If you want the math behind Washington payday fees, it is simple and fixed by statute: 15% of the first $500 borrowed, plus 10% of anything above $500, with no other charges allowed under RCW 31.45.073.
Quick answer: Washington payday fees are 15% on the first $500 and 10% on any amount above $500. So $300 costs $45, $500 costs $75, and a maxed $700 loan costs $95 in fees.
Worked examples
- Borrow $300: fee is 15% = $45; repay $345.
- Borrow $500: fee is 15% = $75; repay $575.
- Borrow $700: $75 + 10% of $200 ($20) = $95; repay $795.
Turning fees into APR
A $100, 14-day loan at 15% equals about a 391% APR. Because Washington caps the term at 45 days and bans add-on fees, the cost is predictable, but still high. A credit-union PAL near 28% interest is dramatically cheaper for the same need.
Frequently asked questions
No. Washington caps the charge at 15% on the first $500 and 10% above.
No add-on payday fees are allowed; the installment plan is also free.
A flat short-term fee annualizes into a large yearly percentage.
This article is educational and is not financial or legal advice. Loan laws change; always confirm the current rules and verify that any lender is licensed with the Washington Department of Financial Institutions (DFI) before you borrow.