The Ultimate Guide to Payday Loans in Seattle, Washington

Payday Loans: For When Your Couch Cushions Are Empty

Does this sound like your current situation? You’re living on a tight budget, and a surprise expense pops up out of nowhere, or maybe you have a great job but can’t catch a break. Maybe you can’t get approved for a loan because you don’t have any credit. Hey, we’ve all been there, but I am here to help. 

Hi! My name is Randy from Ready Payday Loans, and I am here to tell you about my experience with payday loans. About a year ago, I was just starting out and realized I needed cash fast for an emergency. My credit was in pretty bad shape, and I didn’t have anyone who could lend me money. You could say I was in a pretty tight spot. 

That’s when I heard about Ready Payday Loans. They were able to help me get approved for a payday loan in just five minutes and deposited the money into my account the next day! I was able to take care of my surprise expenses and pay them back when I got my next paycheck. 

If you are in a bind like I was, Ready Payday Loans in Seattle can also help you. Apply online today or keep reading to find out if a Washington State payday loan is the right choice for you. 

Wait! What Is a Payday Loan?

Here, let me explain. A payday loan is an unsecured loan that allows you to quickly borrow a small amount of money. They are designed to give people access to cash fast when they have an emergency or surprise expense. 

While the term of the loan can vary, the idea is that you would pay back the loan when you get your next paycheck. They are also sometimes called paycheck advance loans or check loans.

Ok, How Is It Different From a Secured Loan?

A payday loan is considered an unsecured loan because you don’t have the give the lender collateral. A secured loan, on the other hand, requires collateral such as the title to your vehicle or an item that you pawn for a pawn loan. Most unsecured loans, such as personal loans, require a credit check. However, you don’t need collateral or a credit check with a payday loan.

So, Here’s What You Need to Know About Payday Loans in Seattle

Most states monitor payday loans pretty closely, and Washington is no exception. This is meant to protect you, and it’s great for companies like Ready Payday Loans that want to ensure that you are treated fairly. Keep reading to find out what you can and can’t do with a payday loan in Washington.

How Much Can I Borrow?

Washington State has rules to ensure you don’t borrow too much. You can borrow up to 30% of your income, or up to $700, whichever is smaller. You can take up to eight payday loans in Seattle every year.

How Long Can I Borrow Money For?

The maximum term for payday loans in Washington is up to 45 days. However, your term can be as little as two weeks. This gives you some flexibility in how quickly you repay your loan. However, when choosing a payday loan, be sure to be realistic about how long it will take you to pay it back.

How Many Payday Loans Can I Have in Washington?

You can take out up to eight payday loans a year. However, if you were unable to pay back a previous payday loan within the term, you must pay off that payday loan before taking out another one.

What Happens if I Can’t Pay My Loan Back on Time?

It’s really important that you only take out as much as you can afford to pay back. If you don’t pay a payday loan back on time, it could hurt your credit and make it more challenging to get a loan in the future. You also cannot get a new payday loan to pay for an existing one.

Fortunately, Washington gives you a bit more time than some other states and offers additional protections. If you still can’t pay your loan back on time, you can request an installment plan with no additional fees.

What Are My Rights as a Borrower in Seattle?

In Washington State, the State Department of Financial Institutions (DFI) oversees the payday loan industry, and they have some strict rules about how they expect lenders to treat you. First, your lender must be licensed with the DFI, and they must disclose the total cost and terms of your loan.

Second, they can not take you to criminal court if you fail to pay your loan. They also can’t bug or harass you for the money. If you feel like a lender is harassing you, you can file a complaint with the DFI, and they’ll take care of the problem.

Is There Anything I Should Know About Online Payday Loans in Washington?

Sure! One thing you should know is that the DFI licenses and regulates both online and in-person payday lenders. This means you have all the same rights whether you get your loan online or in person.

What About Tribal Lenders?

Ok, so Washington has several tribal nations that fall within its borders, and some of these nations have payday lenders. It’s important to note that these tribal nations are not a part of the United States of America and are recognized as independent. This means they are not subject to state or federal loan regulations and likely have their own in place. It’s always important to do your due diligence whenever you are getting a loan from another country.

What if I Get a Loan and Realize That I Don’t Need It?

Here is the good news–if another financing comes through, you have up to 24 hours to change your mind. This gives you extra breathing room if you realize you don’t need a loan.

Ok, Awesome, but Is It a Good Idea to Take Out a Payday Loan?

Sure! There are many times when it makes sense to take out a payday loan. Here are some reasons a payday loan can be the right choice.

It’s an Emergency

Payday loans are designed for emergencies and can allow you to get money in as little as 24 hours. This is much faster than other loan types.

You Don’t Have Collateral

Don’t have anything to pawn or can’t take a title loan against your car? That’s ok. Payday loans are unsecured, so you don’t need collateral. This means you also don’t have to worry about losing your collateral if you default on your loan.

You Have Bad Credit or No Credit

It can be tough to get a loan if your credit is bad or nonexistent. However, for a payday loan, as long as you are employed, we don’t even need to see your credit score. These loans can even boost your credit score as long as you pay them on time.

You Don’t Want a Credit Check

When a lender checks your credit, it’s what is known as a hard inquiry. This hard inquiry stays on your credit for up to two years and can hurt your credit. If you only need to borrow a few bucks before your next paycheck, it doesn’t make sense to ding your credit with a hard inquiry.

Nice! What Do I Need to Apply for a Payday Loan?

There are a few things you will need before you can get a payday loan in Seattle. These include a valid ID, proof of income, a bank account, and a phone number. To apply, you just need to upload your documents and submit your application.

How Do Payday Loans in Seattle Work? 

Step One: Apply Online

To get started, gather your documents and fill out your application. It should take five minutes or less

Step Two: Get Approved

You’ll know within a few minutes if you are approved for your loan. Once you are approved, all you have to do is choose the perfect loan for you.

Step Three: Get Your Cash

After you have chosen your loan, we can deposit your money into your account in as little as one business day. Apply for your payday loan in Seattle today.

How Much Do Payday Loans Cost in Seattle?

The cost of your payday loan will depend on how much you take out and for how long. However, in Washington, lenders can’t charge more than 15% on the first $500 and 10% on the remaining balance. Contact us today for current rates.

Ok, Sign Me Up! 

Think that payday loans in Seattle are the right choice for your situation? Apply online today to get fast approval.