Payday Loans in Grays River, Washington

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No payday loan companies in Grays River, WA. Consider companies in other cities:

Company nameAddressZip codePhone number
Top Auto Brokers LLC. 14905 NE Caples RD Suite E, Brush Prairie, WA 98606 +1 (360) 723 - 5574
Merchants Acceptance Corporation 1314 Auburn Way N, Auburn, WA 98002 +1 (866) 883 - 2392
Clift Mortgage CL-68323 330 E 1st St 3, Port Angeles, WA 98362 +1 (360) 457 - 7654
KeyBank 23905 SE Kent Kangley Rd, Maple Valley, WA 98038 +1 (425) 432 - 7077
Qualstar Credit Union - Everett Branch 2502 Colby Ave, Everett, WA 98201 +1 (800) 848 - 0018
Bank of the West 312 N Ruby St, Ellensburg, WA 98926 +1 (509) 925 - 9866
Walmart Vision & Glasses 4420 Meridian St, Bellingham, WA 98226 +1 (360) 647 - 0212
Washington Federal Bank 206 A St SE, Auburn, WA 98002 +1 (253) 804 - 8410
WSECU 9540 Bridgeport Way SW, Lakewood, WA 98499 +1 (800) 562 - 0999
Columbia Bank 1250 Meridian Ave E, Milton, WA 98354 +1 (253) 952 - 6646

Payday Loan Companies in Nearby Cities

If there are no payday loan companies in Grays River, WA, you can try to find different companies in big cities near by. Check out the following pages here: Payday Loans in Issaquah, WA, Same Day Loans in Kennewick, WA, Same Day Loans in Kent, WA, Payday Loans in Kirkland, WA, Payday Loans in Lacey, WA, Payday Loans in Lake Stevens, WA, Payday Loans in Lakewood, WA and Payday Loans in Longview, WA. But also, you can apply for a loan online, not coming out of your home. Just fill out a simple application on our website and we will connect you with trusted direct lenders in Grays River, WA.

Payday Loans Available in Grays River, WA By The Following ZIP Codes:

98621

Are Payday Loans Legal In Grays River, Washington?

Loan Rates and Fees, Laws and Regulations in Washington.

Washington Loan Regulations

Legal StatusLegal (Lender must have a small loan endorsement to their check casher license in order to make payday loans)
Interest Rate (APR, %)391
Maximum Loan Amount$700 (*or 30% of gross monthly income)
Minimum Loan TermNot Specified
Maximum Loan Term45 days
Number of Rollovers Allowed0
Finance Charges<$500 = 15%; >$500 = 10%

Grays River, WA payday loan calculator

Payday Loans in Grays River, Washington: What You Should Know

Payday loans are small-dollar, short-term loans that borrowers can access to handle emergency expenses that pop up before their next paycheck arrives. In Washington, payday loans are legal, but the lender must have a small loan license.

While payday loans can be useful for those facing financial emergencies, they come with high interest rates and fees, leading to a cycle of debt for some borrowers who struggle to pay them back on time.

How Payday Loans Work in Grays River, Washington

To obtain a payday loan in Grays River, Washington, a borrower must have a valid ID, proof of income, and an active bank account.

The maximum loan amount is $700 or 30% of the borrower’s gross monthly income, whichever is less. The loan term must be between 7 and 45 days, and lenders are allowed to charge up to 15% on the first $500 borrowed and 10% on amounts above $500. This means a borrower borrowing $500 would have to pay at least $75 in fees and interest for a two-week loan period.

In Grays River, lenders are permitted to renew or extend an outstanding payday loan up to two times, but the borrower must pay off at least one-third of the original loan amount before they can do so. Alternatively, the borrower can opt for a repayment plan to pay off the loan in installments over a period of 90 days.

The Pros and Cons of Payday Loans

Before taking out a payday loan in Grays River, Washington, it’s essential to consider the pros and cons.

  • Pros:
  • Payday loans are accessible, with no credit checks required, making it easy for those with poor credit to access cash when they need it.
  • The application process is fast and straightforward, with funds often available as quickly as the same day.
  • Payday loans can be helpful for people facing emergency expenses, such as unexpected medical bills or car repairs.
  • Cons:
  • Payday loans come with high fees and interest rates, leading to a cycle of debt for some borrowers who struggle to pay them back on time.
  • The short repayment periods can put a strain on borrowers’ finances, leading to increased financial stress.
  • Some payday lenders have been known to engage in predatory practices, such as pressuring borrowers to take out new loans to repay old ones.
  • Defaulting on a payday loan can have serious consequences, including damage to one’s credit score and legal action taken by the lender.

Interesting Facts about Payday Loans in Grays River, Washington

Here are some facts to consider when considering payday loans in Grays River, Washington.

  • In Washington, payday lenders are prohibited from harassing or threatening borrowers and cannot engage in fraudulent or deceptive practices.
  • The maximum loan amount and interest rates are regulated by the Washington State Department of Financial Institutions.
  • A 2016 report by the Center for Responsible Lending found that payday lenders in Washington charged an average annual percentage rate (APR) of 214% on a 14-day loan, which is more than double the national average of 98%.

Apply Now

At TheGuaranteedLoans, we offer a payday loan connector service to help Grays River residents connect with potential lenders. To get started, simply fill out an online application on our website. Remember, we are not a direct lender, and our service is entirely free to use. We strive to connect borrowers with lenders who offer fair and transparent loan terms, so you can get the help you need without falling into a cycle of debt.

F.A.Q.

Are there any special protections for consumers who are victims of predatory lending practices in Grays River, Washington?

Yes, the Washington State Department of Financial Institutions has a consumer protection unit that investigates and takes action against predatory lending practices. Consumers who feel they have been treated unfairly can file a complaint with the department.

Can a payday lender in Grays River, Washington sue me for non-payment of a payday loan?

Yes, a payday lender in Grays River, Washington can sue you for non-payment of a payday loan. If the lender wins the lawsuit, they may be able to garnish your wages or seize your assets to collect on the debt. It is important to repay your payday loan on time to avoid potential legal action.