п»їп»ї A payday loan is a little, unsecured, high interest, short-term advance loan. Generally in most situations, customers compose a post-dated, individual look for the advance quantity, along with a charge. The loan provider holds the check when it comes to loan duration then deposits it, or the consumer returns with money to reclaim the check.
In This Guide:
- Fast Factual Statements About Payday Advances
- Who Licenses and Regulates Payday Lenders in Washington State?
- Filing A complaint Against A Payday Lender
- Optimum Loan Amount and Terms
- Tribal Loan Providers
- Online Payday Lenders
- List Before You Take Out That Loan
- Your Rights As A Washington Resident
- Additional Resources
Fast Information About Payday Advances
- You might just borrow a complete of $700 or 30percent of the gross income that is monthly whichever is less.
- Your data will likely be registered in a state-wide database, making certain all payday loan providers have your many up-to-date loan information.
- You might just just simply take 8 loans that are payday 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 whenever gathering that loan. If you’re harassed, contact DFI and register a problem.
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. Continue reading Customers Guide to Pay Day Loans In Washington State