Washington

Business Application: Under Code 31.45.010 a lender is required to obtain a license in the state of Washington. This law applies to anyone in the business of making small loans of up to $500 for a period of 31 days or less. The applicant in Washington must pay a fee, and post a surety bond payable to the state. Once they are approved, they must pay an annual assessment fee to the Washington Department of Financial Institutions.

Fees: Under Washington law a payday lender can charge a fee up to 15% of the face amount. The maximum annual percentage rate (APR) allowed in the state of Washington is 390%.

Terms: Washington law prohibits any payday loan lender from deferring a loan past 31 days.

Loan Amount: Washington payday loan laws allow consumers to borrow up to $500 at a time.

Requirements: Each payday loan business in Washington must place their license in plain view. They must also post a schedule of fees.

Legal Action: A payday loan company may be served charges for a civil action if they are engaging in unsound practices. In the state of Washington any violation of payday loan laws is considered a misdemeanor. This includes but is not limited to unfair and deceptive practices under the Unfair Deceptive Acts and Practices statute.