Pay day loan law takes impact in Washington state

SEATTLE (AP) — following a law that is new stricter laws regarding the payday financing industry takes impact today, Ken Weaver is certainly not positive his two check-cashing stores installment loans no credit check in eastern Washington will continue to be available.

The law that is new how big is a quick payday loan to 30 % of an individual’s month-to-month earnings, or $700, whichever is less. It bars folks from having loans that are multiple various lenders, limits the sheer number of loans an individual can simply simply take off to eight per year, and creates a database to trace the amount of loans applied for by individuals.

“we think it will affect (them) pretty significantly,” stated Weaver, whoever Apple Valley Check Cashing shops have been in Moses Lake and Wenatchee. “we do not determine if we are gonna likely be operational in 6 months.”

Read More