Payday Loans in Washington State 

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The finances are over, and the salary is still far away? Are you interested in the question how to get a quick 200 dollar loan? Is the option of borrowing money from relatives, online installment loans for bad credit lenders, or friends not on the table? Well, a great way to solve your short-term financial issues is to get a quick payday loan. 

There is a whole payday loan industry in Washington that provides fast-tracked micro loans to customers. These fully automated loan services allow customers to apply for a payday loan within a few minutes and get their 500 dollar loan with monthly payments approved within seconds. And the best thing is that you don’t even have to visit any bank or lending agency as the whole process is online.

The Department of Financial Institutions licenses and regulates the payday loan industry in the state of Washington. It allows customers to get a micro-loan of up to $700 with or 30% of their gross income for a 45-day tenure. 

Interested? Stay with us as we take you through the whole process of acquiring a payday loan online, along with the list of the best Washington payday loan online services. 

Best payday loans in the State of Washington

A single search for “payday loans online Washington state” returns around 1.5 million results. That is seriously a significant number considering you only need to pick one. Therefore, we are enlisting five of the best payday loan online services in the state of Washington to ease the situation for you. So, let’s get started. 

PayDaySay

PayDaySay is the highest-rated mobile application that presents you with the best payday loan offers in the market. You simply have to sign up and apply for a loan with your financial details, and the app will then connect you with the best direct payday lenders and help you get your loan approved instantly.

PayDaySay is a California-based company offering borrowing services throughout the country, including the state of Washington. Established in 2013, the company recently launched two applications to facilitate its customers to get short-term financial solutions instantly and conveniently. Both their applications are available on Google Play and App Store for free. 

• Address: 6 Centerpointe Dr, Ste 700, La Palma, California, 90623, United States. 
• Loan amount: $100 to $700
• Rates: 400% to 500%
• Limits: 30% of your gross income 
• Loans Terms: Varying
• Online Borrowing Option: Yes

Requirements:

• Be a citizen of the United States
• Minimum Age – 18
• US bank account. 

Overall, PayDaySay is by far the most convenient option if you are looking to get the best online payday loan offers in the state of Washington. However, the company is not a direct lender; therefore, most of the lending conditions are not fixed and entirely depend on the lender’s services. 

Cash Central

Borrowing substantial sums to settle more significant financial issues is what Cash Central offers with its borrowing services. To get a payday loan online, ranging between $200 to $700, make your request within two minutes after your registration and let yourself be guided through the application to be able to receive your money instantly. Once everything is accepted, you will receive the funds instantly in your bank account.

• Address: 5165 Emerald Pkwy, Ste 100, Dublin, Ohio, 43017, United States
• Loan Amount: $200 to $1000
• Rates: 400% to 500%
• Limits: 30% of your Gross Income
• Loans Terms: 14 to 45 Days
• Online Borrowing Option: Yes

Requirements: 

• Age 18+
• Social security number
• Two current phone numbers
• Checking account details
• Source of income

Cash Central is a decent option if you are looking to get your loan approved instantly. It is a direct lender service; therefore, the approval process is fast and reliable. The only issue here is their hefty processing fees. 

Moneytree

Moneytree is one of the most experienced payday lenders in the WA market, with over 40 years of customer satisfaction. It provides instant payday loans on the same terms and rates as other lenders.

Depending on your credit history and monthly income, you can get up to $700 under payday loans online Utah or other states. The maximum loan tenure is 30 days, and the rate can go as high as 500%.

• Address: 6720 Fort Dent Way, Tukwila, WA 98188, United States
• Loan Amount: Up to $700
• Rates: 400% to 500%
• Limits: 30% of your gross income 
• Loan Terms: Up to 30 days
• Online Borrowing Option: Yes

Requirements:

• Social Security Number / Alien Registration Number / ITIN
• Proof of Income
• Physical Address and Valid Contact Information
• Checking Account Information

Moneytree is an optimum company to get your loan processed. Their validation process, however, is a bit extensive, so you might have to provide additional documentation to prove your stable income. 

Possible Finance

Established in 2017, Possible Finance is a relatively new name in online payday loans. Despite its young age, the company has managed to grow exponentially within its short lifespan.

According to their official website, they are on a mission to bring financial health to those who are most in need of it. The company’s customer base includes those who cannot get their loans approved by other lenders due to extensive credit checks and background verifications.

With Possible Finance, you can get up to $500 of payday loans in minutes without providing any credit checks or late penalty fees. 

• Address: 2231 First Ave., Ste. B, Seattle, WA, 98121, United States
• Loan Amount: Up to $500
• Rates: 400% to 500%.
• Limits: Varying
• Loan Terms: Payback in 4 Instalments
• Online Borrowing Option: Yes

Requirements:

• Age 18+
• Proof of Identification
• Checking Account
• 750+Deposits Monthly

Possible Finance is the best option if you are borrowing for the very first time with minimum credit history. Besides, the company has multiple customer-oriented policies that would surely help you keep your finances under control.

Check into Cash 

Lastly, we have Check into Cash. It is yet another well-known brand with decades of lending experience. The company arguably holds the highest number of storefronts in Washington state, providing customers with easy, on-sight payday loans. Besides, you can get your loans processed through their convenient mobile application. 

• Address: 2097 Washington Crossing, WA, MO 63090, United States
• Loan Amount: Up to $700
• Rates: 400% to 500%
• Limits: 30% of your gross income
• Loan Terms: 2 to 4 weeks
• Online Borrowing Option: Yes

Requirements:

• Source of Income
• Identification Proof
• Checking Account

Getting your payday loan through Check into Cash is relatively easy and convenient. However, the company does go through detailed credit checks and verification processes before debt approval.

Are Payday Loans Legal in the State of Washington? 

The simple answer is yes. Washington state online Payday loans are 100% legal and legit. The payday industry in Washington is regulated by the Washington State Department of Financial Institutions (DFI).

Any individual or agency willing to provide payday loans in the state must acquire a valid license from the department. The state law allows you to acquire a loan for a maximum term of 45 days, while there is no minimum term or tenure. However, there are some conditions to save you from over-borrowing.

1. You must have a provable source of income (government support or otherwise). 
2. You must be 18 years old.
3. You must not have any outstanding payday loans equalling $700.
4. You can only take 8 payday loans within 12 months. 
5. You should not be in default on another loan (payday or otherwise).

Why Might You Need Washington State Payday Loans?

Washington online payday loans are instant and high-interest loans offered by various institutions and agencies in the state of Washington. A simple and quick financing solution that will be able to solve that moment of economic difficulty that you are going through. These loans come in handy when you have already burnt through your paycheck and a financial emergency comes out of nowhere. 

Suppose it is the 15th of a month, you have paid all your bills, and the money left in your account is only enough to pay for your food expenses for the next 15 days. Then all of a sudden, your air conditioner breaks down. Now you can either fix your AC or pay your food bills.

That is when a quick payday loan can come in for the rescue. You can instantly sign up on any of the payday loan services we have mentioned above, go through the application and get your loan within half an hour. Now you can get your AC fixed while saving money to pay for your food. 

Terms for Payday Loans in Washington State

The Washington state law allows individuals to get a payday loan for a maximum term of 45 days. Besides, the term also depends on the lending agency, as most of them lend money till your next pay cheque. 

There is no minimum term mentioned anywhere in the state law. However, most lenders offer loans for a minimum term of 14 days or two weeks. You can always pay before the term ends and keep your interest under control.

Loan Amounts

Washington state law prohibits payday lenders from lending more than $700 to any customer, regardless of their income status. Besides, you can only get 30% of your gross income. 

For instance, if your income is $1000 per month, you are eligible to get $300 under payday loan services. Moreover, your credit history also plays a role in deciding how much you can borrow. 

For example, if you have a good credit history, you might get the whole loan amount allowed by the law. Otherwise, the lender might slash loan amounts depending on the credit history. Moreover, being a new customer will also affect the amount you can borrow from a reputable lender in WA state.

Loan Terms

As stated, you can get a payday loan for a maximum term of 45 days while there is no minimum term mentioned, and it can depend on the lending agency. You should choose to go for the minimum term and pay as soon as possible to save yourself from hefty interest rates.

Most lenders take online payments, meaning you can pay anytime without physically visiting the agency. Besides, you can also use the auto-pay option if you still find it hard to pay your loan on time. The auto-pay option would allow lenders to deduct the outstanding amount from your bank account when it is due. 

Loan Rates

Interest rates Washington payday loan online services are quite high and are regulated by the Department of Financial Institutions (DFI). Depending on the lending agency, a payday loan can cost you between 400% to 500% of the borrowed amount. That is, you will be paying around $15 per $100 borrowed up to $500 and $10 per $100 borrowed on amounts above $500.

For example, if you have borrowed $100 for a 30-day term, your outstanding balance will be $115. However, there are a few services that keep interest rates relatively low. 

Pros and Cons of Payday Loans in Washington State

Of course, a loan program cannot be perfect in every way; any banking product always has both its positive and negative sides. Below, we are enlisting both the pros and cons associated with payday loans to make it easier for you to comprehend. 

Pros:

Let’s start with the pros of payday loans:

1. Convince: Payday loans can be acquired without going to the company’s office or a storefront. Instead, you can simply fill out an application online through your smartphone or tablet and get the approval instantly. 
2. Ease for Recipient: The borrowed amount gets transferred to your bank account immediately after approval. You can then use that money to make online payments or to withdraw it through an ATM. 
3. Efficiency: The payday lending process is highly efficient and only takes around 15 minutes from application submission to money being transferred into your account if everything checks out.
4. Usability: Payday loans are a  way to fulfill your short-term financial issues. 

In other words, you are given the opportunity to get a quick payday that can be used immediately without going through rigorous credit and security checks. All you have to do is apply online and meet the lender’s requirements.

Cons:

Let’s now explore the cons of payday loans :

1. Limited Accessibility: The offer is available only to customers with a provable payslip. If you are self-employed or receive unofficial income, then this loan will not be available to you. 
2. Short Terms: Payday loans are granted only for a period of 14 to 45 days, and that is pretty short term. Not everyone is able to return the entire amount of debt from the next salary. 
3. Exceptionally High Rates: Payday loans are offered at excessively high rates that are often considered to be customer exploitation. You might have to pay up to 500% APR or Annual Percentage Return Rate, which is way higher than other loan schemes such as credit cards or personal loans. 

So, the answer to the question of whether you should take a payday loan or not entirely depends on you. However, looking at the cons, we would recommend you keep payday loans as the last option. Look for other ways to fulfill your financial needs, and only go for a payday loan when every other door is closed. 

What will Washington State Payday Loan Cost?

As stated, payday loan costs are quite high in the state of Washington. According to state laws, you will be paying $10 to $15 per $100 borrowed as interest. Besides, payday lenders might also charge you extra fees and commissions that will increase the overall cost.

You can calculate the total cost of a payday loan by considering APR or Annual Percentage Interest Rate. APR includes both the interest rates and incurred fees to provide the actual cost of a loan in annual terms.

To calculate APR, divide the interest rate by borrowed amount and multiply the acquired number by 365. Next, divide the answer by term and multiply the answer by 100.

Mathematically, APR for a $100 loan acquired for 14 days at a rate of 12% would be:

12 ÷ 100 = 0.12

0.12 × 365 = 43.8

43.8 ÷ 14 = 3.12

3.12 × 100 = 312%

In this case, you will be paying 312% APR on a loan of $100.

Washington Payday Loans if the Credit Rating Is Poor

Credit ratings are an important factor for loan approval. You can get your credit scores by visiting Anualcresitscores.com. You can then analyze whether you can qualify for a payday loan or not. Usually, ratings above 620 are considered suitable for a payday loan. 

However, there are a few lending agencies that can lend you small amounts even if you have lower credit scores. Though, keep in mind that lower credit ratings could affect the loan amount. 

What are Alternatives to Washington Payday Loans?

Payday loans are quite expensive and can put you in a debt spiral where you keep on borrowing more money to pay for the previous debts. So, be careful while acquiring a payday loan. Besides you can also consider the following alternatives in case you need immediate financial help:

Advance Pay:

Most corporate companies provide advance pay facilities to their employees. This service allows you to get your full or half payment before the end of the month to fulfill your financial needs. Advance pay is the best financial option in case of an emergency, as it is interest-free, and you can pay in installments during the course of several months.

Credit Cards: 

Credit cards can also be used for financial assistance in case of an emergency. While it is true that credit cards can also have some reasonably high rates (25% – 30%), they are still way better than payday rates (400% to 500%).

Family and Friends: 

If nothing works, you can simply ask for assistance from your family or friends. This way, you will be able to fulfill your short-term financial needs while saving yourself from hefty interests. 

Conclusion

Payday online loans Washington state are designed to cover short-term expenses, and they can be taken out without collateral or even a bank account. These are advantageous for emergency financial situations. However, they incur very high fees and interest rates. You should be cautious and make the best option when choosing a lender. You should also read all terms and conditions and ensure your lender is legitimate before signing up for any offer.