Washington payday lenders made 268,399 loans to 86,374 borrowers in 2025, totaling $124.8 million. Loan count fell 6.5% from 2024 and is down 22% from 2020. The average loan was $464.96. 26,908 loans, 10.0%, went into default.
In Virginia, the five licensed short-term lenders made 16,205 loans to 7,447 borrowers, totaling $14.5 million. That is about half the 2022 and 2023 levels. The average loan was $895 at an average APR of 102%.
These two states are among the few that publish detailed annual payday lending data. Their rules differ, so their numbers are shown separately rather than added together.
Washington
Washington caps a payday loan at $700 or 30% of gross monthly income, whichever is lower. Fees can be up to 15% of the first $500 and 10% of the amount above that, so a $500 loan can cost $75. Borrowers can convert a loan to an installment plan at no cost before default; 19,771 did in 2025. Total fees paid were $15.1 million, an average of $56.40 per loan.
| Year | Loans | Borrowers | Amount lent | Average loan | Defaulted loans | Default rate | Converted to installment plans |
|---|---|---|---|---|---|---|---|
| 2025 | 268,399 | 86,374 | $124.8M | $464.96 | 26,908 | 10.0% | 19,771 |
| 2024 | 286,993 | 92,032 | $135.3M | $471.29 | 28,144 | 9.8% | 24,054 |
| 2023 | 298,571 | 94,663 | $141.8M | $475.00 | 30,978 | 10.4% | 18,245 |
| 2022 | 300,750 | 95,397 | $136.2M | $452.82 | 32,069 | 10.7% | 34,138 |
| 2021 | 288,748 | 92,130 | $123.4M | $427.27 | 28,034 | 9.7% | 26,458 |
| 2020 | 343,355 | 117,225 | $139.1M | $405.22 | 31,703 | 9.2% | 46,141 |
Virginia
Virginia's 2020 Fairness in Lending Act replaced traditional two-week payday loans with longer short-term installment loans, which the State Corporation Commission licenses under Chapter 18 of Title 6.2. In 2025, loan terms ranged from 127 to 720 days and APRs from 55% to 210%. Borrowers paid $2.2 million in loan charges, and lenders charged off 1,481 loans worth $1.1 million.
| Year | Loans | Borrowers | Amount lent | Average loan | Average APR | Defaulted loans | Locations |
|---|---|---|---|---|---|---|---|
| 2025 | 16,205 | 7,447 | $14.5M | $895 | 102% | 2,524 | 20 |
| 2024 | 16,489 | 7,105 | $15.0M | $909 | 96% | 2,716 | 20 |
| 2023 | 29,876 | 12,760 | $22.9M | $767 | 115% | 7,437 | 32 |
| 2022 | 29,138 | 13,993 | $19.4M | $667 | 118% | 7,163 | 37 |
Washington figures are from lender reports and the state payday lending database for each calendar year. Defaulted loans are counted as loans, not borrowers. Virginia figures are from licensee annual reports and the state short-term loan database; lenders that gave up their license before filing may not be included.
Source
Washington State Department of Financial Institutions, 2025 Washington State Payday Loan Report; Virginia State Corporation Commission, Bureau of Financial Institutions, 2025 Annual Report, Consolidated Operating Data of Licensed Short-Term and Payday Lenders. Retrieved October 24, 2026. Our tables are available under CC BY 4.0. Credit "My Credit Guide (mycreditguide.org)".
Steven Reynolds, "Payday Loans in Washington and Virginia, 2025," My Credit Guide, October 24, 2026, https://mycreditguide.org/data/payday-loans-washington-virginia/.