Because there are many laws and factors affecting interest rates, it is difficult to get a clear picture of why some loans have higher interest rates than others.
Interest rates in Washington State (including discount points, fees and other charges that could affect an overall rate) may vary a lot according to many factors:
- Market conditions
- Lender risk
- Type of lender
- Type of transaction
- Federal and state laws
Guide to Interest Rates and Usury
The Washington Department of Financial Institutions (DFI) prepared the following general guide for Washington State consumers. The guide explains the laws and factors related to interest rates. It is for educational purposes only. It does not include every law associated with interest rates and it is not intended to substitute for legal advice.