Installment Loans in Mattawa, Washington

The Ins and Outs of Installment Loans in Mattawa, Washington

When unexpected expenses catch you off guard, it’s important to have access to the cash you need to cover them. While some people might turn to credit cards or traditional bank loans, others prefer installment loans. In this article, we’re going to explore everything you need to know about installment loans in Mattawa, Washington.

What are Installment Loans?

Installment loans are personal loans that require the borrower to pay back the loan in regularly scheduled payments, or “installments”. These loans typically come with fixed interest rates and terms ranging from a few months to several years. Because they typically have lower interest rates than credit cards, installment loans can be a great option for borrowers who need to borrow money but don’t want to pay excessive interest fees.

Are Installment Loans Legal in Mattawa, Washington?

Yes, installment loans are legal and popular in Washington. The state allows borrowers to take out loans up to $700 or 30% of their gross monthly income, whichever is less. Lenders are required to be licensed with Washington State Department of Financial Institutions, and they may not charge more than 15% in interest and fees on the loan.

What Are the Benefits of Installment Loans?

• Installment loans offer predictable, fixed payments that make budgeting easy and stress-free.
• Unlike credit cards, installment loans come with a fixed interest rate that won’t change over time.
• Installment loans can be a great option for borrowers who don’t want to use credit cards or traditional bank loans.
• They can help you build credit if you make payments on time.

What Are the Potential Downsides of Installment Loans?

• Interest rates on installment loans can be higher than those of traditional bank loans.
• If you miss a payment, you could risk defaulting on your loan and damaging your credit score.
• Some lenders may tack on additional fees to your loan that can add up quickly.
• You may be required to put up collateral in order to secure your loan.

Interesting Facts About Installment Loans in Mattawa, Washington

• In 2019, the total volume of installment loans in Washington was $1.7 billion.
• Washington state law requires that lenders give borrowers a repayment schedule up front.
• Installment loans can be a great option for borrowers with bad credit, as lenders are often willing to work with individuals who have less-than-stellar credit scores.

Apply Now

If you’re interested in applying for an installment loan in Mattawa, Washington, TheGuaranteedLoans can help. We’re a connector service that can help you find a potential lender that fits your needs. Apply now to get started!

Please note: TheGuaranteedLoans is not a direct lender. We are a connector service that will facilitate your connection with potential lenders.