During difficult financial times, a cash advance loan can be a quick and easy way to get the money you need until your next payday. Often referred to as a "payday loan", it is easy to obtain a cash advance in Olympia. With so many people trying to navigate through a tough economic climate, payday loans have become an increasingly popular way to get a cash advance in Olympia, as well as across the country.
There are standard qualifications when obtaining a payday loan. A photo identification card, such as a driver's license, is needed, as well as a paycheck stub and bank statement to show both your employment and proof of an existing checking account. Lenders are available not only in stores in Washington, but also online.
For a cash advance in Olympia, you can apply for a payday loan. This type of loan is for a smaller amount of money than a traditional loan. In Washington you are allowed to borrow a maximum of $700, or 30 percent of your gross income, whichever figure is less. Once you are approved for this type of small loan, you will need to write a check for the amount of the loan at the time of the cash advance. If you do not repay the loan before the time it is due, the lender will then cash that check. There may also be additional fees from the lender. However, depending on the loan amount, you may have access to a payday loan that has no fees attached to it. This no-fee payment plan usually offers a 90 to 120-day period to repay the loan.
Washington has several laws regarding payday loans that must be adhered to in order to get a cash advance in Olympia. As of January 2010, several changes were made to the laws regarding payday loans. For example, you cannot take out a payday loan if you are already in a payment plan with a lender, or if you already have an unpaid loan in default. Also, the loan period cannot be less than seven days. Finally, you are not allowed to enter into more than eight payday loans in a twelve-month period. These eight loans include both online and in-store cash advances.
Obtaining a cash advance in Olympia is a simple way to get the cash you need in an emergency, but it should not become a regular practice. With only eight transactions allowed in a single year, try to limit this type of loan to times when there are no other financial options to choose from.