ï»¿ï»¿ A payday loan is a little, unsecured, high interest, short-term advance loan. More often than not, customers write a post-dated, individual look for the advance quantity, and also a cost.
The loan provider holds the check for the loan period then deposits it, or even the consumer returns with cash to reclaim the check.
In This Guide:
- Fast Factual Statements 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
- Web Payday Lenders
- List Before You Take Out That Loan
- Your Rights As A Washington Resident
- Additional Resources
Quick Information About Pay Day Loans
- You could just borrow an overall total of $700 or 30percent of one’s gross month-to-month earnings, whichever is less.
- Your details is supposed to be registered in a state-wide database, making sure all payday loan providers have your many up-to-date loan information.
- You could just simply simply 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 now have an installment plan may very well not get another loan.
- Lenders might not harass or intimidate you whenever gathering that loan. If you should be harassed, contact DFI and register a grievance.
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. You are able to confirm the permit of a payday lender in Washington State by calling 1-877-RING-DFI (746-4334) or confirming a license on the web. Read more