Category Archives: Washington

The Kitsap Sun reports that the state ordered Moneytree to stop allowing borrowers to use and then “rescind” small loans and stick to an eight-loan limit. Rescinding the loans allows a borrower to have a clean slate. Moneytree has over 35 locations in the state of Washington.  They also operate in California, Colorado, Idaho and […]

Check ’n Go spokesman Jeff Kursman said the company, which has 1,100 loan shops nationally, will close all its Washington locations by Jan. 1. This is not as shocking as it may seem. They currently have 3 locations, but do not see the point in expanding in a state with heavy restrictions. The state of […]

On Jan. 1st, payday loans will have tighter restictions in Washinton. Here are the basics: Limits the size of a payday loan to 30 percent of a person’s monthly income, or $700, whichever is less. Bars people from having multiple loans from different lenders, and sets up a database to track the number of loans […]

In a 25-24 vote on Wednesday, the Senate rejected the House’s request to pass a bill that would limit the size of a payday loans to 30 percent of a person’s monthly income or $700 – whichever is less; barring people from having multiple loans at different payday companies, and setting up a database to […]

This article in Seatle Weekly prompted me to write this. I think the state would be better off creating incentives for people to create saving’s accounts than making payday loans tougher to get. These legislative sessions are a joke. What’s the point in making lenders miserable over frivolous laws? These law makers are trying to […]

Laura Onstot’s article titled, “Key To Payday Bills? Make Sure Both Sides Hate It” is pretty funny. I’m also giving Laura some credit for giving the facts and offering a balanced synopsis of the payday industry in Washington. The reality is that people don’t want payday lenders to go away, just like they don’t want […]

Washington state by vote of 84-10 is trying to put a limit on the amount a person can borrow to the lesser of 30% of their monthly income or $700, which ever is less. They also are requiring a mandatory payment plan. This is better than 36%. I believe borrowers are locked out of the […]