Best Payday Lenders in Washington

While Washington State is among the wealthiest in the nation, local residents can still find themselves in dire straits. That’s where the payday loans Washington has to offer come in. But how to find reputable providers in the Evergreen State? And what are the local laws governing the industry? Have no fear, we’ve made a selection to aid you on your quest for short-term cash. Our research ensures that a few minutes’ reading will leave you well-prepared to benefit from payday loan facilities in Washington State.

Best Payday Loans Providers in Washington

Cash Central Logo

Cash Central

online lending made simple.

Looking for top online payday loans in the US? Cash Central could be an excellent place to start. This brand is state-licensed, which ensures the safety and credibility of its services. They operate solely as an online lender, meaning that in-store cash advances are unavailable.

Loan amount range: $100 to $200 (loan amount may increase based on personal qualifications)

Loan term: 14 to 30 days

APR: 486% on a 15-day loan

Min. credit score: N/A

Fees: $20 per $100 borrowed

Approval time: Almost instant

Funds available in: Same or next business day

Number of Mississippi stores: Online only

Online application: Yes

24/7 open: No

Check into Cash Logo

Check into Cash

Your One Stop Money Shop

A true trailblazer, Check into Cash is among the best payday loans providers out there. The company was established in 1993, and they operate over 800 stores across 20 states. It is a well-established brand with numerous storefronts, which is quite reassuring to many customers. On the downside, they do run credit checks on new customers.

Available in: AL, AK, CA, DE, FL, HI, ID, IN, KS, MS, MO, NV, OK, OR, TN, TX, UT, WA, WI, and WY

Loan amount: $50-$1,000 (some states might have a lower cap)

Loan term: 14-30 days

APR: Depends on the loan term (261-782%)

Min. credit score: 300

Approval time: Almost instant

Funds available in: Same or next business day

Online application: Yes

Moneytree Logo

Moneytree

It's quick and easy!

Moneytree is a Renton-based firm with experience of nearly four decades in the lending business. It offers affordable short-term loans in Washington State and a few other locations in the Western US as well as in British Columbia. The firm is also a good option for several additional loans and financial services.

Loan amount range: $50 to $700

Loan term: 7 to 30 days

APR: 391.07% for a 14-day loan

Min. credit score: N/A

Fees: Not indicated

Approval time: Almost instant

Funds available in: Same or next business day

Number of Washington stores: 15

Online application: Yes

24/7 open: No

Checkmate logo

Checkmate

Serving the community since 1989

This Colorado-based firm offers payday loans to Arizona, California, Colorado, New Mexico, and Washington residents. Checkmate has been a trusted lender for over 30 years, meeting the needs of thousands of customers through fast and convenient online and in-store cash advances and other financial services.

Loan amount range: $100 to $700

Loan term: 7 to 30 days

APR: 353.83% to 391.07% for a 14-day loan

Min. credit score: N/A

Fees: Returned payment charge of $25

Approval time: Almost instant

Funds available in: Same or next business day

Number of Washington stores: 5

Online application: Yes

24/7 open: No

Possible Finance Logo

Possible Finance

Financial Fairness is Possible

Possible Finance is a newcomer to the lending scene. The company is on a mission to bring fairness and balance to this industry. It offers excellent customer service along with affordable fees. Possible Finance has lent over $400 million to customers in need, helping those with poor credit achieve an average boost of 70 points within four months. It is more lenient than most other lenders in the country, offering a 29-day grace period and many other customer-orientated benefits.

Loan amount range: Up to $500

Loan term: 2+ months

APR: ~150%

Min. credit score: N/A

Approval time: Almost instant

Funds available in: Up to 2 business days

Number of Ohio stores: Online only

Online application: Yes

24/7 open: No

Washington State Payday Loans Laws

Payday loans are legal in Washington and governed by Wash. Rev. Code Ann. 31.45.010 et seq. (Chapter 31.45 RCW – Check Cashers and Sellers). The key statutes of this law are summarized below.

State Law

Washington State Payday Loan Eligibility

The eligibility criteria for Washington State payday loans can differ according to the lender. However, if you meet the following criteria, you should qualify for a payday loan in the state in most cases:

Most lenders will ask you for a copy of a government-issued photo ID or your driver’s license. You would also have to share your email address, phone number, Social Security number, proof of income, and a blank check or banking information.

Bad Credit Payday Loans in Washington

Payday loans are primarily designed for people who may find it challenging to obtain funds from other sources, often because of poor or no credit. Therefore, if you meet the eligibility criteria mentioned above, you should be able to get a payday loan in the state.

Failing to Repay a Payday Loan

The state law for payday loans prohibits criminal charges against borrowers for non-repayment. However, lenders can hire a collection agency and report it as a collection account. This negative entry can remain in your credit report for seven years and lower your credit score by up to 100 points. Lenders can also try to recover the outstanding balance and other charges in civil court.

Reviews of the Best Payday Loans Washington Has to Offer

Cash Central

Cash Central is an experienced lender with an A+ BBB rating. While it doesn’t have a Trustpilot score and it’s an online-only service in Washington, it’s still among the top US payday lenders, courtesy of its smooth approval and funding process.

Pros

Cons

Lending Offer Overview

Cash Central’s three-step application process lets customers know within minutes if they are eligible for a loan. The funds meanwhile take at least one business day to get to your account since the process takes place online.

While the firm is generally known for high APRs, the limits on interest rates and other charges for payday loans Washington residents can get mean that its offering in the Evergreen State is on par with what you will get from most lenders. A 14-day, $100 loan, therefore, will come with an APR of about 391%, with lower rates for longer terms and bigger amounts.

The rest of the terms and conditions are also standard for Washington. That’s why even though the firm does not indicate any other expenses, we are not too concerned. Unlike some other lenders, Cash Central checks a database maintained by credit reporting agencies before approving an application. However, the firm insists that the process does not affect your credit rating or keep those with poor credit from qualifying for loans.

Another noteworthy benefit is that the firm offers several repayment options for its online payday loans in Washington State, including ACH or debit card payment, Western Union and MoneyGram money transfer, and money order and cashier’s check.

Other Features

Cash Central is focused on short-term loans and doesn’t offer many extra services most other lenders do. However, in Washington, it doesn’t even provide the installment loans or lines of credit that it does in other states.

Check Into Cash

While Check Into Cash has several stores in many other states, it offers Washington payday loans online only. The firm’s strong customer reviews and ratings make it one of the most reliable payday lenders in the US. It is also among the few lenders with BBB accreditation.

Pros

Cons

Lending Offer Overview

Online borrowing is convenient, thanks to the 24/7 applications allowed by the firm; however, Check Into Cash takes one business day to make the funds available to you, which is fast but not as quick as in-store lending. On the other hand, its approval process is as fast as any other firm providing payday loans in Washington State. It follows a conditional approval system that lets customers know almost immediately if they qualify for a loan. A company rep contacts you later to verify the documents.

The fee schedule indicates a 391% APR for 14 days, regardless of the amount borrowed. The interest is standard for $100, but other firms offer lower rates as your loan amount goes up, meaning that with Check Into Cash, you may end up paying higher charges. The additional fees are in line with local regulations, including an NSF fee of $25.

Check Into Cash is also an excellent option for legitimate payday loans online with no credit check in Washington State. At the same time, customers should note that the firm’s eligibility criteria are a tad stricter than those of the competition. For instance, the minimum age limit is 21 rather than 18.

Other Features

Check Into Cash has a wide range of services in other states. However, since it does not have storefronts in Washington, its offering in the state is limited to payday loans.

Moneytree

Despite Moneytree’s industry experience in the Washington payday loans business, it doesn’t have as many customer reviews as some of the competition. What the firm does have is a strong BBB rating, and the few reviews available are largely positive. Customers should note the firm’s scam alert that requests caution against fraud operations using the Moneytree name. Also worth pointing out is that the firm has faced government action in the recent past for misrepresenting loan terms.

Pros

Cons

Lending Offer Overview

The most crucial aspect that makes Moneytree a desirable option is that it offers Washington State payday loans online and in-store. At the stores, customers can get funds faster and use many other services. They can also apply online and collect funds or make payments at their nearest store.

The firm states that the loan amount you get depends on factors like your income, credit history with the firm, and information provided by consumer reporting agencies. Its fee schedule indicates a 391.07% APR for 14-day loans of any amount. This is in keeping with the Washington State payday loans laws. However, there is not much information on additional charges or even how the rates change with the amounts. The rate for, say, a 7-day loan could be pretty high.

Moneytree is a secure, licensed direct lender with a straightforward and quick approval process. Applicants get to know the status within minutes. Moreover, the firm is among the few lenders in the US that offer the instant funding option, so you can also get the funds in a few minutes if you qualify.

Other Features

Apart from payday loans in Washington, Moneytree is an ideal source for other forms of loans, such as signature, installment (in select Spokane branches), and business loans. Other in-store services include check cashing, prepaid cards, wire transfers, money orders, and bill payments.

Checkmate

Checkmate is another lender focused on the Western US that has substantial industry experience—over three decades—but lacks the customer reviews to show for it. The firm, however, has a stellar rating with the BBB.

Pros

Cons

Lending Offer Overview

Customers can use Checkmate’s services for Washington online payday loans or visit one of its five stores in the state. The firm also allows customers to call to check if they qualify for a cash advance. Like most experienced payday lenders, Checkmate has a streamlined application process that ensures customers can know within minutes if they can get a loan.

The funding at one of its stores can be done on the same day of application, but online loans will take at least one business day. You’ll need proof of an active checking account, a paystub or other proof of income, and a valid ID. The firm does not do a credit check for payday loan approval but looks at databases to check your payment history.

The indicated APRs for 14-day Washington payday loans are standard for the state, ranging from about 391% for $100 to 354% for $700. The rates for longer terms are also quite good. However, for 7-day loans, the APR can go well above 700%, which is very expensive.

Another issue is the firm’s poorly designed website, which makes looking for relevant information painful. With many options for payday loans to choose from, many customers are unlikely to take the time to wade through different pages to collect all the needed information.

Other Features

Checkmate offers several useful in-store services apart from Washington payday loans. These include check cashing and Western Union money transfers. Many stores also let you sell your gift cards for cash.

Possible Finance

Several firms have begun using technology in recent times to provide new forms of loans, increasing the funding choices available to consumers. Possible Finance is one such company that provides cash advances similar to payday loans. The firm has strong ratings; its customer reviews are not bad either, with a 3.8 score with Trustpilot and a 4.51 with the BBB.

Pros

Cons

Lending Offer Overview

While Possible Finance may call its payday loans Washington consumers can get by a different name, they are similar enough in several practical terms. These are short-term, high-interest loans of up to $500 given out without collateral, and borrowers do not require strong credit.

Borrowing from Possible Finance has several crucial advantages, starting with the faster-than-average funding — it takes just a few minutes with a debit card. The lender’s APRs, however,  are high, usually in the 150% to 200% range, but they are cheaper than the usual rates for Washington State payday loans.

Unlike other lenders, the firm reports your repayments to the credit bureaus. This ensures that as you pay back a loan, your credit improves, and future loans become cheaper. You also get a longer term to repay your loans—typically about two months—and can ask for further delayed payments.

However, there are some negatives, too. Applications are only possible through its iOS or Android apps. Just having a checking account isn’t enough; the firm has stricter qualifying criteria than other lenders. Finally, Possible Finance does not give out the exact fees it charges for payday loans in Washington State, so you will have to carefully go through the fine print when applying for a loan.

Other Features

Possible Finance does not offer any other services, and customers can only use its app for its payday installment loans.

FAQ

Are payday loans legal in Washington State?

Yes, payday loans are legal in Washington. All lenders, however, have to be licensed by the Washington State Department of Financial Institutions.

What is the statute of limitations for payday loans in Washington State?

The statute of limitations for the payday loans Washington consumers can take out is six years.

How many payday loans can I get in Washington State?

There are no restrictions on the number of outstanding payday loans a borrower can have at a time in Washington. However, any borrower cannot owe more than $700 to any one lender at any time.

How many payday loans can you get in a calendar year in Washington?

According to the Washington law for payday loans, any borrower cannot take out more than eight payday loans in a twelve-month period.

Are payday loans covered in bankruptcy Chapter 7 in Washington State?

Payday loans are considered personal unsecured loans and can be discharged under Chapter 7 in all US states.

The Bottom Line

Payday loan legislation to cap interest rates may have made many lenders move out of Washington. However, there are still several reliable firms with online and in-store services to provide payday loans Washington residents can use. Remember that while any of the licensed firms listed here can help you source cash advances, you will need some research to select the lender that works best for you.

Always remember to borrow responsibly and never take out more cash than you can reasonably repay.

Your BalancingEverything Team

References:

MoneyLion

UStatesLoans.org

Consumer Federation of America

Cash Central

Check Into Cash

Moneytree

Checkmate

Possible Finance