?? A payday loan is a little, unsecured, high interest, short-term loan. In many situations, customers write a post-dated, individual look for the advance quantity, along with a charge. The loan provider holds the check when it comes to loan period and then deposits it, or perhaps the client returns with cash to reclaim the check.
In This Guide:
- Fast Details About Pay Day Loans
- Who Licenses and Regulates Payday Lenders in Washington State?
- Filing A issue Against A Payday Lender
- Optimum Loan Amount and Terms
- Tribal Loan Providers
- Web Payday Lenders
- List Before Taking Out That Loan
- Your Rights As A Washington Resident
- Additional Resources
Fast Factual Statements About Pay Day Loans
- You might only borrow an overall total of $700 or 30percent of one’s gross month-to-month earnings, whichever is less.
- Your data will soon be registered in a state-wide database, making certain all payday loan providers have your many up-to-date loan information.
- You may possibly just just just just 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.
- In the event that you actually have an installment plan may very well not receive another loan.
- Loan providers may well not harass or intimidate you whenever gathering that loan. If you should be harassed, contact DFI and register a problem.
Who Licenses and Regulates Payday Lenders in Washington?
In Washington State, the Washington state dept. Of finance institutions (DFI) licenses and regulates payday loan providers plus the pay day loan industry. You’ll confirm the permit of a payday lender in Washington State by calling 1-877-RING-DFI (746-4334) or confirming a license on the web.