SEATTLE (AP) — After a law that is new stricter laws regarding the payday lending industry takes impact today, Ken Weaver just isn’t positive their two check-cashing stores in eastern Washington will stay available.
The brand new legislation limits how big is a quick payday loan to 30 percent of a person’s month-to-month earnings, or $700, whichever is less. It bars folks from having loans that are multiple various lenders, limits the sheer number of loans an individual may simply just take off to eight per year, and creates a database to trace how many loans applied for by individuals.
“we think it’s going to affect (them) pretty considerably,” stated Weaver, whoever Apple Valley Check Cashing shops come in Moses Lake and Wenatchee. “we do not determine if we are gonna likely be operational in 6 months.”