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Lending Laws of Washington

Within the state of Washington, the Washington Department of Financial Institutions (WA DFI) regulates payday lenders, cash advances and the payday lending industry. There are strict limits on all short term lenders operating within the state:

  • Max Loan Length: 45 days;
  • Max Loan Amount: $700 or 30% of monthly gross income (whichever is lower);
  • Max Fee: 15% on first $500 and 10% on any amount above $500

Any online lenders that lends to Washington state residents must be licensed by the State of Washington and follow the lending rules above. Please remember, in Washington it is legal to operate a payday lending company and industry laws governing payday loans are more standardized in comparison with the rest of the states. The maximum payday loan that can be taken is $700 with no minimum amount that must be extracted from the lender. A loan may be taken out for a maximum term of forty-five days. The finance charge for a $100 payday loan for 14 days is $15. No extensions are permitted.

Washington (WA)

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About Washington

Washington is a state in the Pacific Northwest region of the United States. It is north of Oregon, west of Idaho, east of the Pacific Ocean, and south of British Columbia. (British Columbia is part of Canada.) There are more than 6,000,000 people in Washington. Most live in the western part of Washington, which gets more rain. About a quarter of the people live in the east part, where it gets less rain, and some parts have a desert climate. The largest city on the east part is Spokane, and it is also the second biggest city in the state. The Cascade Mountains go down the middle of the state and break it into two sides. The state's nickname is the "Evergreen State" because it has a lot of pine trees. Washington was the 42nd state to join the United States, on November 11, 1889. It is often called "Washington State" so that it does not get confused with the nation's capital, Washington, D.C.

The capital of Washington is Olympia. Olympia is a small city on the west side of Washington, at the south end of Puget Sound. Washington's biggest city is Seattle, Seattle is also on Puget Sound.

Washington has many beautiful forests, rivers, gorges (gorges are small canyons), and mountains. Because it's next to the ocean, it has a long beach. However, because Washington is north of Oregon and California (the other two states on the West Coast of the United States), the ocean is cold, and usually not good to swim in.

The biggest universities in Washington are the University of Washington and Washington State University. The University of Washington is in Seattle.[3] Washington State University is in a small town called Pullman. Pullman is on the east side of the state.

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