There is a lot of misinformation on payday loans and payday lenders in Washington State. There is a great article on this subject here, if you want to read up further. We will go over the basics of this article to give you the information that you need and to save you a little time.
- You can only borrow up to $700 per payday loan.
- When you take a loan, your information is stored on a state database.
- You are limited to 8 loans in a 12 month time frame.
- If you are unable to pay your loan, you may request a no fee installment plan.
- You can not receive another loan when on an installment plan.
- Lenders are prohibited from harassing you.
- The maximum loan term is 45 days.
- The maximum fee is 15% on the first $500 of the loan.
- Lenders are regulated by Washington State and you can verify a license by calling 1-877-RING-DFI.