Washington
Washington Financial Snapshot
- 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).
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.
Companies
Branches
Total Locations
2013
46
128
174
2014
39
121
160
2015
29
110
139
2016
26
87
113
2017
28
58
86
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:
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.
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
- Online Complaint Form: https://dfi.wa.gov/file-complaint
- Phone: (360) 902-8703 or 1-877-RING DFI (1-877-746-4334)
- Email: CSEnforceComplaints@dfi.wa.gov
Washington State Attorney General
- Online Complaint Form: http://www.atg.wa.gov/file-complaint
- Phone: 1-800-551-4636 (in Washington only), 206-464-6684, 1-800-833-6388 (Washington State Relay Service for the hearing impaired)
- Consumer Protection Division: http://www.atg.wa.gov/consumer-protection
Guides to Payday Loans in Washington Cities
Check out these payday loan guides to the following cities in Washington: