Payday Loans in Mercer Island, Washington
Events happen, and we often find ourselves in a place where we must cover some unexpected bills. Think about applying for a paycheck advance loan in Mercer Island, Washington, to see if you meet the requirements.
The loan process is fast and straightforward. To qualify, loan borrowers have to satisfy a few basic requirements.
What is a Payday Loan? What Can It Be Used For?
A payday loan is where the borrower will receive a small sum of money on a short-term contract. This is thought of as an unsecured loan due to the fact that no collateral is required.
When surprise financial needs arise, for example missed rent or utility expenditures, auto fees, health or vet bills, and so on, people commonly turn to cash advance loans.
Payday Advance Loan Criteria In Mercer Island, Washington
In Mercer Island, WA, payday loan borrowers are required to satisfy a few stipulations to be eligible for a loan.
The borrower must:
- Show proof that they live in Mercer Island, Washington
- Must be at least 18
- Have a steady stream of income that they can provide proof of being at least $1,000/month
- Give up-to-date contact information like cell phone number and email address
- Give their social security number
If a borrower does not satisfy the above criteria, they will immediately be denied a payday loan. Ensure that you have the documents needed when submitting your application.
Laws and Rules Regarding Paycheck Advance Loans in Mercer Island, Washington
The State of Washington has deemed cash advance lending legal. However, they have set the following rules and regulations for the payday advance lending market:
- A single money lender can't offer a loan greater than $600. Borrowers cannot have greater than two unpaid loans from different lenders. There is no smallest loan amount.
- There is no minimum loan term, the longest loan term length is 31 days. In Washington, borrowers may not rollover their loans.
- The fees and charges are different for each loan lender. The service costs charged by lenders on a cash advance loan do not fall under interest. The service fees apply to every $100 loaned and can vary between 11-15%.
- An interest rate must be mutually agreed upon. APR can be as much as 369%.
Will Payday Lenders in Mercer Island, Washington, Perform Credit Checks? What If I Have Dismal/No Credit History At All?
Yes, the lenders we have a relationship with will perform a credit check on you, but, even if you have no credit or less than optimal credit, you may still be eligible for a loan as long as you can prove that you can repay the loan. Lenders are typically unbothered by your credit history if you have proof of income and a plan to pay back the loan.
Lenders will perform a soft credit check, which will not impact your credit score. This is simply to get a feel of your credit history and general information.
A hard credit inquiry, alternatively, requires your explicit consent. These credit checks are used for a plethora of purposes, such as mortgages, credit card applications, and more.
You may still be approved for a cash advance loan with bad credit in Mercer Island, WA, as long as you have proof of repayment.
Therefore, when you apply, whether it is in person or online, ensure that you have your income information at hand and any other documents verifying that you can repay the loan. The more proof you possess, the more likely your loan request will be granted.
When Will I Get My Money in Mercer Island, WA?
When you see your money really depends on the lender as some lenders advertise same-day cash advance loans, which means you will see your payday loan on the same day you apply, as long as you receive an approval.
Most of the time, however, lenders will send the borrower their lump sum on the following business day. Businesses generally close for holidays and weekends. So, if you submit your application on a Friday, you might not see your deposit until Monday.
If you're looking for a same-day cash advance loan in Mercer Island, WA, you will need to be sure that you're applying by 10:30 am. Any and all same-day loans going out that day will be approved by that cut-off. However, you should request a loan earlier than that if possible, as it will increase the likelihood that you receive your money on the day that you apply.
One additional consideration that you should understand is despite if the lender grants your loan request and posts the deposit to your checking account, sometimes the bank won't release that credit immediately. It's paramount that you let your bank know that you plan to get a payday advance loan, so they might make an exception in releasing the deposit earlier.
On the whole, it's best to prepare ahead of time to get your loan on the following business day. That way, you're not surprised if you cannot get it on the same day.
Consider Borrowing From Us
If you possess underwhelming credit or no credit and are looking to secure a paycheck advance loan, consider applying through us, as you probably have a higher chance of approval.
We partner with over one hundred different lenders who offer their services online. Often you will receive your funds on the following business day so ensure that you plan correctly.
However, you can always locate the nearest payday loan storefront to you and apply in person to boost the chances of getting your loan on the same business day. When applying in person, make sure that you have your government ID or driver's license; a passport will work as well. Infrequently, lenders may ask for proof of address, so take along a utility bill to the store as well.
To find the nearest payday loan storefront, please navigate to the list below and search for your city.
Payday Loan Direct Lender Companies in Mercer Island, WA
Below you will find a list of payday loan companies offering their services in Mercer Island, Washington. If you can't find a lender near your location in Mercer Island, 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 Mercer Island, 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.