п»їп»ї A payday loan is a tiny, unsecured, high interest, short-term advance loan. Generally in most situations, customers compose a post-dated, individual search for the advance quantity, plus a fee. The loan provider holds the check for the loan duration then deposits it, or perhaps the client returns with cash to reclaim the check.
In This Guide:
- Fast Information About Payday Advances
- Who Licenses and Regulates Payday Lenders in Washington State?
- Filing An 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
Fast Information About Pay Day Loans
- You may possibly just borrow a complete of $700 or 30percent of the gross income that is monthly whichever is less.
- Your data will likely to be registered in a state-wide database, making sure all payday loan providers have your many loan information that is up-to-date.
- You could just just take 8 payday advances per 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.
- You may not receive another loan if you currently have an installment plan.
- Loan providers may well not harass or intimidate you whenever gathering that loan. If you’re harassed, contact DFI and register a complaint.
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. It is possible to validate the permit of a payday lender in Washington State by calling 1-877-RING-DFI (746-4334) or confirming a license on the web.
Filing An Issue Against A Washington Payday Lender
For those who have a complaint against a payday lender running in Washington, file an issue with DFI.
Optimum Loan Amounts & Terms in Washington
Optimum Loan Term: 45 times