Pay day loan law takes impact in Washington state

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

The new legislation limits how big is a quick payday loan to 30 % of an individual’s month-to-month earnings, or $700, whichever is less. Moreover it bars individuals from having numerous loans from various loan providers, limits the amount of loans an individual may just simply take off to eight per one year, and creates a database to trace the amount of loans removed by people.

“we think it will affect (them) pretty significantly,” stated Weaver, whoever Apple Valley Check Cashing shops come in Moses Lake and Wenatchee. “we do not understand if we are gonna likely be operational in half a year.”