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Rates and rules

Washington Loan Rates and Rules

Who regulates consumer lending in Washington, how rates are set, and how to check a lender and its rate before you borrow. For new requests SET Financial is not the lender: it connects Washington residents with third-party lenders who set all rates and terms.

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This page is general information, not a rate quote. Not everyone who applies will be matched or approved.

Who regulates consumer lending in Washington

Licensed consumer lenders in Washington operate under the Washington Consumer Loan Act (RCW 31.04), administered by the DFI Division of Consumer Services, which handles licensing, examination, and complaints. Washington's general usury law caps interest at the greater of 12 percent per year or 4 percentage points above the average 26-week Treasury bill rate, but loans made by DFI-licensed consumer loan companies are exempt from that cap, so the lender sets your rate, fees, and term within Consumer Loan Act rules. SET Financial is not a lender and is not licensed to lend in Washington ยท we only connect you with third-party lenders, and your actual APR and terms come from the lender you are matched with.

Regulator: Washington State Department of Financial Institutions (DFI), Division of Consumer Services.

How to check a lender before you borrow

Before you sign, confirm the lender's Washington license through the DFI Division of Consumer Services or NMLS Consumer Access, and read the exact APR, fees, and payment schedule on your loan agreement.

Many consumer lenders are also listed on NMLS Consumer Access, a national database you can search for free to confirm a company's license status and history.

Search NMLS Consumer Access

The four numbers to compare on any offer

A regulator's rules tell you about the lender. These tell you about the loan. Whoever you borrow from, and whether or not you use this site, compare offers on the same four things:

  • APR. The annualized cost including most fees. It is the only number that lets you compare two different loans honestly.
  • Total repayment amount. Principal plus every finance charge over the full term. A lower monthly payment stretched longer often costs more overall.
  • Term and payment schedule. How many payments, how often, and the exact due dates measured against when you actually get paid.
  • Fees and prepayment terms. Origination, late, and returned-payment fees, and whether paying the loan off early saves you interest.

Your loan agreement is the number that governs

Federal Truth in Lending rules require the lender to disclose the APR, finance charge, amount financed, and total of payments on the loan agreement before you sign. Any rate you see in marketing, including on this site, is general information. The figures on your own signed agreement are what actually apply to your loan.

Common questions about Washington rates

Who regulates consumer installment lenders in Washington?

Licensed consumer lenders are regulated by the Washington State Department of Financial Institutions (DFI), Division of Consumer Services, under the Washington Consumer Loan Act (RCW 31.04). You can verify a lender's license and file complaints through DFI.

What interest rate or APR can I expect in Washington?

There is no single fixed rate. Washington's general usury cap is the greater of 12 percent or 4 points above the average 26-week Treasury bill rate, but DFI-licensed consumer loan companies are exempt, so the lender sets your APR and fees within Consumer Loan Act rules. Always confirm the exact APR on your agreement.

This page is general information about Washington lending rules, not legal or financial advice, and it is not a rate quote. Rules change; confirm anything that matters to your situation with the Washington State Department of Financial Institutions (DFI), Division of Consumer Services or a qualified advisor. SET Financial is not the lender on new requests and does not set the rates, fees, terms, or approval decisions of the third-party lenders in its network.

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