“We’re maybe maybe not making much revenue off of it,” she says.
The maximum charge a payday loan provider may charge in Washington state is $15 for every single $100 loaned. State law additionally limits payday loan providers to a single time charge of $25 for bounced checks on a person loan it doesn’t matter how numerous checks bounce whenever a lender attempts to gather re re payment upon it, she states. Flores says a debtor whom bounced three checks on payment of the payday that is single causing Cash supply to reduce money because of returned check fees from the bank ended up being the final straw for accepting new cash advance borrowers.
“We were out a lot of cash on this one,” Flores claims. Continue reading “The maximum charge a payday lender may charge in Washington state is $15 for virtually any $100 loaned.”