Washington Payday Loans

In Washington, payday advance loans are legal though the state is a bit strict in giving licenses to lenders. Just like other states, Washington has implemented various comprehensive laws to lower the cases of payday loan abuse towards both lenders and borrowers. These laws focus in controlling the following aspects of cash advance loans.

  • Minimum and maximum amount of payday loan
  • Maximum duration of loan payment
  • Maximum interest rates that come with the loan

These laws not only protect the loaners and lenders from abuse, but they also allow the payday loan industry to grow. As of now, payday lenders are not only reachable via brick and mortar offices, but it is also accessible via the internet.

Washington Payday Loan Process

To get a payday loan, a person must be able to be eligible for it. A few of the things he must have or he must be to be eligible to get a loan are:

  • He must be at least 18 years old
  • He must have a savings or checking account under his name
  • He must be a valid citizen of Washington
  • He must be legally working
  • He must be receiving a monthly salary that is equal or more than 800$

Some lenders might impose other requirements besides those that were mentioned above. Once a loaner is eligible, he can simply proceed on getting his cash after he fill up some loan forms. Technically, even if a person does not have an excellent credit rating or score, lenders will still allow him to get a loan. And that is the exact reason this type of loan has become very popular in the west.

Washington Payday Loan Laws and Regulations

When getting a payday loan in Washington, take note of these regulations:

  • Max Loan Amount: 30% of gross income per month, or $700 (whichever is smaller)
  • Max Loan Term: 45 days
  • Max Fees and Finance Rate: 15% of the first $500, and 10% the loan minus $500 up to the $700 maximum
  • Finance Charge for 14-day $100 loan: $15
  • APR for 14-day $100 loan: 390%
  • Rollovers: None
  • Collection Fees: collection costs; interest; damages; $25 NSF fee

Washington Consumer Protection

If ever you got a complaint against a payday loan lender, you can easily complain in Washington’s Department of Financial Institutions. To file a complaint online, you can visit this page: http://www.dfi.wa.gov/cs/complaint.htm. On the other hand, to get more information on how you can protect yourself from malicious payday loan lenders, you can just visit DFI’s payday loans webpage at http://www.dfi.wa.gov/consumers/education/payday_loans.htm.

Washington Payday Loan Alternatives

Even if payday loan is deemed as a good solution to a dwindling cash reserve, it is not always the best one. You can consider other options first before getting a loan. The first option is to pawn some of your valuable items that you do not need anymore. On the other hand, you can ask for an employee assistance loan from your employer. The good thing about those two is that you do not need to worry about additional interest.

Payday Loans cities in Washington:
Aberdeen Anacortes Arlington
Auburn Bainbridge Island Belfair
Bellevue Bellingham Bothell
Bremerton Burlington Centralia
Chehalis Clarkston Colfax
College Place Colville Des Moines
Edmonds Ellensburg Elma
Ephrata Everett Federal Way
Ferndale Gig Harbor Hoquiam
Issaquah Kelso Kennewick
Kent Kingston Kirkland
Lacey Lakewood Liberty Lake
Longview Lynden Lynnwood
Maple Valley Marysville Milton
Monroe Montesano Moses Lake
Mount Vernon Oak Harbor Oakesdale
Ocean Shores Olympia Orting
Palouse Pasco Port Angeles
Port Ludlow Port Orchard Poulsbo
Prosser Pullman Puyallup
Redmond Renton Richland
Seatac Seattle Sequim
Shelton Shoreline Spanaway
Spokane Spokane Valley Stanwood
Sumner Sunnyside Tacoma
Tekoa Toppenish Tukwila
Tumwater University Place Vancouver
Walla Walla Washougal Wenatchee
Westport Woodinville Yakima
Yelm    

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