Payday Advance Washington
Has your car ever broken down unexpectedly, or your heating or air conditioning fails when you needed it the most? Has your broken plumbing caused an in-home flood, or a washer or dryer quit at the worst possible time? Have you or a family member gotten sick and required a doctor's visit and medication? Most people have experienced such sudden emergencies and find that they occur at those times when money is the tightest.
If one of these unexpected situations happens to you and you live in Washington State, you can get the cash to cover such things quickly via Washington payday advance loans. Such payday cash advances require very little time and knowledge, which makes using them during emergencies a good option.
Washington Payday Loans Explained
Payday loans, also called payday advances, are fast ways of getting small amounts of cash to meet unexpected situations or emergencies when money is short. These short-term cash loans are easy to acquire, requiring only a short application process and limited personal information. They are approved usually within a 24-hour period and are quickly repaid with money from your next paycheck.
Although payday loans normally come at high interest rates and fees, they place only nominal stress on your budget, because they are short-term loans that are repaid quickly. In comparison, traditional long-term bank loans are paid back over months or years, so although interest is lower, you have a monthly payment to make for quite some time. Washington payday loans provide the cash to get you out of a bind without overly stressing your monthly budget.
How to Apply for and Get Washington Payday Loans
Because Washington payday loans are short-term, usually being repaid in a month or so, they are very easy to both apply for and receive. Both Washington payday loan lenders and online payday loan lenders can be used, but Internet lenders must abide by Washington law as well.
Once you select a provider, you will be asked to fill out a brief form consisting of some personal information, as well as the requested loan amount and repayment date. You will also be required to verify your personal information with acceptable identification and your regular income via bank statements or past check stubs. Bank account information is also required and some Washington payday loan lenders require a post-dated check to hold as collateral.
The approval process is quite fast and money is generally available within a few hours, but can sometimes take until the next business day. The approved loan amount is deposited into your provided bank account for you to use for your emergency. Repayment of your loan is then made on the due date by allowing the company to cash your check or withdraw funds from your account. You can also travel to the lender's office and pay off the loan in person.
Legal Lending Specifications for Washington Payday Loans
According to payday advance Washington laws, lenders can provide up to $700 in cash advances or 30% of the borrower's gross monthly income, whichever is the least amount. Loans must be repaid within 45 days and there are no loan extensions or rollovers, which mean payday advances, must be repaid by the maximum time period.
The maximum interest rate on Washington payday loans is 15% for the initial $500 with an additional 10% on amounts above that up to the maximum allowable loan amount. The APR equals 390% from the maximum allowable interest amount of $15 on a $100 loan taken out for 14 days.
Washington payday loan lenders cannot hold more than one outstanding payday loan on any individual at any one time. Lenders are allowed by law to charge one $25 NSF (non-sufficient fund) fee as well as apply other costs including damages, interest, and attorney's fees.
How to Get More Information on Washington Payday Loans and Laws
You can find out more by contacting:
Washington State Department of Financial Institutions (DFI)
P.O. Box 41200
Olympia, WA 98504-1200
Phone: 360-902-8700, 360-902-8703 or 877-RING DFI (746-4334)