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Washington Consumer Loan Business Bond

How much does a consumer loan business bond cost in Washington?

Consumer loan businesses in Washington must post surety bonds prior to conducting business. The required bond amount varies, so applicants should verify their required amount of bond coverage with the state prior to bonding.

Because the required bond amount and, therefore, the price of this bond can vary so much, we recommend submitting a bond request to connect with an expert surety specialist who will walk you through each step of our fast and easy bonding process.

Having your current business financials and a personal financial statement handy will expedite the bonding process and could help you qualify for a lower premium rate!

Bond Type Bond Amount Cost by Credit Score*
680 and up 679 - 600 599 or lower
Consumer Loan Business Bond Varies Starts at 1% 4-8% 10%+ Apply Now
*The bond premium rate quotes provided to you through this website are for pricing comparisons and quotation estimate purposes only. The bond rate quotes provided are based on general assumptions that may or may not be applicable to you and are subject to change at any time. These rate quotes do not constitute an offer of insurance, nor is any contract, agreement, or bond coverage implied, formed or bound by the provision of rate quotes. Bondability, final bond premium rate quotes and an offer of insurance, if any, will be determined by the insurance company providing your bond. You must contact us directly to obtain a quote for binding purposes.

Connect with our team of surety experts by calling 1 (800) 308-4358 or submitting a bond request now. Fast, easy and accurate is the type of service you’ll receive when you choose SuretyBonds.com.

Why do I need this bond?

Washington consumer loan business bonds are put in place to ensure that principals (consumer loan businesses) conduct business in accordance with the provisions of Title 31.04 of the Revised Code of Washington, which is also known as the Consumer Loan Act, and all rules and regulations made by the Director of the Department of Financial Institutions.

If the principal violates any of the terms of the act or the surety bond agreement, the bond protects the state and any person who suffers financial loss as a result of the principal’s actions up to the full bond amount. The principal is responsible for repaying the surety for all damages paid out.

Connect with our team of surety bond experts now!

What’s the fine print?

Consumer loan business bonds in Washington remain in full force and effect until violated or canceled. The bond can be canceled if the surety gives written notice of cancellation to the director. Cancellation becomes effective 30 days from the receipt of said notice.

How to become a consumer loan company in Washington

To become licensed as a consumer loan company in Washington, applicants must first register with the following agencies:

  • Washington Secretary of State
  • Washington Business License Services
  • Washington Department of Revenue

The application process includes:

  • posting a surety bond in the proper amount
  • preparing the company’s balance sheet for the most recent quarter end
  • having each control person in the company get fingerprinted
  • submitting the application through NMLS
  • and more

Complete licensing information can be accessed via the Important Links section of this page. Begin the licensing process by purchasing the Washington surety bond you need!

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Get a FREE Consumer Loan Business Bond Quote Today!

Consumer Loan Companies

Consumer Loan Companies Licensing

Consumer Loan Companies Surety Bond Requirements

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