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The brand new law limits how big is a quick payday loan to 30 % of an individual’s month-to-month income

The brand new law limits how big is a quick payday loan to 30 % of an individual’s month-to-month income

SEATTLE (AP) following a brand new legislation imposing stricter regulations in the payday financing industry takes impact today, Ken Weaver just isn’t positive their two check cashing stores in eastern Washington will stay open.Payday loan legislation takes impact in Washington state

The brand new legislation limits how big is a quick payday loan to 30 % of someone’s month-to-month earnings, or $700, whichever is less. In addition payday loans Dannemora on it bars individuals from having numerous loans from various loan providers, limits the amount of loans an individual may simply simply take off to eight per one year, and creates a database to trace how many loans applied for by individuals. Continue reading

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