Washington State payday loan laws in a nutshell:
The Washington State payday loan law limits the size of a payday loan to 30 percent of a person’s monthly income, or $700, 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.
Payday loan limit is capped at $700.00 or 30% of gross monthly income, whichever is less.
A statewide databases established so that payday lenders can track their borrower’s loans.
If a person is not in a position to repay on time, they can ask the lender for an installment plan, which the lender must provide free.
Payday loan lenders may not harass people who can’t pay
Payday loan consumers have access to 8 payday loans per year.
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