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Washington Payday Loans

As a Washington resident, what can you do when you are in need of quick cash and you are between paydays? If you are employed and have a valid checking account, you can apply for a payday loan.  Cash advances are small sum, short term cash advances on the borrower’s next paycheck. These types of loans can be very helpful for those who have encountered unexpected financial strain or need additional funds for any number of reasons and are still weeks from their next paycheck. A cash advance is approved by a lender who will require repayment at the time of the borrower’s next payday.

Payday Loan Process

For an individual who has found themselves in need of a cash advance, the first step in the payday loan process is finding a lender who will suit your specific needs. Cash lenders can be found either locally in the state of Washington or online. Online lenders can provide a quick and easy transaction that is handled from the comfort of the borrower’s own home and can be enacted electronically. When a personal loan is provided through an online lender, the borrower can receive the cash needed via a direct deposit into their bank account. When the time has come for loan repayment, the total amount borrowed, plus any additional interest and fees can be paid directly to the lender online.

While there are some exceptions, lenders will usually ask the borrower to provide some pieces of information before the personal loan is approved. The exact information required can vary from lender to lender, but generally the potential borrower will need to provide the following in order to be approved for a payday advance:

  • The borrower must provide personal identification (this can be provided with a Washington state issued photo I.D. such as a driver’s license or a passport).
  • The borrower must have a valid checking account (some lenders will require that the checking account has been active for a minimum of three months to be considered valid).
  • The borrower must be currently employed and able to prove it (this can be proven with the use of pay stubs or bank statements showing previous payments).
  • Finally, the borrower must provide some sort of repayment security (this is usually done with a postdated check signed to the lender, or with authorization for the lender to withdraw the amount due from the borrower’s bank account).

After the loan agreement has been completed, the borrower simply repays the amount due, plus any additional fees and interest, once they have received their paycheck.

Obtaining a Cash Advance in Washington

Payday loans are regulated on a state level in America and as such, the laws regarding cash loans can vary from state to state. While a few states have legislation that make payday loans illegal, the majority of states do allow these types of loans. Payday advances are legal in the state of Washington and they do have some regulation in order to protect the lenders and borrowers. The maximum amount that can be borrowed is $700 and the maximum time period allowed to borrow is 45 days. The state has also set interest rate limit caps on the loans.