Washington Cash Advance Consumer Resource
Welcome to CashAdvance.com’s Washington site for the best information on the internet on payday loans in the state. No matter what it is you need, CashAdvance.com has managed to compile all the necessary Washington payday loan data into an easy and user-friendly guide.
Getting started on your Washington payday cash advance is even easier with all the tools and resources provided to you by CashAdvance.com. After you familiarize yourself with the state laws and loan process, take a few minutes to fill out the fast CashAdvance.com online application and get instantly linked with reputable lenders ready to get you cash assistance now!
Have an experience or story with Washington payday loans you would like to share? Want to send us your comments? You can reach CashAdvance.com’s local hub at: washington@cashadvance.com.
For more information regarding cash advances within the various cities of Washington, please visit the Information by City section below.
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Cash Advance in Washington
The cash advance industry is one of the few industries not suffering during the economic downturn as the finances of millions across the country have taken a hit during the last three years. Cash advances exist to provide individuals with a quick influx of cash to cover unexpected bills or other expenses. However, these short term loans can be very dangerous to those who lack a true understanding of how they operate and what laws govern their business. Each state makes its own laws to govern the industry and a cash advance in Washington is no different.
Cash advances, or payday loans, are short term loans typically lasting two weeks and usually amounting to no more than $1,000. Borrowers write a check to lenders for the amount of their loan plus additional fees and charges. The lender holds on to the check for the length of the loan period and provides the customer with a check or electronic payment for the amount of the loan. When the loan period is up, the lender cashes the check to complete the deal.
For some people however, cash advances are a sign of bigger financial issues. If they do not have enough money in their account to cover the check, they have the option of rolling over or extend their loan period. This often results in very high interest rates kicking in however and leads many people deeper into financial woe.
A cash advance in Washington is governed by some of the following laws. Cash advance businesses must be licensed by the state of Washington in order to operate as well as possessing a small loan endorsement from the state. The state also requires businesses to display their license in plain sight and provide customers with a schedule of fees. Lenders may not have more than one loan out with a customer at one time that exceeds $700. While lenders do have a private right to legal action against borrowers who default, they may not press criminal charges.
The following laws also apply to cash advances in Washington:
- Maximum Amount: The maximum cash advance allowed is $700 or 30% of borrower’s gross monthly income, whichever is less.
- Loan Length: Loan terms must be between 31 and 45 days.
- Extensions: Lenders are not allowed to offer any roll overs or extensions.
- Fees: Lenders may not charge more than 15% on loans up to $500. Rates may not exceed 10% on loans from $501 to $700.
As with cash advances in any state, individuals considering a cash advance in Washington should think carefully before using this quick fix financial problem. Cash advances should be used for emergencies only, including medical issues, auto problems, or unexpected home bills.
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Consumer Notice: A cash advance, also referred to as a payday loan or payday advance, is a small, short-term loan that is intended to cover a borrower's expenses until the following payday. Cash advances are intended for short-term financial relief and do not constitute long-term financial solutions. Consumers facing debt and credit difficulties should seek out debt and credit advisory help. Consumers are encouraged to consult our State Consumer Resource pages to learn more about the risks involved with cash advances, local laws and regulations that may be applicable to cash advances, possible loan alternatives and recent developments in their state.
Legal Disclaimer: This website does not constitute an offer or solicitation to lend. CashAdvance.com is not a lender, does not broker loans, and does not make loan or credit decisions. The operator of this Web Site is not an agent, representative or broker of any lender and does not endorse or charge you for any service or product. CashAdvance.com provides a service only and is not acting as a representative, agent, or correspondent for any service provider or lender. CashAdvance.com's aim is to inform users of possible lenders who may be able to satisfy the needs of a particular consumer. CashAdvance.com does not endorse any particular service provider, lender, nor loan product. You are under no obligation to use CashAdvance.com's service to initiate contact, nor apply for credit or any loan product with any service provider or lender. Service providers or lenders will typically not perform credit checks with the three major credit reporting bureaus: Experian, Equifax, or Trans Union. However, credit checks or consumer reports through alternative providers such as Teletrack or DP Bureau, which typically will not affect your credit score, may be obtained by some service providers or lenders, in certain circumstances. You will not be charged any fees to use CashAdvance.com's service. Learn more on our Rates & Fees section.
Availability: Residents of some states may not be eligible for a short term cash loan based upon lender requirements. CashAdvance.com does not guarantee that completing an inquiry form will result in you being matched with a service provider or lender, being offered a loan product with satisfactory rates or terms, nor receiving a loan from a service provider or lender.