When you have unplanned expenses and are on a tight budget, a payday loan could be helpful. Payday loans, a type of short-term loan, give you quick access to money when you need it. Read on to find out about the laws in Washington and everything else you should know about how payday advances work.
You may be considering a payday loan if you’re short on cash and need to borrow a small amount of money. Before you accept any offers, find out about the regulations that govern payday lending in Washington in our guide below.
Washington Revised Code Ann. 31.45.010 et seq. governs payday lenders. Lenders must have both a check casher license and a small loan endorsement before offering payday loans.
Any loan offered must abide by the following rules:
*If this falls within seven days of receiving the loan, the due date will be set after your second payday.
State laws govern how much Washington payday lenders can charge as fees over the course of the entire loan term. The following should give you an idea of how much your loan might cost:
Whether you apply in-store or online, lenders will require you be a US citizen or permanent resident, at least 18 years old and have a regular source of income.
To complete your application successfully, prepare to submit some basic information:
Since payday loans are often quite expensive, it’s best to consider alternatives before you borrow. If you’re struggling to make ends meet and need money for everyday expenses, Washington has a number of state-sponsored solutions you can apply for. The Emergency Food Network, Tri-Cities Food Bank, Volunteer Food & Resource Center, West Seattle Food Bank and Bellingham Food Bank/Alternatives to Hunger all provide help for people who need access to food, and there are many other options you can look into for other bills.
If you need money quickly, there are other payday loan alternatives
When you find yourself struggling to make ends meet, a payday loan could be a good option to get by between paychecks. As long as you budget for the total cost and know your lender is reputable, you can apply and work on getting your finances in order.
How do I file a complaint about a payday lender?
Contact the Washington Department of Financial Institutions.
How can I take multiple loans from the same lender?
You can take out multiple loans from a single lender, but the total can’t exceed $700, and you can only take eight payday loans per 12-month period.
What happens if I can’t repay my loan on time?
Request a repayment plan. It lasts 90 days for debts of $400 or less and 180 days for larger debts. A lender can’t charge a fee for this.
Does Washington enforce a cooling-off period?
There is no specific cooling-off period between payday loans, but it’s a good idea to wait before taking out a new loan. The more loans you have, the more interest you’ll have to pay. Taking out one loan after another can lead to very costly situations.
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I only have my s.s i as income and it gets deposited on my direct exspress card on the first of the month how do i make a loan and have it deposit on my card.
Hi David,
Thanks for leaving a question on Finder.
If you receive a form of pension, whether it’s an employer retirement benefit or Social Security, you may find your loan options somewhat limited. Some lenders have stricter criteria for those receiving a pension.
It’s important to know that there are loan options out there. It’s even more important to know how to compare these options so you can choose the right loan for you. Read on to see what’s available from our guide called loans for people on pension.
Cheers,
Joel
Do payday loans and installment loans fall under the same laws?
Hi Sunshine,
Thanks for getting in touch with finder.
The answer to your question depends on the state where you reside. However, generally speaking, Payday loans are more heavily regulated compared to installment loans. Moreover, installment loans even allow lenders to sidestep state and federal laws. Watch out for these: They can come with highly unfavorable terms.
I highly recommend that you read more about the difference between payday loans and installment loans. This should give you more ideas of what to expect from each type of loans.
I hope this helps. Should you have further questions, please don’t hesitate to reach out again.
Have a wonderful day!
Cheers,
Joshua
I need an emergency loan for about 15 days. I was injured at work and I’m waiting for my L&, I claim to kick in. Is there anything out there?
Hi Brian,
Thank you for getting in touch with Finder.
Depending on what you need, you can apply for a short term loan online or in-store. If you apply online, there’s often no need to fax any documents and you can receive your loan amount within a few hours straight into your bank account. If you plan to apply in-store, be sure to choose a lender that has a store network that’s convenient to where you live.
With a short-term lender that offers online loans, you have to provide details of a bank account that you’ve authorized to accept direct deposits. When you’re approved, the lender will transfer the funds directly into your bank account.
I hope this helps.
Have a great day!
Cheers,
Jeni
I don’t have a bank account can I still get a loan
Hi Rachelle,
Thanks for your question.
Yes, even if you don’t have a bank account, there are debit card loans that you may qualify for. Upon application, you will be given an option to request a prepaid card where they will credit the funds.
It would be good to review the eligibility criteria and the terms and conditions of the loan before submitting your application.
Cheers,
Anndy
I need a loan for medical purposes of about 5000 i have bad credit. If i was to get a payday loan will i have to pay each week my entire check?
Hi Angela,
Thank you for your inquiry.
When you have a poor credit history, you’re usually not eligible for a loan from a bank or traditional credit lender. However, there are loan options available. All you’ll need is to show that you can repay the loan by providing evidence of a regular income. You may want to compare your $5000 loan options.
In addition, the repayment period is a lot shorter than standard loans, which means your repayments can be quite high. Lenders usually offer calculators to show an indication of your repayments.
I hope this information has helped.
Cheers,
Harold