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Payday Loans in Washington

A payday loan, also known as a payday advance, is a short-term loan used to help with small, often unexpected expenses. Payday loans are typically repaid on your next pay date, usually between two to four weeks.

These small-dollar loans are a safe and convenient way to stretch your buying power when it matters the most. Whether you’re struggling to make ends meet or facing unexpected bills or repairs, a payday loan online from CashinaMoment can help.

Where Can I Get a Fast Cash Loan?

At CashinaMoment, we make it fast and easy to get the cash you need. Apply for a Washington payday loan online. We're proud to offer hassle-free borrowing options.

You can always turn to CashinaMoment for a Washington Payday loan near me.

We are dedicated to getting you the cash you need as quickly as possible. If you need extra funds to cover emergency bills, seasonal costs, or any other expenses, we’re the best answer.

Regulation of Payday Loans in Washington

In the state of Washington, the Department of Financial Institutions licenses and regulates payday lenders as well as the payday loan industry. Washington law says that a loan of less than $700 made by someone who is unlicensed cannot be collected upon and is unenforceable.

What do I need to request a loan?

  • Your government-issued driver’s license or photo ID
  • Your checking account number
  • Be at least 21 years of age
  • Income of at least $1,200 a month from all sources
  • A resident of Washington state

Other information may be requested prior to considering you for a loan.

Payday Lending Is Legal in Washington

In the state of Washington, the maximum payday loan amount should not exceed $700 or 30% of the gross monthly income. The maximum loan term is 45 days. Finance charges for loans smaller than $500 should not exceed 15% for loans larger than $500 – 10%. Criminal actions are prohibited. Rollovers and extensions are not permitted.

Washington Payday Loan Regulations

Legal Status Legal
Interest Rate (APR) 391%* APR
Minimum Loan amount Not Specified
Maximum Loan Amount $700 (*or 30% of gross monthly income)
Minimum Loan Term Not Specified
Maximum Loan Term 45
Number of Rollovers 0
Restriction Only 8 payday loans per 12 month period
Finance Charges <$500 = 15%; >$500 = 10%
Statute of Limitations 6 years (from the last payment)
Database Loan Tracking Yes

Quick Facts About Payday Loans

  • You may only borrow a total of $700 or 30% of your gross monthly income, whichever is less.
  • Your information will be registered in a state-wide database, ensuring that all payday lenders have your most up-to-date loan information.
  • You may only have 8 payday loans during any 12 month period.
  • If you are unable to repay your loan before your loan is due, you may request an installment plan with no additional fees.
  • If you currently have an installment plan, you may not receive another loan.

Lenders may not harass or intimidate you when collecting a loan. If you are harassed, contact DFI and file a complaint.

Washington Payday Lending Statutes

Payday lenders wishing to operate in the state are required to have a valid license. The Washington State Department of Financial Institutions (DFI) is responsible for giving licenses, and it also regulates the payday loan industry in the state. You can verify a license of a payday lender online at the state website.

Internet payday lenders, as well as storefront lenders that do business in Washington, have to comply with this requirement.

Loan Amount in Washington

  • The maximum total amount of all outstanding payday loans is $700. In addition, loans should not exceed 30% of a person’s gross monthly income.
  • A maximum of 8 payday loans per 12 month period are allowed.

Real APR for payday loans in Washington can be as high as 391%.

The Maximum Term for a Payday Loan in Washington

  • The maximum loan term is 45 days.
  • Rollovers, renewals, and extensions are not allowed in the state.
  • You may request a repayment plan from your lender. There is no additional cost if you notify your lender on or before the loan is due. A 90 day plan is offered for a debt of $400 or less and 180 days for debts that exceed $400.

Consumer Information

  • Since July 2020, lenders are not required to check a borrower’s ability to repay a loan.
  • Be careful, evaluate your financial situation, don’t get into a debt trap.
  • NSF fees should not exceed $25, but collection costs are allowed.

Your Rights as a Washington Resident

  • Any payday loan obtained from a lender not licensed with the DFI and not repaid to the lender may not be collected by the lender, and the lender may not pursue action in Washington State to collect the debt.
  • You have the right to change your mind about a loan within one day.
  • You have the right to know all costs associated with your loan.
  • A payday lender may not threaten criminal prosecution as a method of collecting a past due loan. Criminal prosecution is not allowed in the US.
  • A payday lender may not allow a borrower to use a new payday loan to pay off an existing payday loan.
  • Under the Truth in Lending Act, the cost of credit must be disclosed. Among other information, you must receive information outlining the finance charge/fee and the annual percentage rate (APR). The APR informs you of the cost of your loan.

Who Licenses and Regulates Payday Lenders in Washington?

In Washington State, the Washington State Department of Financial Institutions (DFI) licenses and regulates payday lenders and the payday loan industry. All lenders in the state must be licensed to do business in the state.

Why CashinaMoment?

  • A large, licensed network of lenders to increase your odds of approval.
  • Easy, fast, and secure application process.
  • Open 24/7 and 365 days a year and been in business serving Americans coast-to-coast.

FAQs - Washington Payday Loans

With payday loans, you should notify your lender as soon as you know you may be unable to make a payment. Most lenders will work with you to establish a new due date for your loan.

No. Payday loans are not available to non-Washington residents.

You can get a payday loan in Washington with no credit check. Payday lenders do not perform hard credit checks with the credit bureaus. So, a no credit payday loan in Washington is possible.

Washington residents may be eligible to receive up to $700 with an online payday loan.

Your loan will typically be due on your next payday or the agreed-upon date on your loan agreement.

You have the right to rescind (cancel) your loan by returning the amount of the loan in full. We may not charge you for canceling the loan except for a small fee.

The most common reasons for loan denials include: you do not pass affordability checks, your past borrowing history, including missed payments or defaults, and lack of employment.

Over time payday loans that are unpaid do get written off. However, writing off payday loans does not happen quickly. It can take years for a write-off to occur. In the meantime, a collection agency could be harassing you to arrange to pay the outstanding loan debt.