Getting a short-term loan in Washington is easy, just make sure you know your rights as a lender.
Looking for payday loans near you in Washington? Then you have come to the right place. We provide a list of local lenders online. If you click on the city below you can find direct lenders for a fast loan in your area.
All you need to apply for a payday loan in Washington is to be a US citizen or permanent resident, be at least 18 years old and have a regular stream of income. Whether you apply online or at your local store please prepare some basic information for submission:
- Full name, birthday, social security and ID
- Address, email and phone number
- Information about your employment and income
Click on one for the cities below to find cash advance companies in WA.
Nationwide Payday Loans. Fast, easy and safe. Instant approval online.
What are the payday loan laws and regulations in Washington?
The Washington State Department of Financial Institutions (DFI) regulates payday lenders in WA. In doubt please verify the license of a payday lender by calling 1-877-RING-DFI (746-4334).
All lenders must abide by the following rules:
- Maximum Loan Term: 45 days
- Maximum Loan Amount: $700 or 30% of your gross monthly income, whichever is less
- Maximum Fee: 15% on the first $500 and 10% above $500
- Minimum Loan Term: Your next payday
How much can you be charged by a payday lender in Washington?
The exact rates depend upon the specific cash advance company, but state laws govern how much payday lenders can charge on the complete loan term.
- Max APR for a 14-day $100 loan is 390%
- Finance fees are 15% on the first $500 and 10% on an amount between $501 and $700
- Collection fee: $25 NSF one-time fee.
Please take consider the following points before taking out a payday loan
- Make sure the payday lender is licensed
- Only take a payday loan as a last resort. Ask friends or family to borrow money. Ask your employer for and advance on your paycheck.
- Don’t borrow money you can’t pay back
- Don’t take on multiple payday loans.
- Make sure you don’t miss a payment. Interest rates are high.
- Try one of the many organizations in Washington city to help you with your financial situation.
- Educate yourself on personal finance
- Learn how to create a realistic budget
Your rights as a lender in WA
A payday loan obtained by a non-licensed lender, and not repaid to the lender cannot be collected by the lender. – You can choose to not take the loan after applying within one day.
- You full rights to know all the costs involved.
- A payday lender can not threaten you with a criminal prosecution to collect past due loans.
- A lender cannot under any circumstance allow a borrower to use a new payday loan to pay of an old payday loan by the same lender.
- Under the Truth in Lending Act, you have the right to know the full cost of the credit you are applying for.