WASHINGTON PERSONAL LOAN RATES AND TERMS:

Personal Loans in Washington:

Washington Payday Loan Laws and Washington Loan Regulations

Legal Status: Legal (Lender must have a small loan endorsement to their check casher license in order to make payday loans)

Citation: Wash. Rev. Code Ann. 31.45.010 et seq.


Washington State Licensed Online Lenders:
CashCentral.com, CashNetUSA.com, CheckCity.com, SpeedyCash.com
Maximum Loan Amount:$700 or 30% of gross monthly income, whichever is less
Loan Term: Max: 45 days
Maximum Finance Rate and Fees: 15%: first $500; 10%: remaining portion of the loan in excess of $500 up to the $700 maximum
Finance Charge for 14-day $100 loan: $15
APR for 14-day $100 loan: 390%


Debt Limits:
Maximum Number of Outstanding Loans at One Time: A company cannot hold a check or checks in an aggregate face amount of more than $700 plus allowable fees from any one borrower at any one time.
Rollovers Permitted: None (cannot repay loan with proceeds of another)
Cooling-off Period:
Repayment Plan: Borrowers are eligible for an installment plan at no extra cost if they notify lender on or before the loan is due. Plan is 90 days for debt of $400 or less and at least 180 days for larger debts.


Collection Limits:
Collection Fees: $25 NSF fee (one time per instrument); collection costs (excluding attorney's fees, interest and damages)
Criminal Action: Prohibited


State Regulatory Agencies for Payday Loans:

Regulator: Washington Department of Financial Institutions
Address: Division of Consumer Services, PO Box 41200 Olympia WA 98504
Phone:(360) 902-8700
Fax:360) 725-7827
Regulatory Contact:
Washington Department of Financial Institutions
Licensee Database
File a Complaint
Online Resources:
Deferred Deposit
About Predatory Lending

The cost of a personal loan:

The cost of a personal loan

Personal Installment Loan Basic Terms:

  • Loan Amount: $1,000 - $10,000
  • Interest Rate: 25% - 95%
  • Lending Period: 12 Months-36 Months
  • Payment Frequency: Bi-Weekly or Monthly
  • The actual APR will be applied based on credit score and repayment history
  • No prepayment penalties or additional charges for early payments
  • The option to pay the loan in full before the due date and only pay the interest rate for the period the loan was outstanding

Installment Loan Examples:

The table below will display a representation of different loans with an annual interest rate of 35%*. Interest rates are set after assessing each customer's credit worthiness through traditional credit checks.

Borrowed Amount Loan Period Monthly Payments Total Payable Amount
$2,000 12 Months $199.93 $2,399.16
$4,000 24 Months $234.07 $5,617.68
$6,000 36 Months $271.41 $9,771.12
$8,000 36 Months $361.89 $13,028.04

* The interest rate displayed in the examples table above is only representative. Not all customers will be eligible for a loan with the lowest interest rate. The APR and loan amount is determined by several factors such as: credit history, employment history, even state law.



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