What are short term loans in Washington?
As per the regulations of Washington State, customers to avail short term loans must provide:
- The latest pay stub or payroll receipt
- Customer’s receipt documenting payment of government benefits
- Record of bank statements
Some of the features of short term loans in the state of Washington are as follows:
- Minimum loan amount is $100.00
- Maximum loan amount is $700.00 or 30 percent of the borrower’s gross monthly income, whichever is lower.
- Based on your income and other factors, loan limits will be determined on an individual basis.
- $100.00 – $500.00 limited to 15 percent of the principal
- $500.00 – $700.00 limited to 10 percent of the principal
- The cost of a loan is $15.00 per $100.00 borrowed for the first $500.00 and $10.00 per $100.00 borrowed for anything in excess of $500.00.
- The Annual Percentage Rate (“APR”) will vary depending on the length of your loan.
Term of Loan:
- 8 Days —45 Days
Number of Loans:
- In a 12- month period the maximum number of loans a single borrower can obtain is eight (8).
A payday loan, another type of short term loan, is a small, unsecured, high interest, short-term cash loan. Being extremely popular, quick loans are still a convenient solution for budget management. The best thing about short-term loans is that they help tide over constant cash shortages while addressing urgent requirements for additional money.
How to apply for a Washington payday loan
Whether you apply in-store or online, lenders will require you be a US citizen or permanent resident, at least 18 years old and have a regular source of income.
In order to complete the application successfully, the following information is required:
- Your name, date of birth, Social Security number and information from a valid form of ID
- Your employment status, employer contact information and gross monthly income
- Your address, email and phone number
- A blank check (in-store) or access to your checking account (online)
Right to an Installment Plan – A borrower also has the right to convert a small loan into an installment plan. The borrower must make the request before the close of business day before the small loan’s due date.
Right to rescind (cancel) this loan – A borrower may rescind a small loan before the end of the business day immediately following the day on which the small loan was made. To rescind a small loan, a borrower must inform the lender and must return the cash amount of the principal of the small loan to the lender.
Short-term Loans are also available to registered students who are experiencing an urgent but short-term financial need. However, before applying for a short term loan, one should make sure that the address and direct deposit information is up to date to ensure quick receipt of funds. One should also carefully consider his/her ability to repay, prior to borrowing short term loan funds as a short-term loan is intended to be paid within a short time span.