Payday loans are engineered to help you find some space when life gets tight. Many Americans have found themselves living paycheck to paycheck, hot having the time or money for unwanted expenses. Securing a small loan to cover that bill will buy you time until the next paycheck comes in and you can get back on your feet!
Payday loans in Washington are safe and reliable. Securing a loan with a value of up to $700, you can cover any emergency flat without having to ask a family member or overdraft your bank account. If for some reason you aren’t able to repay your loan by the given date, you may even be able to request an installment plan with no additional fees. Don’t let life’s hidden fees overwhelm you, get a Washington payday loan now!
Payday loans are the quickest loan to acquire of the three. Because of its speed, it is also the smallest loan you can get at a maximum of $700. Some lenders will even give you a loan without a hard credit check so if you have bad or no credit you have nothing to worry about.
| Law Status | Legal |
| MIN Loan Amount | N/A |
| MAX Loan Amount | $700 |
| MIN Loan Term | N/A |
| MAX Loan Term | 45 Days |
| MAX APR | 391% |
| Additional fees | 15% on the first $500, 10% on the last $200 |
| NSF fee | Not greater than $7 |
| Collateral or guarantor | N/A |
| Number of simultaneous loans | 0 if on an installment plan, 8 in one year |
| Cooling-off period | N/A if not on an installment plan |
| Rollover | 0 |
| Extension, repayment plan | 90-180 days with no fees |
| Default penalties | Maximum 15% |
| Credit score requirements | Not Required |
Installment loans are a different type of loan that is repaid over two or more repayment periods. In Washington State, they are very similar to personal loans in both amounts borrowed and what that amount is based on.
| Law Status | Legal |
| MIN Loan Amount | $50 |
| MAX Loan Amount | $700 |
| MIN Loan Term | 60 days |
| MAX Loan Term | 90 days |
| MIN APR | 126% |
| Collateral or guarantor | N/A |
| Credit score requirements | Above 580 |
Personal loans are the largest loans of the three. Reaching a maximum of $50,000 in personal loans can give you a large line of funds for any big project or reconsolidation. While they have the lowest interest rates, they do have the longest minimum and maximum loan terms.
| Law Status | Legal |
| MIN Loan Amount | $1,000 |
| MAX Loan Amount | $50,000 |
| MIN Loan Term | 24 months |
| MAX Loan Term | 144 months |
| MIN APR | 5.75% |
| Collateral or guarantor | N/A |
| Credit score requirements | 580 |
There aren’t many ways to obtain a safe and secure payment quickly these days. If life surprises you with an unexpected expense, how would you cover it? You could ask for money from a relative or you could take a cash advance off your credit card. A better option yet is a safe and secure payday loan. The money is funded quickly without any hassle and you can repay it by the time you get your next paycheck! Payday loans in Washington are fast, reliable and an overall great way to cover your next unexpected expense!
Payday lending is legal in the state of Washington. You may acquire a loan of $700 or 30% of your gross monthly income, whichever amount is less. The maximum loan term is 45 days and the maximum APR is 391%. Finally, you may only get a maximum of 8 payday loans in Washington in a 12-month period.
When it comes to alternatives to payday loans, there are some options.
However, there really is no direct alternative to a payday loan. The speed and security you obtain when acquiring one are second to none, no charity will give you that much money that quickly!
How does someone get a payday loan in Washington, what does the process look like?
To obtain a payday loan in Washington, you must be at least 18 years of age and a current resident of the state of Washington. You must also have an active bank account, phone number and physical address in the state with a steady income to prove you can pay the loan back.
A payday loan in Washington costs $15 per $100 borrowed up to $500 where it is then $10 per $100. If you borrowed $100 and paid it off two weeks later, you would pay a total of $115 for your loan.
