Washington DC Payday

Payday loans Washington DC

Information verified correct on February 20th, 2017

If you’re considering getting a payday loan in Washington, D.C., don’t apply before going through this guide.

Payday loans are not legal in Washington, D.C. They are illegal because of the high interest rates they typically attract. Amended District of Columbia Code Section 28-3301 governs the functioning of small loan providers in D.C.

If you take a small loan in D.C., there is an AOR cap that will ensure that you don’t have to pay more than 24% as an annual rate. This is considerably lower than what payday lenders across the nation charge, which is why they choose not to operate in this part of the country.

Keep in mind that if you choose to apply for any kind of loan or line of credit, it’s very important read all the paperwork (including all the fine print) before signing anything. It’s also a good idea to have a solid plan to pay back your loan, so you don’t find yourself needing to borrow more money to repay debt. Go through this guide to find out about your alternatives.

The hidden consequences of payday loans

Installment loans you could apply for

An installment loan requires that you repay the money you borrow in installments over a predetermined timeframe. Some lenders offer these loans to applicants with less-than-perfect credit, provided they can demonstrate an ability to repay. Similar to payday loans, the interest is very high and there are some risks you should consider when applying.

Rates last updated February 20th, 2017
Unfortunately, none of the personal loan providers have a loan for that credit score. It you are urgent need of a small loan, you might want to check out a short term loan.
Max. Loan Amount Term of Loan Turnaround Time Total Cost of Borrowing $100
NetCredit Installment Loan
Build a positive credit history and borrow up to $10,000 with Net Credit.
$10,000 Varies upon state 1 business day Total costs will vary based on your state and credit score. Go to site More
If you are in need of quick funding, OppLoans may have a solution that suits your needs.
$10,000 9 to 36 months 1 business day Go to site More
$2,500 Varies Next Day Depends on state of residency. Go to site More
$5,000 Varies Overnight Depend on state specific laws as well as the amount of money you borrow. More

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Personal loans you could apply for

To apply for an personal loan through a standalone lender or a bank you should ideally have fair to good creditworthiness, but you have some options even if you don’t. The interest such loans attract is typically lower than what you’d have to pay towards an installment loan or an auto title loan, and the payments may be more flexible.

Rates last updated February 20th, 2017
Unfortunately, none of the personal loan providers have a loan for that credit score. It you are urgent need of a small loan, you might want to check out a short term loan.
Max. Loan Amount Minimum Credit Score Turnaround Time Requirements
NetCredit Personal Loan
You could borrow up to $10,000 and get an interest rate personalized to your credit score
$10,000 300 1 business day Varies based upon state of application Go to site More
Avant - Personal Loan
Borrow up to $35,000 with APRs ranging from 9.95% – 36.00%
$35,000 660 1-2 business days You must have at least a fair credit score (580 or more). Showing proof of a steady income. You must be a US Resident over 18 years old. Go to site More
LightStream Personal Loans
You could borrow up to $100,000 with rates starting from 2.19% fixed.
$100,000 680 Varies You must have a good or excellent FICO and be an American citizen or a permanent resident of the US. Go to site More
Lending Club Personal Loan
Borrow up to $40,000 with rates from 5.99% to 35.89% APR based on your credit score.
$40,000 660 Varies You must be over 18 years of age, a permanent resident of the US or an American citizen and have a steady source of income. Go to site More
Upstart Personal Loans
You are not required to have a specific minimum annual gross income, or credit history. That easy.
$50,000 660 1-2 business days 18+. US citizen or permanent resident. 660 credit score or higher. Go to site More
SoFi Personal Loan
Borrow up to $100,000 with a competitive APR and no fees.
$100,000 660 Varies You must be a U.S. citizen or permanent resident 18 years or older. Go to site More
SWIFT Personal Loans
With a 5 minute simple application, SWIFT connects you with lenders that will offer you terms that are reasonable, affordable, and trustworthy.
$10,000 1-2 days You have a valid bank account, You have a job or regular source of income, You are a resident of the United States and You are 18 years of age or older Go to site More

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What other options do you have for a loan in Washington D.C?

While high interest payday lending is illegal in D.C. you can think about getting credit in other ways, which include:

  • Apply for a credit card. Whether you have good or bad creditworthiness, there is a huge selection of credit cards worth considering if you need extra money. Credit cards also have more reasonable payments and lower interest rates.
  • Tribal loans. If you live in a state (or district) where payday loans are illegal, you still have the option of getting one if you go through a tribal lender like SWIFT or Blue Trust Loans. Since these lenders are based on tribal land, they are considered a sovereign entity and are able to abide by their own laws.
  • Payday loans from other states. If you’re in Washington D.C. temporarily but are normally a resident of a state where payday loans are legal, you can consider applying for an online payday loan. To do this you’ll have to provide documented evidence of your residence in another state. Also make sure the lender is backed by the OLA or similar.
  • Pick up side work. Looking for side jobs, selling things online, or signing up to drive with a company like Uber are some of the many ways people get extra cash when they’re in a bind. It’s a great alternative to getting a loan or credit card because there is nothing to repay.

Find out your credit score here

Washington Monuments

What are the typical costs of a Washington D.C. loan?

When you get credit of any kind you have to repay the amount you borrow along with the interest it attracts as well as all applicable fees and charges. The APR is more accurate in representing the total cost of your loan. This is because the APR takes into account fees as well as interest. The APR can vary considerably depending on the kind of credit you get, the credit provider you choose and your creditworthiness.

There are instances when you may have to pay additional fees. For example, if a payment does not go through because of insufficient funds in your account you may have to pay NSF fees. If you make a payment after its due date, you may have to pay late fees. Some lenders may charge application fees and loan disbursement fees as well.

What states can I apply for a payday loan in?

Frequently asked questions

I’m in D.C. temporarily and my license shows me to be a resident of Florida. Can I apply for a Florida payday loan online?

Yes, you can. In this case, Florida payday lending laws would apply.

I’ve noticed that some online lenders from other states offer no credit check payday loans in Washington D.C. Are these loans legal?

No, they’re not. Out-of-state lenders cannot provide payday loans in Washington D.C. legally.

Who can I contact to file a complaint about cash advance providers in D.C?

You should direct all complaints surrounding cash advances in District of Columbia to the D. C. Department of Insurance, Securities and Banking.

Can I get an auto title loan in Washington DC?

No, you can not. Due to the high interest rates and the frequency of borrowers defaulting on their loans, title loans are illegal in the nation’s capital.

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