As of January 1st 2010, a new payday lending law was imposed in Washington. “The new law limits the size of a payday loan to 30 percent of a person’s monthly income, or $700, whichever is less. It also bars people from having multiple loans from different lenders, limits the number of loans a person can take out to eight per 12 months, and sets up a database to track the number of loans taken out by people.” This will be something that lenders will now have to pay attention to.
Leadpile will be watching the status of Washington and payday loans, because we work with publishers nationwide, and we will be interested in any legal changes that happen in this particular state.