Payday loan relief in Washington State
Date: Mon, 10/27/2008 - 20:30
Before going for payday loan consolidation, please check whether
Before going for payday loan consolidation, please check whether the concerned pdl companies are internet or store-front? If they are internet pdls then see whether they are licensed in your state. If they are not then you are only obliged to pay the principal amount and nothing else. If the pdls are licensed or store front then the payday loan laws of your state will come to effect and you have to abide by it. PDL laws of Washington: -
Quote:
Legal Status: Legal (Lender must have a small loan endorsement to their check casher license in order to make payday loans) Citation: Wash. Rev. Code Ann. ???? 31.45.010 et seq. Loan Terms: Maximum Loan Amount: $700 Loan Term: Max: 45 days Maximum Finance Rate and Fees: 15%: first $500; 10%: remaining portion of the loan in excess of $500 up to the $700 maximum Finance Charge for 14-day $100 loan: $15 apr for 14-day $100 loan: 390% Debt Limits: Maximum Number of Outstanding Loans at One Time: A company cannot hold a check or checks in an aggregate face amount of more than $700 plus allowable fees from any one borrower at any one time. Rollovers Permitted: None (cannot repay loan with proceeds of another) Cooling-off Period: Repayment Plan: A company and a borrower may voluntarily enter a payment plan at any time. A borrower, however, has a right to convert a small loan to a statutory payment plan after four successive loans and prior to default on the last loan. Collection Limits: Collection Fees: $25 NSF fee (one time per instrument); collection costs (excluding attorney's fees, interest and damages) Criminal Action: Prohibited Where to Complain, Get Information: Regulator: Washington Department of Financial Institutions Address: Division of Consumer Services, PO Box 41200 Olympia WA 98504 Phone: (360) 902-8700 Fax: (360) 725-7827 |
