The laws governing pay day loans differ from state to state. The include the highest amount a person can borrow, how long he has to repay the loan and how many rollovers or extensions a borrower can be granted if he cannot pay the full amount on time. In Washington, loans are capped at $700. The maximum fee for a 14-day, $100. loan, is $15. For loans with these specifications, the APR is 390%. The state recently enacted new pay day lending regulations for the benefit of consumers. If a borrower is unable to pay his loan on time, a lender must grant him an extension without charging any extra fees for the extension. Extensions depend on the amount of the loan, and can range between 90 and 180 days.
Washington Pay Day Loan Laws
Maximum Loan Amount: $700.00, or 30% of the borrower’s monthly income
Maximum Interest Rate: For loans up to $500., the interest rate cannot exceed 15%. For loans higher than $500., there can be no more than 10% interest on the amount past $500.
Annual Percentage Rate: 390%
Minimum Payoff Time: 14 Days
Extensions Allowed: Borrowers can receive installment plans without additional fees. Depending on the size of the loan, they can have between 90 and 180 days to pay off their loans.
Top 5 Washington Pay Day Loan Companies
901 Auburn Way N #D
Auburn, WA 98002
callcheckmate.com
Checkmate Pay Day Loans has stores throughout Washington. Borrowers also have the option of applying for a traditional loan online, but can receive a loan by debit card. The company is fully licensed and regulated by the state of Washington. While there is a loan cap of $700. according to state law, Checkmate Pay Day Loans will also grant loans for as little as $50.
1368 5th Avenue
Seattle, WA 98101
paydayloans-seattle.com
Payday Loans Seattle is a branch of 1HourCashAdvance. You can apply online. If you are approved, you can receive your funds within an hour. They can find lenders for people who are on fixed incomes, as well as employed persons. This company is very accommodating and is often a popular choice for those with social security, retirement or disability benefits.
Web-based company
Although borrowers can apply for loans on the Moneytreeinc.com website, the company also has three physical locations in Washington. Borrowers who apply in person are not required to have a checking account. You can also apply by telephone. Applying, qualifying, and receiving pay day loan funds, is a fast process.
827 Ocean Beach Hwy # B
Longview, WA
(360) 636-2361
qcholdings.com
QCHoldings does business in twenty-three states in the United States, including Washington. There are currently nineteen Quik Cash branches in this state. The company only requires basic information from prospective borrowers. A pay day loan can be processed within a couple of minutes.
1701 Division Avenue
Tacoma, WA
(253) 272-1441
moneymart.com
There are Moneymart stores throughout most of Washington state. Loans through Moneymart carry a finance charge of $15. per $100. of a loan. This company currently does not offer the option of applying for loans online. The company also offers numerous other services to consumers, such as check cashing, tax services, and Western Union services.