Whether money supply will minimize issuing pay day loans completely will depend on the cost of the audit that is next
вЂњWeвЂ™re maybe not making much revenue off of it,вЂќ she says.
The fee that is maximum payday loan provider may charge in Washington state is $15 for almost any $100 loaned.
State legislation additionally limits payday loan providers to a one-time charge of $25 for bounced checks on a person loan regardless how numerous checks bounce whenever a lender tries to gather re payment about it, she claims.
Flores says a debtor whom bounced three checks on payment of a payday that is single вЂ” causing money supply to get rid of money as a result of returned check charges from the bank вЂ” had been the very last straw for accepting new cash advance borrowers.
вЂњWe were out a ton of cash on that certain,вЂќ Flores claims. вЂњThat ended up being my breaking point. We told my boss, вЂI donвЂ™t think we must try this any longer. ItвЂ™s a losing company.вЂ™вЂќ