Moneytree
| Company type | Private |
|---|---|
| Industry | Financial services |
| Founded | October 31, 1983 |
| Headquarters | Tukwila, Washington, United States |
Number of locations | 64 stores |
Area served | United States |
Key people | Dennis Bassford (CEO) |
| Services | Financing |
| Website | www |
Moneytree, Inc. is a retail financial services firm based in Tukwila, Washington, operating 64 branches throughout Washington, California, Colorado, Idaho, and Nevada. Its range of products includes payday loans, installment loans, prepaid debit cards, money orders, bill payment options, Western Union transfers, auto equity loans, and title loans.
In 2013, Moneytree earned the distinction of being the "Best Place to Work in Colorado" within the small business category.
Origins
Moneytree was established on October 31, 1983, in Renton, Washington, initially functioning as a check cashing outlet before broadening its financial service offerings. The company has been under the leadership of CEO and founder Dennis Bassford—an Idaho native and alumnus of Boise State University—who manages the business alongside his brother David Bassford and wife Sara Bassford. The company's name alludes to the familiar phrase that "money doesn't grow on trees."
Regulation and political influence
Operating as a retail financial service provider, Moneytree adheres to regulations set forth by the Consumer Financial Protection Bureau as well as state-specific legislation. While its federal lobbying activities have largely been confined to campaign contributions, the company actively participates in legislative advocacy at the state level in Nevada, Colorado, and its headquarters state of Washington to shape pertinent financial policies.
Washington RCW 31.45
In 2009, Washington implemented RCW 31.45, which introduced stringent reforms on payday lending practices, including a limit that short-term loans "may not exceed $700 or thirty percent of the borrower's gross monthly income, whichever is lower." Before these regulations, Washington’s payday lending industry produced $1.3 billion annually across 603 outlets; by 2014, this number had dropped to 173 locations generating $331 million in revenue. Throughout this timeframe, Moneytree and its leadership contributed more than $200,000 in political donations, primarily from CEO and owner Dennis Bassford, Vice President David Bassford, and Sara Bassford.
In 2013, Moneytree hired Sound View Strategies—a lobbying firm—to advocate for SB-5312, legislation intended to increase loan limits from $700 to $1,500 with interest capped at 36 percent. The bill also proposed a $225 origination fee plus a monthly maintenance charge of 7.5 percent, potentially resulting in annual rates exceeding 200 percent. Sound View Strategies received an $8,000 monthly lobbying retainer along with a $15,000 bonus contingent on the bill’s passage by March 5; although it succeeded in the Senate, it did not pass the House before the deadline.
Renewing its efforts in 2015, Moneytree supported HB-1922—sponsored by Rep. Larry Springer and Sen. Marko Liias—both previous recipients of contributions from Moneytree. The bill sought to authorize “small consumer installment loans” with terms ranging from six to twelve months and effective interest rates up to 213 percent. However, this proposal stalled in committee and was not enacted into law.
Oregon Chapter 725A
In 2007, Oregon passed Chapter 725 — Consumer Finance, setting a maximum interest rate of 36% and enforcing regulations on payday lenders such as Moneytree. As a result, Moneytree withdrew from Oregon’s market, leaving only seven licensed payday lenders operating in the state by 2020.
Colorado Proposition 111
In 2018, Colorado voters overwhelmingly supported Proposition 111 with a 77% approval rate, which introduced extended repayment durations and capped interest rates, effectively eliminating conventional payday loans. Following this change, Moneytree transitioned to providing installment loans featuring repayment periods of up to six months.
Nevada SB 201
A 2018 review uncovered that nearly one-third of Nevada’s high-interest lenders failed compliance audits over a five-year span. In February 2019, Nevada enacted SB 201, which aligned with the federal Military Lending Act and mandated the creation of a detailed loan tracking system for deferred deposit, title, and high-interest loans. This database captures information on loan specifics, grace periods, renewals, repayment arrangements, and declined applications.
Moneytree and other lenders opposed SB 201, claiming it unfairly singled out their sector and risked pushing borrowers toward unregulated sources. Despite these objections, the Nevada Senate passed the legislation in April 2019. After postponements caused by the COVID-19 pandemic, the loan tracking system was launched in December 2020.
2024 Nevada Ballot Initiative
In 2024, the nonprofit Stop Predatory Lending NV—partially funded by the Sixteen Thirty Fund—submitted two ballot initiative petitions aiming to cap annual interest rates at 36% on short-term loans such as payday and title loans. One petition also sought enhanced protections against bank account and wage garnishments for unpaid debts; the other did not include these provisions. Moneytree contributed $25,000 to Nevadans for Financial Choice to oppose these measures.
A Carson City judge dismissed the broader petition in March; this ruling was upheld by the state Supreme Court in June. The more limited petition was approved but ultimately failed to secure enough signatures before the November deadline, ending the campaign.
Controversy
Moneytree has been criticized for offering payday loans with APRs reaching 430% in Nevada, 460% in California, and 482% in Idaho—interest rates frequently characterized as debt traps that disproportionately affect low-income populations. A demographic study conducted in 2005 found that payday lending outlets, including Moneytree branches, were predominantly located in neighborhoods with mainly Black residents and lower income levels.
Dennis Bassford, the company’s founder, defends their business approach as responsible rather than exploitative, emphasizing that misuse occurs across many types of products. The company asserts its support for financial literacy efforts; Bassford personally sponsors University of Washington students who promote financial education programs in schools. However, Moneytree itself does not offer direct educational initiatives to its customers.
Fines, incidents, and non-compliance
In 2010, Moneytree faced allegations of breaching consumer laws restricting borrowers to no more than eight payday loans annually. CEO Dennis Bassford explained that Moneytree and Washington State’s Department of Financial Institutions had differing interpretations of the law.
In March 2016, Moneytree experienced a CEO email phishing scam during which a fraudster impersonating Bassford accessed employee personal information. Bassford confirmed that although company servers remained uncompromised, employee data from late 2015 through early 2016 was exposed.
Also in 2016, the Consumer Financial Protection Bureau (CFPB) imposed a $505,000 fine on Moneytree for deceptive advertising and collection practices. Violations included threatening vehicle repossession against 490 delinquent customers between 2014 and 2015 and an advertisement for check cashing that omitted a percent sign in 2015. The penalty consisted of $255,000 allocated for consumer restitution and a $250,000 civil penalty.
Impact of COVID-19 and Subsequent Developments
Prior to the onset of the COVID-19 pandemic, Moneytree maintained approximately 120 retail locations distributed across five states in the U.S.—Washington, California, Colorado, Idaho, and Nevada—as well as one province in Canada (British Columbia). In June 2020, CEO Dennis Bassford revealed that the company experienced a 75% drop in revenue, which necessitated workforce reductions affecting nearly 200 staff members and the shuttering of more than 20 outlets.
As of late 2024, Moneytree's official website indicates an operational network of 64 stores, representing roughly half of its pre-pandemic scale. The firm has transitioned to providing its full product range through online channels within its active states, concurrently closing all five locations in British Columbia. This strategic adjustment underscores a transformation in their operational approach aimed at preserving market engagement and sustaining income streams amid evolving consumer preferences.
See also
- Alternative financial services in the United States
- Payday loans in the United States
- Predatory lending
- Washington State Department of Financial Institutions