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Home State Regulations

Payday Loan Laws in District of Columbia

Loan Term:31 days
Loan Amount:$50 min; up to $1,000 per borrower
Fees and Finance Charges:$5 on amounts up to $250; $10 face amounts $250.01 to $500; $15 on face amounts $500.01 to $750; and $20 on face amounts of $750.01 to $1,000+ fees
Laws:New statutes were recently passed in the District of Columbia to make payday loans legal. Lenders are permitted to establish large APR rates; for example, on a 14 day loan for one hundred dollars, a borrower can expect to be charged an APR of 410%. Lenders are also allowed to assess additional fees for all loans, including those for processing and verifying applications. These fees must be established according to a sliding scale of amounts borrowed.