If you live in Olympia and are short on funds, a short-term loan might be able to help you last through your next payday.
There are plenty of reasons why you may be considering a short-term loan. Maybe your car broke down and you need to repair it right away, or maybe you just lost track of your bills and got behind. This guide will help you learn what to look for in lenders offer short-term loans in Olympia, Washington.
Check into Cash Loans
Check into Cash allows you to directly apply for a payday loan and have your cash when you need it.
- Min. Loan Amount: $50
- Loan Term: Varies by state
- Turnaround Time: 1–2 business days
- Total Costs: Varies depending on the amount and your state of residency.
- Must be 18+
- No security needed
- Confidential and secure!
What Washington laws impact short-term loans in Olympia?
All lenders are required to be licensed before they offer a loan. Whether a lender operates online or out of a storefront, the terms of any loan extended to a consumer must abide by Washington Revised Code Ann. 31.45.010 et seq. This means you can borrow no more than $700 or 30% of your gross monthly income, whichever is less.
Loan terms can extend between your next payday to 45 days. If your next payday falls within 7 days of receiving the loan, the minimum term is your second payday from the loan’s start date. This can be a confusing situation, so check with your lender to be sure of the exact terms of your loan.
Consider these lenders for a short-term loan in Olympia
Why you might want to consider a short-term loan in Olympia
- There are longer repayment terms. While in some states the maximum term is 30 days, in Olympia and other cities in Washington, you can have up to 45 days to repay your short-term loan.
- You have various lender options. Several short-term lenders operate out of Olympia. If you can’t visit a physical location, you can always compare your options online.
- There’s an easy application process. Applying for a short-term loan should take no more than a few minutes, provided you have all the required information close at hand. Most online lenders verify your credentials using the internet, so you won’t have to fax any documents.
Claudia's dog needs emergency surgery
Claudia’s dog required surgery for a wound that had gotten infected. She didn’t have enough money to afford it after paying for all her bills, and her next payday was two weeks away. Claudia didn’t have a credit card, and she knew she wouldn’t qualify for a personal loan because of her bad credit.
She found an online short-term lender that took her gross monthly income into account and approved her $350 loan application. The loan was deposited into her bank account the next business day, and Claudia was able to pay the vet bill with no problem.
The loan contracted stated she would have to repay the money in two weeks. This included the $52.50 in fees. The total $402.50 would be debited from her bank account on the due date, so Claudia made sure she had the amount saved up at the end of the loan term.
What you’ll need to apply for a short-term loan in Olympia
Whether you visit a storefront or go to a lender’s website, you’ll need to meet some basic eligibility criteria. You should be at least 18 years old, have a regular source of income and be a citizen or permanent resident of the US.
To complete the application quickly and increase your chances of being approved, you’ll need to give the lender personal information about yourself.
- Personal details like your name, date of birth and Social Security number
- Contact details like your address, email and phone number
- Employment details like your employer’s contact information and your monthly income
- Bank account details like your routing number and account number
Short-term stores in Olympia, Washington
Short-term loan office locations near you in Olympia
How much a short-term loan can costWhen you take out a short-term loan in Olympia, you’ll need to pay a financing fee based on how much you borrow. It’s set at 15% for the first $500 and 10% for loans between $501 to $700.
This means that a loan of $400 will cost you $460, not including any database fees or additional charges the lender might state in the loan contract.
If you decide to take out a loan of $600, you’ll have to pay $75 for the first $500 and $10 for the last $100, totaling $85 in fees. Keep this in mind when deciding which lender you want to go with.