Thursday, April 30, 2009

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More about online payday loan cash advances in DC.

District of Columbia laws are subject to change periodically

regarding online payday loans.

DC District of Columbia Payday Loan Laws & Legislation
District of Columbia Payday loan laws. District of Columbia

Payday loan legislation. 10% of the face amount of the payday

loan plus a scale of fees based upon the face amount of the

check.

In May 2008, the Washington D.C. City Council passed a bill

which put a 24% interest rate cap on small consumer loans. By

the end of the year 21 payday loan stores had ceased to exist.

For a thorough discussion of the payday loan industry and access

to our payday loan training materials, we recommend you proceed

to PaydayLoanIndustry.com

Washington DC Payday Advance Stores Form Trade Association;

Calls on DC City Council to Implement Industry Wide Reforms

Forty plus payday advance stores in the District form the

District of Columbia Financial Services Association (DCFSA).

DCFSA will focus on working with the Washington, DC City Council

to enact into law several key reforms to better protect payday

advance customers and preserve a popular, well-regulated short-

term credit option. These reforms include requiring all lenders

to:

-- Make sure consumers understand the cost of the product by

fully disclosing all fees in simple and easy to understand

language
-- Help customers avoid getting into a "cycle of debt" by

allowing only one rollover and offering and extended payment

plan, at no cost, to any customer who cannot pay back the loan

when due
-- Verify that customers have the ability to repay, before

approving the loan
-- Support tougher penalties for any lender not following the

law
-- Fund financial literacy programs in the District

"DCFSA encourages the DC City Council to enact these no-nonsense

reforms into law," said Sonny Eyabi, President, DCFSA. "Our

members will be required to institute these reforms to better

protect our customers. We hope the City Council will follow our

lead, and take the necessary steps to protect DC residents

without taking away a valuable tool that helps Washingtonians

make ends meet between paychecks."

Payday loans are short-term, small loans used by customers who

want to avoid bounced-check fees, late credit card payments or

utility shut-off charges. The maximum fee for a payday loan in

DC is $16.11 per $100 borrowed.

"Payday advance stores in DC care about their customers. Our

customers are our friends, our neighbors, the police officers

who protect us, the teachers who educate our children and the

healthcare workers who mend us. We sincerely hope the City

Council will enact common sense reforms to protect these

consumers and not pass any proposal which would essentially ban

payday advance in the District," concluded Eyabi.

For more information, please visit http://www.reformpayday.com.

The site includes a full list of DCFSA's Best Practices

http://www.reformpayday.com/best-practices.php and a video of DC

customers explaining why they have used the payday advance

service.

About the DC Financial Services Association
The DC Financial Services Association is dedicated solely to

promoting responsible regulation of the payday advance industry

and consumer protections through DCFSA's Best Practices. As

such, we are committed to working with policymakers, consumer

advocates and DCFSA member companies to ensure that the payday

advance is a safe and viable credit option for consumers. Go to

http://www.reformpayday.com for additional information. District

of Columbia Financial Services Association
CONTACT: Steven Schlein or Lyndsey Medsker, +1-202-296-0263, for

District of Columbia Financial Services Association
Web site: http://www.reformpayday.com/

Citation:
Amended D.C. Code Ann. § 28-3301(a)

Small Loan Rate Cap
24% per year

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