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Payday loans are a quick and accessible means of resolving any financial trouble of a small scale. Unexpected repairs, purchases or bills no longer threaten to derail your lifestyle, as you can always get a fast cash advance to cover any emergency. This article will inform you of the legal status of payday loans in Washington and the applicable limits, terms, and conditions. Read below to find out whether you qualify for a loan, how to apply for a cash advance online, and what to do if you have a poor credit score. Our service for payday loans in Washington is always ready to offer a swift and reliable solution to your financial conundrum. Don't let a money shortage knock your life off balance!

Facts To Note About Payday Loans In Washington

  • The regulator governing the payday lending industry in Washington is called the Department of Financial Institutions (DFI). On its website, you can verify the license of a payday lender or file a complaint against a provider of payday loans in Washington state.
  • According to the laws, a resident of the state of Washington can only acquire 8 short-term cash advances during 12 months.
  • When you are borrowing $500 or less, the payday lender can apply finance charges of up to 15%. When the payday loan amount is between $500.01 and the maximum possible $700, the finance charges cannot exceed 10%.
  • It's illegal by the state laws for the lender to initiate criminal actions against its borrowers.

Washington State Payday Loans: Term And Conditions

  • It is illegal for the payday lender to set an interest rate in the form of an annual percentage rate (APR) at a level that exceeds 391% APR.
  • If your check bounces due to a lack of funds in your account (NSF), the lender is entitled to a $25 fee plus collection costs.
  • You can take a Washington payday loan for a period of up to 45 days. However, the law has detailed stipulations regarding the maximum loan term. When you take a payday loan, the lending company is obliged to make your next pay date the final loan repayment term. If 7 days or less remain till the date, your final loan repayment term should be your second pay date. If you wish to borrow for longer than 45 days, the lender may offer you an installment plan.
  • It is not allowed to prolong a payday loan in any form, be it rollovers, extensions or renewals.
  • The law requires that a repayment plan should be available to people who acquire Washington payday loans. This will not incur any additional costs, provided that you notify your lender on or before the due date of your payday loan. If your loan does not exceed $400, you should be offered a 90-day repayment plan. For payday loans amounting to $400-700, a repayment plan of 180 days or longer should be available.

Payday Loans In Washington From The Legal Viewpoint

Payday lending is a business that enjoys legal approval in Washington. However, the state laws apply a variety of restrictions upon the terms and conditions of a Washington payday loan contract. In particular, the government has been actively introducing legal measures to eradicate lending practices that come at a high cost for the borrower.

The new regulations put a lot of payday loan Washington companies out of business. One out of five lenders closed in 2016-2017. And since 2006, when the APR of payday loans in Washington was capped at 36% for the military, nearly 9 out of 10 lenders have shut down their activities. A similar drop of about 80% has been observed in the annual volume of payday loans in Washington state.

Available Payday Loan Amounts In Washington

The state laws of Washington envisage a range of regulations that limit the loan amounts available to a borrower in the form of a payday loan. While the law does not specify the minimum amount, it has very clear stipulations regarding the maximum sum to be borrowed as a cash advance in Washington state. This upper limit is set at $700 for borrowers whose monthly income exceeds $2,334 in gross terms. If your earnings are lower than that, the maximum payday loan in Washington state is limited at 30% of your income. For instance, if you make $1,500 a month before taxes, you can borrow $450 in the form of a payday loan.

Minimum Qualifications To Apply For A Washington Payday Loan

  • You must be a resident of the United States aged 18 years or older.
  • You must be employed or have another stable source of regular monthly income. As a rule, payday lenders in Washington require that the borrower's income exceeds $1,000 a month.
  • When applying for online payday loans in Washington, you must provide a valid phone number and email address, through which the lender may contact you for verification or clarification purposes.
  • You must have a valid bank account registered to your official name, to which the lender will deliver the loan amount. Make sure the option that allows direct deposits is enabled on your account.
  • When filling in application forms for online payday loans in Washington state, you must submit your valid social security number (SSN).

Steps To Apply For An Online Payday Loan In Washington

  • Find a trustworthy lending company that is licensed to provide payday loans online. The law requires online lenders to make all the relevant information accessible on their website. You can verify the validity of their license on the DFI portal.
  • Register on the lender's website to create a personal cabinet.
  • Familiarize yourself with the terms and conditions of a standard payday loan contract offered by the lender of your choice. Make sure all terms comply with the applicable legal stipulations and there are no unclear provisions.
  • Fill in the application form. Provide truthful and valid information for your loan to be approved: your name and contact details, banking information, employment status, and income details.
  • Submit your application and wait for it to be reviewed and approved. Depending on the lender's policies, you may be contacted via the phone to verify your identity and confirm the loan application. As a way of verifying your bank account or card, a small amount of under $0.99 can be temporarily blocked.
  • Once you get the approval, wait for the borrowed money to be transferred to your bank account. At the longest, you will have to wait until the next business day.

Bad Credit Is Not A Problem For Washington Loans

Not everyone can boast of impeccable credit history, but it can become an insurmountable obstacle on your way to acquiring a quick cash advance in the face of a financial emergency. Banks and other financial institutions usually rely on credit score and credit history to determine the borrower's creditworthiness, which is why a person with poor credit is likely to be denied a loan or offered unreasonable rates. Some lenders allow secured loans for bad credit scorers, which means you are required to provide either a guarantor or collateral to receive the loan.

But what if you have no means to secure a loan when facing a situation that urgently requires a cash injection? It's a tight corner indeed, but it’s possible to find a way out, as there are companies that offer short-term loans in Washington state for bad credit scorers. Read below to find out what they assess instead of your credit history.

No Credit Check Payday Loans In Washington

The laws of Washington do not prohibit lending to bad credit scorers, and quite a few lending companies offer such services. How do they decide whether to approve your loan application? Instead of scrutinizing your credit history, these lenders rely on other factors to estimate your creditworthiness. As a rule, you are only required to have a stable source of income – not necessarily from employment. If your monthly earnings exceed a certain limit determined by the lender's policies, you are eligible for a quick payday loan with no credit check. For the majority of no credit check payday lenders in Washington, an applicant who earns at least $1,000 a month is a creditworthy borrower.

Loans In Washington State With Our Service

  • Transparent loan contracts. All terms and conditions in our contracts for payday loans in WA are drawn up in full compliance with applicable state laws and spelled out in a clear and accessible language.
  • Streamlined online application forms. Our service is attentive to the feedback from our clients, which has helped us to optimize and simplify all the application forms for online payday loans in WA state.
  • Fast approval and money delivery. Once you submit your loan application, it is reviewed in a matter of minutes. Once you get the approval, you can expect the borrowed some to be deposited to your account within hours.
  • Excellent approval rates. The majority of our applicants get a positive verdict on their loan request. There are only a few reasons why you can be denied a loan – such as the lack of a valid bank account.
  • Availability for bad credit scorers. Our service does not rely on credit history checks as the main way to verify a borrower's creditworthiness. You only need a source of regular monthly income to borrow from us.
  • Loans for any needs. Our service provides payday loans in Washington with no questions asked. No conditions will be imposed on how you spend the borrowed sum.
  • Repayment plans available on request. As per the laws of Washington, you can request a repayment plan to be developed for your loan: 90 days for loans under $400 and at least 180 days for $400-700 loans.

Obtaining Fast Cash Loans in Washington Is Easy

Payday loans are a fast way to acquire some money in the face of a small financial emergency. They are accessible to the vast majority of US citizens, including persons with bad credit history.

  • Most online lenders in Washington are available 24/7 and have streamlined and automated loan application and approval procedures. This allows you to get ahold of cash almost instantly.
  • The requirements to qualify for a payday loan in Washington are minimal in comparison with other types of loans.
  • Your credit history is not subjected to checks and you are not asked to secure your loan by providing a guarantor or collateral

FAQ

Can I apply despite bad credit records?

Yes, our service offers no credit check payday loans in Washington to borrowers with bad credit score who have a stable source of income.

How can I borrow more than $700?

Unfortunately, the laws of Washington prohibit payday loans that exceed $700. Consider acquiring an installment loan or a personal loan.

How can I borrow for longer than 45 days?

For standard payday loans, 45 days is the maximum term in Washington. However, if you wish to borrow for a longer period, you may request a loan with an installment plan.

Can I have my payday loan rolled over?

Any extensions of a payday loan term are not allowed in Washington. However, you can request a repayment plan for no additional cost.

In Conclusion

Legally defined in 1995, the payday lending industry in Washington was subjected to many limiting regulations in the 2000s, which led to a significant reduction in the number of lenders operating in the state. The strict regulations are aimed at reducing the cost of loans for borrowers and prevent the emergence of the notorious cycle of debt. As a result, every person facing a financial emergency has an ample opportunity to acquire a swift cash advance on fair terms and at reasonable rates. Apply for your Washington payday loan at our service and receive financial assistance within a couple of hours, with no credit checks and no questions asked!