What are Payday Loans and are they Legal in McKenna, Washington?
If you are living paycheck to paycheck, unexpected expenses can be challenging to handle. Payday loans are a quick financing option that can offer short-term cash flow solutions. In McKenna, Washington, payday loans are legal as long as the lender holds a small loan license issued by the state’s Department of Financial Institutions.
What are payday loans?
Payday loans are short-term loans that enable you to borrow a small amount of money and repay it with interest on your next payday. They can be useful when you are in a financial bind and need quick cash due to an emergency expense or if you don’t have enough funds to cover some bills.
Payday loans come with high interest rates and fees, so it’s essential to understand the terms and conditions of the loan before signing up. In McKenna, Washington, payday loans can provide up to $700, and lenders can charge up to 15% of the first $500 borrowed, and a max of 10% on the amount borrowed between $500-$700.
Are Payday loans legal in Washington?
Payday loans are legal in McKenna, Washington, and the state requires lenders to be licensed by the state’s Department of Financial Institutions. Licensed lenders must follow the state’s laws that govern payday loans, including the loan amount, interest rates, fees, and repayment terms.
Washington state law provides specific consumer protections, such as a mandatory cooling-off period for borrowers that limits how many loans they can take out in a certain amount of time. After eight loans in a twelve-month period, borrowers must wait 45 days after they pay off their previous loan before they take out another payday loan.
What are the requirements to obtain a payday loan in McKenna, Washington?
To obtain a payday loan in McKenna, Washington, you must:
- Be at least 18 years old
- Have a valid identification document issued by the government
- Have a steady income source
- Have a checking account
Lenders might also require you to provide proof of residence and income.
Interesting Facts and Statistics about Payday Loans in McKenna, Washington
- In 2019, the average payday loan in Washington state was $378, with an average fee of $50.
- According to the Department of Financial Institutions, Washington residents took out 3.2 million payday loans in 2019, with an average loan amount of $382.
- The total amount of payday loans borrowed in Washington in 2019 was approximately $1.2 billion.
Apply Now for a Payday Loan in McKenna, Washington
TheGuaranteedLoans website provides a connector service for people seeking payday loans. We are not a direct lender, but we can connect you with potential lenders who may be able to provide the financing you need.
You can apply online on our website by filling out our simple application form. We’ll ask basic information about you, such as your name, address, employment status and, income. Once you submit your application, we will use our vast network of lenders to find a match for you.
If you have any questions or concerns about the payday loan process in McKenna, Washington, don’t hesitate to contact us today.