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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:

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PaydayAdvance.org is not a lender, does not broker loans or extend credit to consumers. This website’s sole purpose is to connect consumers who are looking for payday advance loans online.

Not all lenders can provide your requested loan. Cash transfer times may vary between lenders and depend on your individual bank. Repayment terms vary by lenders and local laws. For details, questions or concerns regarding your payday advance, please contact your lender directly.

Residents of Arkansas, Georgia, New York, Oregon, Washington, West Virginia and Vermont are not eligible to apply and the states serviced by this website may change from time to time and without notice.