Payday Loans Washington DC

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%