Installment Loans Washington
Washington Installment Loans
Are you in need of cash? Washington Installment Loans will help you get through a rough time. These are short term loans that must be repaid within a short period of time. At some point in our life we find ourselves in need of emergency cash to get us out of a situation.
An Installment Loan will assist you get the cash before you receive your next pay check. Due to rising cost of most items, many people are running out cash way before their next payday. This is one of the reasons why these loans have become popular in Washington. Installment Loans are also referred to check advance loans, deferred deposit loans, cash advance loans or post-dated check loans.
Washington State – Laws That Guide Installment Loans
In Washington State, DFI (Department of Financial Institutions) is the only institution that has been mandated to license and regulate all payday lenders. You can verify your payday lender’s license in Washington by calling DFI or verifying it online.
The maximum period of Installment Loan repayment in Washington State is 45 days; maximum loan that a borrower can get is $700 or 30 percent of his/her gross monthly income and the maximum fee the borrower can be charged is 15 percent on $500 and 10% on the amount above $500. Online payday installment lenders in Washington State are required to be licensed by DFI and also adhere to terms and limits of Washington loans. If the borrower is unable to repay his/her loans issued by unlicensed lender with DFI, the lender cannot pursue any action to collect the money from the borrower.
Who Makes A Washington Installment Loan?
Installment Loans can be made by check cashers, credit unions, storefront lenders, internet-based lenders, banks and pawn shops. In Washington State, all payday lenders including online payday providers must be fully licensed by DFI in Washington.
Is My Credit History Important When Applying For Installment Loans?
Installment Loans do not depend on borrower’s creditworthiness as is done by traditional lenders. Installment Loans will not show up on credit report and therefore they can’t improve your credit rating incase you pay back on time. Furthermore, Washington Installment Loans can easily harm your rating incase a delinquent account has been reported to credit reporting agency or referred to collections.
How Do You Apply For A Installment Loan?
You need to write a post dated check to your payday lender or you can decide to authorize the lender to withdraw money from your bank account specifically on the date indicated on the check. When the date to repay your loan is due, you can also decide to pay back your loan in cash and the lender will return your check.
How Installment Loan Lenders Check Your Eligibility?
A Installment Loan provider will determine the eligibility of the borrowers by checking a database that contain a state-wide Installment Loan information to find out if the borrowers have other debts from different Installment Loan lenders. Your information will be uploaded to statewide database to see if you are eligible for the loan. Incase you are not, the lender will call you to get more information.