Payday Loans in Edmonds, Washington
Events happen, and we often find ourselves in a spot where we have to pay for some unexpected costs. Consider submitting an application for a payday loan in Edmonds, Washington, to see if you are eligible.
The application process is fast and straightforward. To qualify, you must satisfy a few straightforward conditions.
What is a Paycheck Advance Loan? What Can It Pay For?
A payday loan is where the borrower will be extended a small amount of money on a short-term agreement. This is considered an unsecured personal loan because no collateral is needed.
When surprise financial needs arise, like late rent or utility expenditures, car repairs, medical or vet bills, and so on, people commonly seek out cash advance loans.
Payday Loan Requirements In Edmonds, WA
In Edmonds, WA, cash advance loan borrowers need to meet several criteria to qualify for a loan.
The borrower is required to:
- Provide proof that they live in Edmonds, Washington
- Must be at least 18
- Receive a steady stream of income that they can provide proof of being at least $1,000 per month
- Provide active contact information such as cell phone number and email address
- Provide their SSN
If a borrower does not meet the above criteria, they will automatically be denied a payday advance loan. Ensure that you can provide the documentation needed when applying for a loan.
Laws and Rules Concerning Payday Loans in Edmonds, WA
The State of Washington has ruled paycheck advance lending legal. However, they have created the below rules and laws for the payday lending market:
- A single money lender cannot offer a loan in excess of $600. Borrowers may not possess greater than two outstanding loans from different lenders. There is no minimum loan amount.
- There is no minimum loan term, the longest loan term length is 31 days. In Washington, borrowers are unable to rollover their loans.
- The fees and charges are different for each lender. The service costs charged by lenders on a payday loan do not fall under interest. The service fees apply to every $100 loaned and can vary between 11-15%.
- An interest rate is required to be mutually agreed upon. APR can be as much as 369%.
Will Payday Advance Lenders in Edmonds, Washington, Complete Credit Checks? What If I Have Poor/No Credit History At All?
Yes, the lenders we partner with will perform a credit check on you, but, even if you possess no credit or poor credit, you might still be eligible for a loan provided you can prove that you are able to pay back the loan. Lenders are generally unbothered by your credit if you provide proof of income and a plan to repay the loan.
Lenders will perform a soft credit check, which will have no impact on your credit score. This is solely to get an idea of your credit history and basic information.
A hard credit pull, on the other hand, must have your explicit consent. These credit pulls are done for various purposes, including mortgages, credit card applications, and more.
You might still be approved for a paycheck advance loan with poor credit in Edmonds, Washington, as long as you can prove you will repay the loan.
Therefore, when you apply, albeit in person or online, ensure that you have your income information available and any other documents proving that you can pay back the loan. The more evidence you provide, the more likely your loan request will be granted.
When Will I See My Money in Edmonds, WA?
When you see your funds actually depends on your lender as some lenders offer same-day cash advance loans, which means you will get your payday advance loan on the same day you request a loan, as long as you get an approval.
Most of the time, though, lenders will send the borrower their lump sum on the next business day. Businesses typically close for holidays and weekends. Because of this, if you apply on a Friday, you might not receive your cash until Monday.
If you're needing a same-day cash advance loan in Edmonds, WA, you will need to be sure that you're applying by 10:30 am. Any and all same-day deposits going out that day will be approved by that time. However, you should request a loan earlier than that if able, as it will increase the likelihood that you get your cash on the day that you submit your application.
One additional consideration that you should know is even if the lender approves your application and posts the funds to your checking account, sometimes the bank won't release that funds at that time. It's important to let your bank know that you plan to receive a paycheck advance loan, so they might make an exception in releasing the money earlier.
On the whole, it's best to prepare ahead of time to receive your deposit on the following business day. That way, you're not left in the lurch if you cannot get it on the same day.
Think About Working With Us
If you possess poor credit or no credit and are looking to secure a payday advance loan, consider applying with us, as you most likely have a better chance of approval.
We partner with more than one hundred different lenders who provide their services online. Most of the time you will receive your cash on the following business day so ensure that you plan appropriately.
Although, you can always find the closest cash advance loan store to you and apply in person to strengthen the chances of seeing your cash on the same business day. When requesting a loan in person, make sure that you have your government ID or driver's license; a passport will work as well. Infrequently, lenders may require proof of address, so bring a utility bill to the store too.
To find the nearest payday advance loan storefront, please navigate to the list below and find your city.
Payday Loan Direct Lender Companies in Edmonds, WA
Below you will find a list of payday loan companies offering their services in Edmonds, Washington. If you can't find a lender near your location in Edmonds, consider applying in a nearby city in Washington. Alternatively, you can apply online on our website and get a decision almost instantly.
If you can't find a lender near your location in Edmonds, consider checking out payday loan lenders in nearby cities. Alternatively, apply online on our website and get an instant decision. If approved, you will get your cash the same or next business day.