Aftereffects of pandemic might reverse trend, nevertheless

The rise in popularity of payday financing in Washington state happens to be decreasing steadily, based on information released in from the Washington state Department of Financial Institutions’ 2019 Payday Lending Report august.

Whilst the events of 2020 could reverse that trend, brick-and-mortar loan providers here continue steadily to face pressures from online payday lenders and a shifting regulatory landscape.

Information within the report shows the wide range of payday loan providers in the state while the buck level of payday advances have actually both reduced by small amounts yearly within the last 15 years, ultimately causing a cumulative bigger decrease. Continue reading →