Payday Loan 
Title Loan 
Personal Loan 
Business Loan Payday loans in Washington are small, unsecured, and easy to get. They give people quick access to cash until they can get paid again. The borrower signs a document authorizing the lender to withdraw the funds from their account on payday or whenever agreed.
This is a drastic measure for anyone who can’t borrow money from friends and family, and even then, it is worth considering the implications of borrowing money in this way before signing up for it.
Can You Get A Payday Loan In Washington State?
You can get a payday loan of up to $1000 in Washington state. You won’t need to provide proof of income or employment, and you don’t need to show proof of credit.
If you can prove that you have sufficient money in your bank account (or if it is a recurring repayment), the lender will simply authorize an electronic transfer on payday and/or at regular intervals until the debt is repaid.
How Are Payday Loans Different From Other Loans?
Compared to standard credit, payday loans are relatively unsecured. Borrowers can’t take them out against a fixed deposit or home as security. Instead, they rely on the provider being willing to accept the same level of risk involved in accepting cash deposits.
While this makes payday loans easier to obtain, it also means that interest rates are higher, and borrowers may end up paying back more than the amount originally borrowed.
Maximum Loan Amounts & Terms In Washington
The maximum amount of payday loan you can get in Washington state is $1000. You should note that the minimum repayment period is 14 days and the payback dates are 28 days, meaning you can still cover the debt at any time.
You will have to repay these debts in full until you reach your next payday or until another agreement is signed with your lender. Do make sure that you understand this and save a copy of all documents before signing any new agreement.
Your Rights As A Washington Resident
It is important to note that payday loans are not regulated in Washington state. This means that your lender is under no legal obligation to provide you with more time, additional information or help you find alternative ways of financing.
Payday loan companies are also allowed to charge whatever fees they see fit, even during a dispute or a negotiation. You will have to pay them until the situation is resolved or the debt has been paid off in full.
You can even be asked to pay extra fees for your lender taking action to recover the funds from you, such as if they have contacted you at work.
How Much Can A Payday Lender In Washington Charge Me?
The interest rate on payday loans in Washington state varies significantly depending on the lender, the amount borrowed, and the time of day.
The vast majority of existing payday loan providers charge an APR of 390 percent or more. The minimum APR is higher than this, particularly for loans that require a refinance or new credit.
The average APR is 584 percent, with one company charging 1,500 percent and another charging 2,500 percent.
Find a local payday loan provider that suits you by comparing lenders!
If you are currently looking for a payday loan to cover an upcoming pay rise or seasonal holiday expense, then compare lenders by listing your criteria below.
Are There Other Options Besides Payday Loans?
Yes, there are much more suitable alternatives to payday loans, even within Washington state. These include:
Crowdfunding – getting money in small increments from friends and family. Pros: Relatively low risk. Cons: Requires a lot of people and/or a social network.
If you can’t find anyone willing to lend you money, you could look for someone offering money for investments or business projects instead. They may be willing to help with your personal expenses as well.
Transfers from your bank account – many banks allow you to transfer funds from one of your accounts directly into another without any additional charges or fees. Pros: Fast, reliable, and easy. Cons: Requires a bank account and some spare cash on hand.
Put these options to the test by checking out our online finance calculator.
The information in this article is for educational purposes only and should not be interpreted as providing financial advice. Otto is an independent consumer credit broker and does not represent lenders or finance companies.
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How To Apply For A Washington Payday Loan?
You can apply for a payday loan in Washington state by using our quick, easy and secure online form. Simply complete the form to see clear, accurate quotes from lenders with no hidden fees or charges.
Most lenders will also let you apply for a payday loan by phone, but this process is not as efficient as applying online. You will have to give them your details over the phone or by e-mail before seeing your quotes.
The lender you choose will be able to arrange the electronic transfer on your payday and/or at regular intervals until you have repaid the debt in full. You should make sure that you know how much these repayments will be so that you can plan accordingly.
FAQ
If you do not pay back your loan on the due date, your lender will try to recover the money from you.
If this happens, they will send more demanding communications and contact you at work. If this does not work, they can sue you for contempt of court and take action to get their money back by other means, such as taking charge of your bank account or seizing property belonging to you or a family member.
Lenders are not allowed to issue you more than one payday loan in the same week.
They can, however, issue you a new loan until your first is paid off. The maximum number of loans you can get from the same provider within a 12-month period is six.
Most lenders can only accept payments by money transfer or by a cash deposit. However, there are a few payday loan companies that will let you make payments online via your bank account.
There are usually two options for paying off a payday loan early:
Make a lump-sum payment and pay your loan in full. Use your next direct debit to repay the loan in full before the due date.
Payday loans are unsecured loans, and credit is not required. This means you can apply without having to worry about your credit score or having to arrange collateral to secure the loan.
You can renew your payday loan by contacting the lender. Some companies have automatic renewal policies, but this means that they will automatically issue a new loan instead of extending your existing one.
It is always best to check with your lender before the due date to make sure you are not going over their maximum number of loans.
In many cases, payday loans in Washington can be repaid in full on or before the due date without penalty, which makes them ideal for unexpected bills and emergency expenses that must be met before the next payday.
However, if you cannot repay the entire amount when it is due, you may be able to set up a payment plan with your lender.
If you are unable to repay your payday loan when it is due, or if you cannot repay the full amount, your lender will extend it. You may be required to pay an additional fee for this service.
If you have a bank account in Washington state, you may be able to arrange for the lender to automatically withdraw the interest from this account on payday. This helps make sure that you are never late paying your fees.