In the event that you are in a tight financial spot and require only a small amount, you may want to investigate the option of getting a Washington payday loan from PaydayChampion.
What are the laws in Washington about payday loans?
Payday lenders in the state of Washington are regulated by the Washington Revised Code Ann. 31.45.010 et seq. Before offering payday loans, they need to satisfy the requirements for a check-cashing license in addition to an endorsement for a small loan.
Any loan that is made available must adhere to the guidelines outlined in the following paragraphs:
- The maximum amount you can borrow is $700, or thirty percent of the gross amount you bring in each month, whichever is lower.
- The following is the minimum loan term: The loan is due on your next payday
- The maximum period for the loan is 45 days
*If this occurs within seven days of receiving the loan, the date of repayment will be set after your second paycheck, regardless of when the loan was received.
How much interest can I expect to pay to a payday lender in Washington?
The amount of money that payday lenders in Washington are authorized to charge for fees during the entirety of the loan is governed by state rules. You should now have a better sense of how much your loan will cost as a result of reading this:
- Maximum Annual Percentage Rate (APR): The maximum APR for a loan of $100 for 14 days is 390%.
- Costs associated with the financing are as follows: 15% of the first $500; 10% of any sum that is between $501 and $700.
- Costs associated with the collection: A one-time fee of $25 for a non-sufficient fund (NSF) check, in addition to any collection costs
How to apply for a payday loan in Washington
Lenders will need that you are a citizen of the United States (or) a permanent resident of the country, that you are at least 18 years old, and that you have a stable source of income, regardless of whether you apply in person or via the internet.
Be sure to include the following information in your application if you want it to be considered successfully:
- Your name, date of birth, and Social Security number, in addition to the information contained on a legitimate form of identification.
- Your e-mail address, physical address, and phone number are all required.
- Your employment situation, the contact information for your employer, and your total monthly gross income
- Checks written on blank paper can be purchased in-store, and online checking accounts can be accessed online (online)
How can I borrow from the same lender more than once?
You are allowed to take out many loans from the same lender, but the sum of all of your loans cannot be more than $700. Payday loans are limited to a maximum of eight per person per year.
What happens if I am unable to make my loan payments on time?
Ask for an installment plan. It is valid for ninety days for loans of less than $400 and for one hundred eighty days for debts of more than $400. The lending company is unable to levy any fees in relation to this matter.
Is there a cooling-off period in Washington?
Payday loans do not have a set period of time during which borrowers are required to “cool off,” although it is recommended that borrowers delay applying for additional loans. The more the number of loans you have, the higher the interest rates you will be expected to pay. Taking out loan after loan after loan after loan could put you in a financially difficult position.
