п»їп»ї A payday loan is a little, unsecured, high interest, short-term advance loan. Generally in most situations, customers compose a post-dated, individual search for the advance quantity, plus a cost. The loan provider holds the check when it comes to loan duration then deposits it, or even the client returns with money to reclaim the check.
In This Guide:
- Fast Details About Payday Advances
- Who Licenses and Regulates Payday Lenders in Washington State?
- Filing A issue Against A Payday Lender
- Optimum Loan Amount and Terms
- Tribal Loan Providers
- Online Payday Lenders
- List Before You Take Out That Loan
- Your Rights As A Washington Resident
- Additional Resources
Fast Factual Statements About Payday Advances
- You might just borrow a complete of $700 or 30percent of one’s gross month-to-month earnings, whichever is less.
- Your details will soon be registered in a state-wide database, making sure all payday loan providers have your many up-to-date loan information.
- You may possibly just simply just simply just take 8 loans that are payday 12-month duration.
- You may request an installment plan with no additional fees if you are unable to repay your loan before your loan is due.
- In the event that you actually have an installment plan you might not get another loan.
- Loan providers may well not harass or intimidate you whenever gathering that loan. If you’re harassed, contact DFI and register an issue.
Who Licenses and Regulates Payday Lenders in Washington?
The Washington State Department of Financial Institutions (DFI) licenses and regulates payday lenders and the payday loan industry in Washington State.
Filing A issue Against A Washington Payday Lender
When you yourself have a problem against a payday lender working in Washington, file an issue with DFI.
Optimum Loan Amounts & Terms in Washington
Optimum Loan Term: 45 times
Optimum Loan Amount: $700 or 30percent of one’s gross month-to-month earnings, whichever is less