Washington State Payday Loans
Posted on Saturday, July 11th, 2009 at 5:09 pm in Cash Loan Info by State
Like their fellow citizens all over the United States, many Washington State residents are feeling the pinch of the current economic crisis. More and more people are living from one paycheck to the next and struggling to pay for the basic necessities of life. The credit crunch has left a lot of people unable to get bank loans or raise their credit card limits, even if they have regular incomes and own their own homes.
When times are this tough, even a modest unbudgeted demand on your finances can turn into a full-blown crisis. So, where can you find fast financing without too much hassle when you are faced with a temporary squeeze? A payday loan could be just what you need to help you get through. This is a short-term loan of typically a few hundred dollars that you pay back when you get your next paycheck.
You have to be at least 18 years old to get a payday loan, and you also need a regular income from your job or another source such as child support, Social Security or a pension. In addition, you must hold a bank account and show various forms of ID and proof of address.
Washington residents who fulfill the requirements can obtain a payday loan for up to $700 depending on their income. It is up to the lender to decide how much they want to lend each applicant, up to the $700 limit. The maximum loan period is 45 days. If you get a payday loan in Washington the loan provider is allowed to charge you up to 15% of the first $500. If you borrow more than $500, they can also charge up to 10% of the $500-700 portion of the loan.
That means that a $100 payday loan will require a fee of $15, which translates to an APR (annualized percentage rate) of 391% on a 14-day loan. If you borrow $400 you will pay $60, and a $700 loan will cost you $95. You must pay your payday loan back in full at the end of the loan term as rollovers (extensions) are not allowed under Washington regulations. There is no restriction on getting another loan as soon as you have repaid the first one, however.
If you find yourself unable to pay back your payday loan on time, you can ask the lender to let you start on a payment plan. Although the payday loan company is under no obligation to allow this, it is likely to be in their interest to do so as it will greatly increase their chances of getting their money back from you. Once you have taken out four consecutive loans from the same provider, you are entitled to convert your payday loan to a payment plan without the lender’s agreement.
While you can only borrow $700 from each payday loan company, there is no prohibition against obtaining loans from multiple providers in Washington. This means that you have to think carefully before taking out more than one payday loan so that you don’t overextend yourself.
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