Washington, D.C. Payday Loan Laws

In the state of Washington, you would find that there are a lot of rules and regulations for payday loans. Most of them are extremely strict and certainly abide by the different lending agencies. All the lending agencies need to be registered under the government; otherwise they would not be allowed to practice in this particular state.

• Maximum APR – 390 percent
• Maximum Finance Fees – $15 per $100 dollars
• Maximum Financing Interest – 15 percent
• Maximum Quantity of Loans at One Time – One
• Maximum Payday Loan – $ 700
• Loan Term Limit – 10 Days
• Loan Term Maximum – 45 Days
• Total Number of Extensions: 3 times
• Loan Default Collections Actions Permitted: Non-criminal (exception for NSF checks)

When we talk about payday loans in the state of Washington, you would find that there are a lot of legalities that you need to be careful of. There are a lot of licensed lenders that can loan you about $ 700 at one time, and you need to be very careful with the amount of money as there are a lot of other liabilities that you would have to do pertaining to the different kinds of payday loans.
Taking into account that there are a variety of rules and regulations that can be exploited by the lender, you need to always be careful about the amount of interest that has been levied by the lending agency. If you find that it is above the stipulated rate of interest, then you should try and steer clear of such a lending agency. Most of the people fall for such a claim that if they go for 13% rather than 12% of the interest, they would only have to pay a small amount of money as a bonus to the lender.

Such kinds of transaction are extremely shady and does not account for the amount of money that can be given to such transactions. Hence make sure that you get into the thick of the affair, and go for the best possible solution of getting the best payday loans that can help you in such times of need. There are also the nexus of the financial department with such lenders, which can make life difficult for one stubborn borrower. Hence you need to be wary of such people before you even think of dealing with such kind of persons.

Comments are closed.