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Customers Guide to Payday Advances In Washington State

Customers Guide to Payday Advances In Washington State

п»їп»ї A payday loan is a tiny, unsecured, high interest, short-term advance loan. In many situations, customers compose a post-dated, individual check for the advance quantity, plus a charge. The loan provider holds the check when it comes to loan duration then deposits it, or the client returns with money to reclaim the check.

In This Guide:

  • Fast Factual Statements About Pay Day Loans
  • Who Licenses and Regulates Payday Lenders in Washington State?
  • Filing A issue Against A Payday Lender
  • Maximum Loan Amount and Terms
  • Tribal Loan Providers
  • Web Payday Lenders
  • List Before Using Out That Loan
  • Your Rights As A Washington Resident
  • Additional Resources

Fast Information About Payday Advances

  • You could just borrow an overall total of $700 or 30percent of one’s gross month-to-month earnings, whichever is less.
  • Your details will likely to be registered in a state-wide database, making certain all payday loan providers have your many loan information that is up-to-date.
  • You may possibly just just simply 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 online installment loans whenever gathering financing. If you’re 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.

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