Payday Loan 
Title Loan 
Personal Loan 
Business Loan 
What Are Payday Loans?
Payday loans are short term loans, usually ranging from two weeks to a month in duration, that are available to individuals who need access to quick cash in order to cover an emergency expense or to bridge the gap between paychecks. Payday loans are typically unsecured and have a very high annual percentage rate (APR).
Are Payday Loans Legal in Lake Stevens, Washington?
Yes, payday loans are legal in Lake Stevens, Washington. In order to lawfully provide payday loans in Washington, lenders must have a small loan license issued by the Department of Financial Institutions. This ensures that lenders meet the licensing requirements, abide by the applicable laws, and operate in compliance with the state’s regulations.
What Are the Requirements for Payday Loans in Lake Stevens, Washington?
To be eligible for a payday loan in Lake Stevens, Washington, you must meet the following requirements:
- Be at least 18 years of age.
- Be a resident of Washington.
- Have an active bank account.
- Have a working phone number.
- Have a valid form of identification.
- Have a verifiable source of income.
How Much Can I Borrow?
The amount that you can borrow through a payday loan in Lake Stevens, Washington is determined by the state law. According to the Washington State Department of Financial Institutions, the maximum loan amount is $700 per loan. The loan must be repaid within 31 days, and the maximum fee that can be charged is 15% of the loan amount.
How Do I Apply for a Payday Loan?
Applying for a payday loan in Lake Stevens, Washington is easy. Most payday loan lenders require you to complete an application online or in-person, and provide proof of income, a valid form of identification, and a working phone number. Once the application is approved, you will be required to sign a loan agreement and provide a post-dated check for the total amount of the loan plus fees. The lender will then deposit the check on the date specified, and you will be responsible for repaying the loan in full on or before that date.
Apply Now for a Payday Loan in Lake Stevens, Washington!
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FAQs About Payday Loans in Lake Stevens, Washington
Q: What is the maximum amount I can borrow?
A: The maximum loan amount you can borrow through a payday loan in Lake Stevens, Washington is $700.
Q: How do I know if my payday loan application has been approved?
A: Once you submit your application, you will receive an immediate response. If your application is approved, the lender will contact you to discuss the terms of the loan.
Q: What if I can’t repay the loan on the due date?
A: Many payday loan lenders offer extensions or refinancing options to help borrowers who are unable to repay their loans on the due date. It is important to contact your lender and discuss your options if you find yourself in this situation.