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Pay day loan law takes impact in Washington state

Pay day loan law takes impact in Washington state

SEATTLE (AP) — following a brand new legislation imposing stricter laws regarding the payday financing industry takes impact today, Ken Weaver isn’t positive their two check-cashing stores 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. In addition it bars folks from having loans that are multiple various loan providers, limits how many loans an individual may just just just take down to eight per one year, and creates a database to trace the sheer number of loans applied for by individuals.

“we think it will affect (them) pretty considerably,” stated Weaver, whoever Apple Valley Check Cashing shops come in Moses Lake and Wenatchee. “we do not understand if we’re gonna most probably in 6 months.”

The restriction as to how numerous loans individuals will manage to remove is exactly what will cut into their stores’ income, Weaver stated, echoing one of many arguments from the payday industry as to how the law that is new cut into its enterprize model. […]