Payday Loans in Renton, Washington
Events happen, and we often find ourselves in a place where we have to pay for some unexpected expenses. Consider submitting an application for a paycheck advance loan in Renton, Washington, to see if you qualify.
The loan request process is fast and simple. To qualify, loan borrowers must satisfy a few simple conditions.
What is a Payday Advance Loan? What Can It Cover?
A payday advance loan is where the borrower will receive a small amount of money on a short-term basis. This is considered an unsecured loan due to the fact that no collateral is expected.
When unforeseen bills arise, such as missed rent or utility payments, car repairs, medical or vet bills, and so on, individuals often rely upon cash advance loans.
Paycheck Advance Loan Requirements In Renton, Washington
In Renton, Washington, payday advance loan borrowers are required to meet several requirements to be eligible for a loan.
The borrower is required to:
- Prove that they live in Renton, WA
- Must be 18 years of age
- Have an income that they can prove that's at least $1,000/month
- Provide up-to-date contact information including cell phone number and email address
- Give their social security number
If a borrower does not abide by the above rules, they will immediately be denied a payday advance loan. Ensure that you possess the documents required when applying.
Laws and Regulations Regarding Payday Advance Loans in Renton, WA
Washington has deemed payday lending legal. Although, they have enacted the below rules and regulations for the payday lending market:
- An individual money lender can't offer a loan for more than $600. Borrowers cannot 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 may not rollover their loans.
- The fees and charges change for each loan lender. The service costs charged by lenders on a cash advance loan are not considered interest. The service fees apply to each $100 loaned and can range between 11-15%.
- An interest rate must be mutually agreed upon. APR can be as high as 369%.
Will Cash Advance Lenders in Renton, WA, Complete Credit Checks? What If I Have Poor/No Credit History At All?
Yes, the lenders we have a relationship with will perform a credit check on you, but, even if you possess no credit or bad credit, you might still be eligible for a loan as long as you can show that you can pay back the loan. Lenders are typically unbothered by your credit history if you provide proof of income and a strategy to repay the loan.
Lenders will perform a soft credit check, which will not impact your credit score. This is solely to get an idea of your credit history and basic information.
A hard credit inquiry, dissimilarly, requires your permission. These credit inquiries are performed for a plethora of purposes, such as mortgages, credit cards, and more.
You might still qualify for a payday advance loan with bad credit in Renton, Washington, as long as you can prove you will repay the loan.
So, when you apply for a loan, albeit in person or online, double check that you have your income information ready and any other documents proving that you can pay back the loan. The more proof you have, the better chance your loan request will be granted.
When Will I Receive My Money in Renton, Washington?
When you receive your money really relies on the lender as some lenders advertise same-day cash advance loans, which means you will get your payday loan on the same day you submit your application, as long as you're approved.
Much 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 loan until Monday.
If you're searching for a same-day payday advance loan in Renton, WA, you will need to ensure you're applying by 10:30 am. All same-day funds going out that day will be approved by that cut-off. However, you should submit an application earlier than that if able, as it will boost the likelihood that you receive your money on the day that you apply.
One additional factor that you should know is despite if the lender approves your application and posts the deposit to your checking account, sometimes the bank won't release that deposit immediately. It's paramount that you let your bank know that you plan to get a paycheck advance loan, so they might make an exception in releasing the cash earlier.
Overall, it's best to prepare in advance to receive money on the next business day. That way, you're not surprised if you cannot get it on the same day.
Consider Working With Us
If you have bad credit or no credit and are wanting to get a paycheck advance loan, consider applying with us, as you usually have a higher chance of approval.
We work with hundreds of different lenders who provide their services online. Often you will see your cash on the following business day so ensure that you plan appropriately.
However, you can always locate the nearest paycheck advance loan store to you and apply in person to boost the chances of receiving your funds on the same day. When submitting an application in person, make sure that you have your government ID or driver's license; a passport is sufficient. Occasionally, lenders may request 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 search for your city.
Payday Loan Direct Lender Companies in Renton, WA
Below you will find a list of payday loan companies offering their services in Renton, Washington. If you can't find a lender near your location in Renton, 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 Renton, 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.