Washington Payday Loans Online
There are several Washington payday loans that can be accessed, even without collateral.
FAQ about Washington payday loans:
Is it legit?
Online payday loans are legit. Just check if the website is licensed by the Washington State Department of Financial Institutions. The online website should be registered as an MSB or Money Services Business with the federal government. It is easy to verify a lender’s license through Washington State by calling their hotline number.
How is the due date of the loan determined?
Payday loans payments are usually set on the borrower’s next payday. The maximum loan term is around 45 days. If a loan is due on the next payday and a borrower took out a payday loan a week or 7 days before payday, the due date will be on the next payday or after 21 days.
Can payday loans be paid before due?
This is the great thing about payday loans. If the borrower has cash earlier than expected and wants to pay in advance, there are usually no prepayment fees for settling the amount before the due date.
Are payday loans renewable?
As of writing, payday loans are not yet renewable in Washington.
Can payday loan due dates be extended?
Most payday loan due dates can be extended, but it is important to note that doing so can incur fees. In addition, it is not advisable to extend from the agreed due date because of possible higher interest rates.
How are payday loans paid for?
There are various payment options for payday loans. For example, a postdated cheque can be required by lenders, but an electronic cheque can also suffice. Sometimes, payday loans can also be paid for using debit cards online or over the phone.
Checklist to consider
Before finalizing a payday loan application, make sure to do the following first:
- Verify lender’s license
- Look for other lending alternatives because payday loans can come with very high-interest rates.
- Consider comparing rates from various lenders before proceeding to ensure the minimum amount of fees to be paid.
- Do not go overboard and just borrow what you can afford and can be covered by your next payday.
- Do not borrow from various lenders because this can only lead to payment problems.
- Take note of when the payments are due to avoid paying late penalties.
What are the rights of Washington residents in case of payday loans?
- Washington residents have the right to change their minds and nullify a loan within 24 hours.
- Washington residents have the right to know and inquire about all the costs involved in the loan and have the right to ask for a payment plan that suits their budget.
- Washington residents cannot be threatened with criminal prosecution in case of past-due loans.
Knowing a Washington resident’s rights regarding payday loans is very important. Take note of the important details enumerated when applying for a payday loan.