Payday Loans in Olympia, Washington
Life happens, and we often end up in a spot where we must cover some unforeseen bills. Consider submitting an application for a payday advance loan in Olympia, Washington, to see if you are eligible.
The loan process is swift and painless. To be qualified, you must meet a few general conditions.
What is a Payday Advance Loan? What Can It Cover?
A payday advance loan is where the borrower will be extended a small amount of cash on a short-term agreement. This is deemed to be an unsecured personal loan because no collateral is needed.
When unexpected bills present themselves, such as past due rent or utility costs, car repairs, medical or vet payments, and so on, individuals usually turn to payday advance loans.
Payday Advance Loan Requirements In Olympia, WA
In Olympia, Washington, paycheck advance loan borrowers must satisfy several requirements to qualify for a loan.
The borrower is required to:
- Prove that they reside in Olympia, WA
- Must be 18 years old
- Receive a steady stream of income that they can provide proof of being at least $1,000/month
- Give active contact information such as cell phone number and email address
- Provide their social security number
If a borrower does not meet the above criteria, they will automatically be denied a cash advance loan. Make sure you can provide the documents required when applying for a loan.
Laws and Rules Concerning Payday Loans in Olympia, WA
The State of Washington has deemed payday lending legal. However, they have created the following rules and regulations for the cash advance lending market:
- An individual lender can't extend a loan for more than $600. Borrowers may not take out greater than two outstanding 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 the State of Washington, borrowers may not rollover their loans.
- The fees and charges are different for each money lender. The service fees enacted by lenders on a payday loan are not considered interest. The service fees apply to every $100 loaned and can vary from 11% up to 15%.
- An interest rate must be mutually agreed upon. APR can be as high as 369%.
Will Payday Advance Lenders in Olympia, Washington, Run Credit Checks? What If I Have Bad/No Credit History At All?
Yes, the lenders we have a relationship with will do a credit check on you, but, even if you possess no credit or less than optimal credit, you might still be eligible for a loan provided you can prove that you can pay back the loan. Lenders are typically unconcerned about your credit history if you provide proof of income and a plan to pay back the loan.
Lenders will conduct a soft credit check, which will have no impact on your credit score. This is solely to get a look at your credit history and general information.
A hard credit inquiry, dissimilarly, needs your permission. These credit inquiries are done for a variety of purposes, such as mortgages, credit card applications, and more.
You can still be approved for a payday advance loan with bad credit in Olympia, WA, provided that you can prove you will repay the loan.
Therefore, when you request a loan, whether it is in person or online, double check that you have your income information at hand and any other documents showing that you can repay the loan. The more proof you have, the more likely your loan request will be granted.
When Will I See My Loan in Olympia, Washington?
When you receive your deposit actually relies on your lender as some lenders provide same-day cash advance loans, which means you will see your payday loan on the same day you apply, as long as you get an approval.
Much of the time, however, lenders will give the borrower their lump sum on the following business day. Businesses often close for holidays and weekends. Because of this, if you submit your application on a Friday, you might not see your loan until Monday.
If you're needing a same-day payday loan in Olympia, Washington, you will need to ensure you're applying by 10:30 am. All same-day deposits going out that day will be approved by that deadline. However, you should apply earlier than that if possible, as it will boost the likelihood that you see your money on the day that you apply.
One other factor that you should know is despite if the lender approves your application and posts the credit to your bank, sometimes the bank won't release that deposit immediately. It's important to let your bank know that you plan to receive a paycheck advance loan, so they could possibly make an exception in releasing the money earlier.
On the whole, it's best to prepare ahead of time to get your deposit on the following business day. That way, you're not left in the lurch if you cannot receive it on the same day.
Consider Borrowing From Us
If you have poor credit or no credit and are needing to get a payday loan, think about applying with us, as you frequently have a higher 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 accordingly.
Although, you can always locate the nearest payday loan store to you and apply in person to increase the chances of getting your loan on the same day. When submitting an application 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 take along a utility bill to the store too.
To find the nearest cash advance loan store, please use the list below and find your city.
Payday Loan Direct Lender Companies in Olympia, WA
Below you will find a list of payday loan companies offering their services in Olympia, Washington. If you can't find a lender near your location in Olympia, 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 Olympia, 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.