashers, check sellers, and payday lenders.
washington state law for payday loans
Payday loans are small, very short-term loans with extremely high interest rates that are effectively advances on a borrower's next paycheck. they're typically obtained when a borrower goes to a check-cashing outlet or an online equivalent, pays a fee and writes a postdated check that the company agrees not to cash until the customer's payday. finance charges typically amount to annual interest rates in the triple digits, around 400 percent, and can go as high as double that.The new law limits the size of a payday loan to 30 percent of a person's monthly income, or 0, whichever is less. it also bars people from having multiple loans from different lenders, limits the number of loans a person can take out to eight per 12 months, and sets up a database to track the number of loans taken out by people."there's still high demand for our product but we won't be able to feed it," said joe brown, general counsel for the check masters chain. the new law "will push people to other forms of short term credit, turn to sources that are not subject of regulations, such as online lenders that operate off shore.".But for consumer advocates who lobbied for the new law, the regulations being put in place are a step toward protecting people from falling into debt. for years, they have argued that payday lending leaves people paying off loans for a long time, often using other payday loans, and paying heavy interest.
new payday loan laws in washington state
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payday loans in washington laws
THE Washington Legislature is the subject of more than its fair share of criticism, but we should recognize that it passes laws that protect the public and save us money....
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The new law limits the size of payday loans, restricting payouts to 30 percent of an individual’s monthly income or 0, whichever is lower. the law will also alter other aspects of payday lending, limiting the total number of loans a borrower can take out over a 12-month period, and restricting borrowers from taking out multiple loans from multiple sources. in addition, the law will set up a database to track loan and borrower practices.The law itself, however, was passed as a way to protect consumers from crippling debt. consumer advocates have strongly lobbied for the law to help stop the cycle of debt that can result from payday loans. often, consumer advocates argue, consumers find themselves high in debt, and the only way they can pay off one payday loan is with another. because these loans may be included in a bankruptcy case, many feel forced to file.Find a bankruptcy lawyerfree bankruptcy evaluationstate bankruptcy lawsthe bankruptcy courtsstate property exemptionsbankruptcy informationchapter 7 vs. chapter 13cost of bankruptcycars in bankruptcymedical bankruptcycredit card debtstop bill collectorswage garnishmentwill bankruptcy hurt or help?bankruptcy faqschapter 7 bankruptcycan i file chapter 7?the qualifying means teststate median income chartchapter 7 timelinechapter 7 feesrecords needed to file 7chapter 13 bankruptcystop foreclosurechapter 13 feeschapter 13 timelinerecords needed to file 13after filing bankruptcyhow to rebuild creditcar loans after filing.While consumer advocates support the measure, lenders claim that the law will deny consumers the ability to get a loan in difficult financial times as other emergency means like credit cards tighten their requirements. they claim that there is demand for their services, and that if payday lenders are cut off, consumers will have to turn to short term financial solutions that are not subject to government regulations as they are.
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This page contains a summary and chart showing state by state payday lending statues and laws by loan amount,
Payday lender Moneytree is lobbying state lawmakers to rewrite Washington’s tough short-term lending rules.