Washington Cash Loan

The cash loan industry has become so popular that you can now find a payday center at practically every corner. Cash loan centers are more numerous than all the fast food places and convenience stores combined. The widespread popularity of the payday industry is no wonder when you think of the strained financial times that Washington residents are facing. Many struggle to make ends meet week after week. When emergencies take place, their only option is to resort to Washington cash loans as the solution.

One example of such emergencies is a higher than normal utility bill, which many households often face. It is also possible that you are already behind with the previous month's bill. If you do not pay your current bill on time, the electric company will shut off your electricity. If you are short on funds and pay with a check, it will surely bounce and result in bounced check fees. Once the company shuts off your electricity, you may also need to pay a reconnection fee. Under such circumstances, a person may feel that their only resort is to secure a loan from

Cash loans are short-term loans, which means that they normally mature in about a week, or when the borrower receives his next paycheck. If he receives government benefits, the loan matures when he receives the government check. Generally, the loan is small in nature--$1,000 or less.

The borrower does not have to undergo a credit check as a determining factor for the loan amount. Instead, the lender considers the borrower's job stability and the amount of each paycheck before approving a loan amount. Lenders often grant larger loans to applicants with direct deposit. follows the state's lending laws. The company realizes that these laws are in place to protect the lender as well as the consumer. For example, the company can write a loan for a maximum of 45 days. They understand that fees cannot be more than 15 percent on the first $500 borrowed. The lender can also charge $15 per $100 borrowed, and 10 percent on the next $200. Another option is $10 for each $100 on loans greater than $501. The state allows lenders to charge a onetime $25 fee on returned checks on any Washington loans.