Payday Loans in Washington State (WA)

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.

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What are the payday loan laws and regulations in Washington?

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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.