Payday loans Washington state (WA) USA

• State - Washington (WA)
• Population - 7,535,591
• Area - 71,362 sq mi
• APR - 390%
• Regulator - Washington Department of Financial Institutions
• Address - Division of Consumer Services, PO Box 41200 Olympia WA 98504

A Detailed Look At Payday Loans Washington State

Quick cash services are becoming the dominating force in the US financial field. A few states apply limitations and restrictions, while in the majority of states payday loans are legal. Washington is not an exception. It boasts a developed financial field with different instruments to assist state residents in case of unexpected financial troubles.

Payday loans Washington state come with no limitations in terms of governmental restrictions. In other words, they are 100% legal letting any citizen who meets specific requirements count on fast cash assistance despite the credit. The service works great in different situations whether you urgently need a small sum to cover running costs or plan a huge purchase. No matter what the goals are, quick cash is a good solution.

But first things first. Newbies often find it daunting to take full advantage of up-to-date financial services. Some still prefer wasting time in banks and get rejected. In today’s review, we will have a closer look at payday loans Washington state, steps to access them, requirements to borrowers, and other crucial aspects you need to know. To get started, let’s have a look at brief loan facts describing their key features to consider.

Facts about Payday Loans in WA

To understand, what we are going to deal with, have a look at a brief WA fast cash representation. Here are some fundamental issues you need to know before accessing them.

Fact #1 – Legal Services

As we have said in the beginning, all citizens who meet requirements are free to access quick money delivered by Washington lenders out of the box. Such services are 100% legal letting licensed agencies distribute cash assistance.

Fact #2 – Fixed Loan Amount

The sum you get will mainly depend on your monthly wage. According to state law, a consumer is permitted to apply for not more than $700. If you need more, you need to make sure you have a high salary, as other restrictions say a customer may borrow a sum that does not exceed 30% of his or her general income.

Fact #3 – Application Registration

Apart from other states, WA lenders will have their customers listed in the nation-wide database. In other words, every agency will be able to access your personal loan info every time you apply for a new loan. The idea is to provide companies with the most up-to-date customers' info when evaluating their creditworthiness.

Fact #4 – Limited Application Efforts

Despite the fact applying for quick money is simple, the total amount of loans for Washington state residents must not be more than 8 in a 12-months period. Well, who on Earth would ever want more?

Fact #5 – Anti-Harassment Protection

The state law prohibits any harassment or intimidation towards borrowers. It means, that you are on your own with the debt and no one will ever interrupt you from repaying it. If the lender intimidates, as a consumer, you may send a complaint to DFI.

Fact #6 – Installment Policy

There is an installment plan for customers who fail to repay on time. It can be enabled with no extra charges or fees. Once you have opted for the installment plan, you are not allowed to access another loan as well. Keep that in mind.

Summing up, here is the list of fundamental facts describing financial services in WA:

• Legal loan distribution.
• Enhanced installment policy.
• Protection against intimidation and harassment.
• Limited maximum loan amount.

We have learned some major issues in regard to payday loans in Washington state. Now, we need to dive deep into detailed and make research.

Reasons to Get Fast Cash in WA

Having an unlimited budget is great although it more sounds like a fairy tale. People always face financial difficulties despite the wage of social position. You may wear a tuxedo costing thousands of dollars but fail to repay your credit card bills on time.

It is not only a matter of debt. People tend to buy something on impulse. For example, you decided to get married or set for a short trip. Why should you ever give up that idea? The lack of cash is no longer a problem thanks to payday loans.

Another reason results from unexpected emergencies. We have seen friends or relatives requiring an urgent house or car repair. Unexpected illnesses often put us in a tight corner. People can never predict what happens next although we still want to have a financial safety belt. Advanced financial services might appear to be your cash bulletproof armor to overcome various stumbling blocks in the face of:

• Already existing debts – as state laws allow to access not more than loans at a time within 12 years, you may already have some financial obligations. At the same time, people tend to combine quick cash with credit cards that also need to be repaid promptly. Payday loans appear to be a reliable assistant whenever you realize it is time to make another payment but have no free cash left.
• Running Costs – it sometimes seems that our lives are focused around paying the bills. We purchase different things all the time, pay taxes, commissions, fees, etc. We need to cover utility and living bills. We need to buy something to eat. Have you ever thought of how many transactions you complete daily? Quick cash will keep you away from overwhelming. It lets you cover all running costs with ease and, what’s more important, on time.
• The shame of Borrowing – oh, you hate it to borrow from colleagues, friends or relatives. It seems a bit strange. We prefer paying huge commissions and take money from people we do not know instead of turning to our dearest. It is all about feeling embarrassed or ashamed. You do not want to let your close people down as well as show them you have financial troubles. You want to avoid unnecessary questions, which is 100% natural.

Payday loans Washington state appears to be an ultimate solution. You get the necessary sum with a click and only several repayments until the next salary. And the world will never know about the fact you borrowed cash.

Key Advantages of WA Payday Loans

The key benefit is that such services are legal in WA. This fact provides full freedom to consumers with no need to look for brokers or third parties to link with payday loan lenders. Moreover, the instrument is 100% safe for consumers thanks to a limited maximum amount. The company will never give you more than you are able to repay.

As for practical use, the key benefits include:

• Instant Registration Procedure – to get a loan, you only need to pick a website, sign in, copy and paste your personal data in the space provided, attach copies of your docs to the registration form if needed, submit the application, and get cash transferred to your account.
• Minimum Time Wasted – you will receive the decision in not more than 24 hours. The entire procedure from signing in to getting cash takes about 1 business day. If compared to banks, the service is as fast as lightning.
• Mobility and Flexibility – as experienced Global Web users, we require one-click access to everything we want to purchase, read or send. The same thing is to financial assistance. Consumers look for fast and easy access. Borrowers develop mobile versions of their website to let consumers enter services via mobile devices. Modern technologies let you apply from the office or home despite the location.

The service seems to be flawless. However, you still need to be very attentive when choosing a lender. Opt for reputable agencies with many positive reviews and testimonials. Never miss the contact section and check for the company's legal data, license, etc. As a borrower, you are the only one responsible for future agreement success.

Who Licenses and Regulates Payday Lenders in Washington?

Despite the fact payday loans in WA are legal, local authorities play a vital role in their regulation. The government takes part in lenders’ regulation and licensing as well. It also refers to charges and fees established by companies and agencies. Let’s have a closer look at how those rates are regulated.

Maximum Loan Amounts & Terms in Washington

Have a look at some calculations below to understand how much you may need to pay ion case of accessing quick cash in Washington state:

• The APR Rate. Let’s say, you want to get $100 from a chosen lender. The terms suit your fine. You will need to repay the loan in 14 business days. In this case, the APR will be about 309%. In addition, we should consider the extra fees.
• Financing Fees. They refer to loans that are over $500. The fee is established on the first sum you borrow and lower down with each next loan. For example, you take $500 and pay a 15% commission for the first time. The second loan will cost you only $10 from that sum and so on. The more you take the less you pay.
• Extra Charges. They mainly include collection fees ($25) that you need to pay only once.

What we are trying to say is that you need to think twice if you are able to repay. Do not rush for the maximum loan amount. Apply for a sum you really need.

What Are the WA Payday Loan Requirements?

The rules of accessing financial services are generally the same even for states where loans are restricted. All you need is to deliver baseline personal data in addition to some specifications if necessary. They may come in handy when proving your income, citizenship, etc.

To become a legal borrower, you are supposed to have:

• State residence, permanent place of living, steady job.
• Stable revenue source. Some lenders ask to submit official docs proving your income. Get ready for that.
• Relevant age over 18 and social security number.
• Checking account to have the sum transferred if approved.

Now, have a look at how the system works.

How the Payday Loan Process Works in WA

To complete the procedure, you need to follow several simple stages:

• Find a place to apply. It may be either a website or a physical site. Let’s consider you opt for online application.
• Fill in the form provided indicating your name, address, email, age, and everything else you need to move on.
• Attach copies of your documents and submit the application.
• Wait for approval and sign the agreement.
• Get the money and repay it within the given period.

Example APR and Fee Schedule in Washington State

The APR level depends on the cash amount. The more money you need, the higher the APR you get.

Example: a customer wants to borrow $100 for a 14-day period. In this case, the total APR will be 309% featuring 1 or 2 repayments depending on the agreement. As a result, you will need to give back over $309 including commissions, collection fees, etc.

If you decide to take less, the APR will change. The law refers to smaller loans like $50. In this case, a lender is prohibited to charge more than $1 per every $5 you take. At the same time, the acquisition fee here is also lower, as agencies are not allowed to take more than $10.

While we already know that the maximum loan amount in WA is $700 or 30% from your monthly wage, the minimum amount is not specified. The longest term is 31 days. To qualify, you need to meet the lender’s requirements we have discussed earlier. You will additionally need to prepare your social security number, valid account, and other additional details needed for submission. In some cases, a company representative may ask you to specify additional info.

Your Rights as a Washington Resident When Taking a Loan

Apart from general rights to apply for quick money, customers have additional rights in case of repayment troubles. We have already stated that companies are prohibited to intimidate. Otherwise, you are free to send an official complaint to DFI.

At the same time, you are able to opt for installment plan options with no extra fees. So, the rights include:

• Loan Cancellation Right – you are free to call your cash advance in case you do not need it for any reason. However, the cancellation must be done the same day you applied for the sum. A borrower is obliged to notify the lender in any form (written or personally). This right refers to small payday loans only.
• Installment Plan Right – every consumer is able to convert the loan into an installment plan in case of repayment failure. To enable the feature, you need to send an official request before the current loan term expires.

When it comes to the application procedure, a customer also has several specific rights in terms of docs and additional personal data. For example, if asked to prove the income, a borrower is allowed to opt for payroll receipts, bank statement records, etc.

The Bottom Line

Quick cash is becoming extremely popular in different states across the country. Although some state authorities still prohibit or restrict the services, customers are able to make the most of this new type of financial support.

The rapid development and digitization of the financial industry have made access to extra cash easier than ever before. The key advantage here is that people with bad credit are free to apply and count on approval. As a result, we have a revolutionary new tool to help consumers fight their budget emergencies back while traditional banking services are dying off.