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Consumers Guide to Pay Day Loans In Washington State

Consumers Guide to Pay Day Loans In Washington State

?? A payday loan is a little, unsecured, high interest, short-term advance loan. Generally in most instances, customers write a post-dated, individual look for the advance quantity, plus a cost. 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
  • 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

Quick Details About Pay Day Loans

  • You might just borrow an overall total of $700 or 30percent of the gross month-to-month earnings, whichever is less.
  • Your data may be registered in a state-wide database, making sure all payday loan providers have your most up-to-date loan information.
  • You may possibly just simply 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.
  • In the event that you actually have an installment plan may very well not get another loan.
  • Loan providers might not harass or intimidate you whenever gathering that loan. 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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