?? 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.