Payday loans are short-term, low-interest loans that are easy to apply for. You can apply for a maximum of eight payday loans per 12-month period. If you cannot repay the loan on the due date, a personalized payment plan might be available. Payday loans in Washington lenders are not permitted to harass or threaten you when you don’t pay on time. If you feel harassed or intimidated, contact PAYDAY CHAMPION.
- 1 Who are the best payday loan lenders in Washington?
- 2 Maximum Loan Amounts and payday loan terms in Washington
- 3 Tribal lenders in Washington
- 4 Online Payday Loans in Washington
- 5 Before applying for a payday loan, make sure to read the terms
- 6 Alternatives to payday loans in Washington
- 7 Washington Residents’ payday loan Rights
Who are the best payday loan lenders in Washington?
The state regulates payday lending in Washington State and issues licenses for payday lenders. Check the licensing of Washington payday lenders online.
If you have a complaint regarding a Washington payday lender, please file a complaint today.
Maximum Loan Amounts and payday loan terms in Washington
The maximum loan term is 45 days. The maximum loan amount you can borrow is 700 dollars or 30% of your monthly earnings.
Tribal lenders in Washington
Do not assume that you will get one because you have seen a payday loan advertisement online or on TV. Many of these businesses are managed and owned by federally recognized Indian tribes. They are not licensed or regulated by the Department.
Tribal loan websites may not let you know if you are a member of a particular tribe. RCW 31.45.105(1) & (3) state that Washington State residents cannot apply for loans from unregistered entities.
Online Payday Loans in Washington
The state must issue licenses to payday lenders operating in Washington. Lenders must adhere to the regulations.
Before applying for a payday loan, make sure to read the terms
While payday loans can be a quick and convenient solution for short-term needs, they are not suitable for long-term financial goals. Verify the license number of your payday lender before applying. Contact the Washington State Department of Financial Institutions to verify that you’re working with a licensed lender. To check the license, call 1-877-RINGPAYDAY CHAMPION (744-3344) or go to www.licensecheck.org.
Alternatives to payday loans in Washington
- Borrow money from friends and family
- Ask your employer for a salary increase
- Compare loan rates to get the best deal.
- Credit unions also offer affordable loans
- How to improve your credit score
- Repay all your outstanding debts
- Limit the number of loans you borrow
- Avoid taking out multiple loans at once
- Always pay your loans on time
- Consider debt counseling and debt consolidation
- Create a budget
- Have an emergency fund
Washington Residents’ payday loan Rights
Payday lenders that aren’t licensed cannot collect payday loan debts. The lender can’t take legal action in Washington State. Also, No criminal prosecution will be brought against payday borrowers who are unable to pay the debt. Additionally, the lender must disclose all the credit charges under the Truth in Lending Act. The disclosure must include the financing charge and annual percentage rate (APR). The annual percentage rate (APR) will tell you how much your loan will cost.
Huxley Forbes is the Managing Editor at PaydayChampion. He is responsible for PaydayChampion's content strategy and assists in the production of loans reviews, student loan guides, as well as other material to answer financial concerns and assist them to save money. Huxley Forbes came to PaydayChampion as an author in the year 2011, when he joined as a writer. In the years since, Forbes has been helping to build PaydayChampion from scratch becoming one of the senior members of the team.