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Washington

Payday Loans in Washington

At a Glance
Washington
  • Nickname: The Evergreen State
  • Population: 7.54 million
  • Capital: Olympia
  • Website: WA.gov

Washington State, not be confused with D.C., is known for its lush green landscapes, the Starbucks headquarters, and 90s-era grunge. And while Washington may be best known for being home to Seattle, a glistening metropolitan area that many call the next Silicon Valley, there’s more to the state than these bright city lights. Look to the family farms of Eastern Washington or the wine country along the Oregon border.

In 2018, Washington state had a poverty rate of only 10.3% – one of the lowest in the nation. And the median household income in the state is quite a bit higher than the national average ($74,073 vs. $61,937).

Average Credit Card Debt and Median Household Income in Washington vs. Nationally
Washington
US
$6,156
$6,028
Average Credit Card Debt (Q1 2019)
$74,073
$61,937
Median Household Income (2018)

Payday Loans in Washington

payday loan is a short-term loan, usually for around $500.

Between 2009 and 2011, Washington saw a 42% reduction in the number of payday lenders operating in the state, and the number of payday loans taken out dropped from 3.2 million in 2009 to 856,000 in 2011. In 2015, the number fell even lower. That year, just 776,824 loans were taken out from one of the 139 licensed payday lenders still operating within the state of Washington. And in 2017, we saw the lowest numbers yet: only 86 total licensed payday lending locations and 663,882 payday loans borrowed by Washingtonians.

Source: The Washington State Department of Financial Institutions: 2017 Payday Lending Report

Number of Licensed Payday Lenders in Washington

 

Companies

Branches

Total Locations

2013

46

128

174

2014

39

121

160

2015

29

110

139

2016

26

87

113

2017

28

58

86

Source: The Washington State Department of Financial Institutions: 2017 Payday Lending Report

 

The dollar volume associated with payday loans has been notably decreasing from 2013 through 2017. As of 2017, the payday lending industry has decreased 82% to about $248.8 million. The average amount of a payday loan has essentially stayed the same in 2017 vs. 2016 ($392 and $385, respectively).

Payday Loans in Washington: Historical Data

 

2013

2014

2015

2016

2017

Small Loans Made

871,801

819,755

776,824

710,163

633,882

 

Total Amount of Small Loans

$331,430,078

$319,290,707

$300,903,558

$273,746,893

$248,772,165

Source: The Washington State Department of Financial Institutions: 2017 Payday Lending Report

 

According to The Washington State Department of Financial Institutions 2017 Payday Lending Report, Washington payday loan borrowers had an average annual income of $3,256 in 2017. Furthermore, the average age of payday loan borrowers in the state was 41.5 years in 2017, and the age distribution of these payday loan borrowers breaks down as follows:

Payday Loan Borrowers in Washington by Age

Age Category

18-24

25-34

35-44

45-54

55-64

65 or over

% of Customers

12.2%

26.0%

21.6%

18.7%

14.1%

7.4%

% of Transactions

10.7%

24.4%

21.5%

19.3%

15.6%

8.6%

Source: The Washington State Department of Financial Institutions: 2017 Payday Lending Report

 

As the table below shows, 75% of borrowers took out two or more payday loans in 2017.

Payday Borrower Loan Frequency in Washington

Annual Loan Frequency

1 Loan

2 Loans

3 Loans

4 Loans

5 Loans

6 Loans

7 Loans

8 Loans

TOTAL

Total Borrowers

45,730

34,239

25,600

18,721

15,173

12,743

12,202

16,280

180,688

% of Total Borrowers

25.3%

18.9%

14.2%

10.4%

8.4%

7.1%

6.8%

9.0%

100%

Consumer Protection in Washington

How to Report a Predatory Lender in Washington

If you suspect a lender of having predatory practices, or if you think you are a victim of predatory lending, you can file a complaint with the Washington State Department of Financial Institutions.

Washington State Department of Financial Institutions

Washington State Attorney General

Washington State is known for being at the forefront of consumer protections and a model example for how other states can make laws to protect consumers from predatory lending practices. The Attorney General’s office frequently reports on scam alerts and updates pending lawsuits in progress to enforce consumer protections, so that consumers are always up to date on what their Attorney General and the CFPB are doing to protect them. More robust consumer protection information in Washington State, as well as detailed descriptions of different types of deceptive business practices and common scams are available online as well.

With so many resources available from trusted sources, you know there is always somewhere to turn if you feel that you are being taken advantage of and unsure of how to protect yourself! You can always check this page for tips and tricks on how to stay safe and knowledgeable.

Guides to Payday Loans in Washington Cities

Check out these payday loan guides to the following cities in Washington:

Seattle