SEATTLE (AP) — after having a brand new law imposing stricter laws regarding the payday financing industry takes effect today, Ken Weaver is certainly not positive their two check-cashing stores in eastern Washington will continue to be available.
The brand new legislation limits how big an online payday loan to 30 percent of an individual’s month-to-month earnings, or $700, whichever is less. Moreover it bars folks from having loans that are multiple various loan providers, limits the number of loans an individual can take down to eight per year, and sets up a database to trace how many loans applied for by individuals.
“I think it is going to affect (them) pretty considerably,” stated Weaver, whoever Apple Valley Check Cashing shops come in Moses Lake and Wenatchee. “we do not understand if we are gonna most probably in half a year.”