There are multiple lenders in Olympia that work with borrowers from all backgrounds. Before you borrow, compare your options and learn what types of laws impact your lenders so you can make a good financial decision.
Can I get a payday loan in Olympia, Washington?
Yes. Payday lenders in Olympia are required to abide by Washington Revised Code Ann. 31.45.010 et seq., which governs all lenders in the state. You can borrow up to $700 or 30% of your gross monthly income, whichever is less. Lenders can charge up to 15% in financing fees for the first $500 borrowed, then up to 10% for loans of $501 to $700.
Loan terms can be a bit confusing. The maximum term is 45 days — which is longer than in most states — but the minimum term will vary. This is because the Washington minimum loan term is one payday unless it falls within seven days of receiving the loan. If this is the case, the minimum loan term is two paydays from the loan’s start date. Read over your contract and check with your lender to be sure you know the exact terms of your loan.
Consider these lenders for a short-term loan in Olympia
Both online lenders and lenders that operate a storefront have the same minimum requirements. You must have a regular source of income, be a citizen or permanent resident of the US and be at least 18 years old. Other criteria, like minimum income, will vary between lenders.
When you apply, you’ll need to give the lender personal information about yourself. This may include:
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
Where to find short-term loan locations in Olympia
Short-term loan locations near me in Olympia, WA
Checkmate. 719 Sleater Kinney Rd SE #161, Lacey, WA 98503
Cash America Pawn. 3652 Pacific Ave SE, Olympia, WA 98501
Must read: Be cautious of high costs
When you take out a short-term loan in Olympia, you’ll need to pay a financing fee based on the amount 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. And if you decide to take out a maximum loan of $700, you’ll pay $75 for the first $500 and $20 for the last $200, totaling $95 in fees.
It may not seem like a lot — especially if you agree to a longer loan term — but it can make it difficult for many people to repay. Before you commit to a loan, be sure you can afford it. If not, you may want to consider some short-term loan alternatives instead.
Washington law states that you have the right to change your mind and cancel your loan by the business day after you receive your funds. If you return your loan in full, a lender must cancel your loan and cannot collect any interest or fees from you.
You can borrow multiple loans from a single lender, but the total can’t exceed the state maximum of $700. In addition, you can’t take out more than eight loans per 12-month period.
You can request an installment plan, which will last 90 days for debts less than $400 and 180 days for debts greater than $400. There’s no fee for going on a payment plan.
No. Washington state doesn’t allow consumers to use the funds of one loan to pay for another, which means you can’t refinance or roll over a payday loan.
Aliyyah Camp is a writer and personal finance blogger who helps readers compare personal, student, car and business loans. Aliyyah earned a BA in communication from the University of Pennsylvania and is based in New York, where she enjoys movies and running outdoors.
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