Without a doubt about cash advance legislation takes impact in Washington state

Without a doubt about cash advance legislation takes impact in Washington state

SEATTLE (AP) — after having a law that is new stricter laws in the payday lending industry takes impact today, Ken Weaver just isn’t positive his two check-cashing stores in eastern Washington will stay available.

The brand new legislation limits how big a quick payday loan to 30 % of someone’s monthly income, or $700, whichever is less. In addition it bars individuals from having numerous loans from various loan providers, limits the sheer number of loans an individual may just just take down to eight per one year, and creates a database to trace how many loans applied for by people. Continue reading Without a doubt about cash advance legislation takes impact in Washington state