Payday loans are legal in Washington. The maximum loan term is 45 days.
The maximum payday loan amount is $700 (or 30% of the gross monthly income). The average APR is 391%. Finance charges for payday loans of up to $500 do not exceed 15%, for loans over $500 – 10%. Criminal actions against borrowers are prohibited.
Payday loan companies operating in Washington must comply with state laws. Lending is regulated by Wash. Rev. Code Ann. 31.45.010 et seq.
Roll-overs and extensions are not allowed for online payday loans in the state of Washington.
Payday lenders (in-store and online) wishing to operate in the state are obliged to have a license.
A person can get only 8 payday loans per year.
The finance charge on a $100 payday loan in Washington DC given for 2 weeks does not exceed $15.
Borrowers must have a repayment plan. They are not charged any extra cost if they notify the lender before the loan is due.
NSF cannot exceed $25; collection costs are also allowed.
Washington Payday Loan Regulations:
| Legal Status | Legal |
| Minimum Loan Amount | Not Specified |
| Maximum Loan Amount | $700 (or 30% of gross monthly income) |
| Number of Rollovers Allowed | 0 |
| Interest Rate (APR) | 391% APR |
| Minimum Loan Term | Not Specified |
| Maximum Loan Term | 45 days |
| Finance Charges | <$500 = 15%; >$500 = 10% |