Washington

Payday Loans in Washington

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

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
Average Credit Card Debt (Q2 2019)
Median Household Income (2018)

Payday Loans in Washington

A payday loan is a short-term loan, usually for $500 or less.

In 2015, 776,824 loans were taken out from one of the 139 licensed payday lenders still operating within the state of Washington. And in 2017, only 86 total licensed payday lending locations were in operation in the state.

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

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 Lender in Washington

Borrowers can file a complaint with the Washington State Department of Financial Institutions.

Washington State Department of Financial Institutions

Washington State Attorney General

Guides to Payday Loans in Washington Cities

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

Seattle