Privacy & Security HOW IT WORKS RATES & FEES COMPANIES ARTICLES Home » In Your State Washington Cash Advance Washington Cash Advance Lending Laws Cash advance companies are legal in the state of Washington. The cash advance industry laws are more standardized when compared to other states in America where cash advances are legal. The maximum amount that can be taken out as a Washington cash advance is $700, having no minimum amount that has to be taken out by the borrower. A Washington cash advance may be taken out for a term that lasts 45 days. The Annual Percentage Rate (APR) is 390%, which may seem high, especially when you compare it to other types of loans. However, this figure is average for the terms of a cash advance. The maximum interest rate that can be charged on a Washington cash advance up to $500 is 15%. The maximum interest rate is 10% on a Washington cash advance that is between $500 and $700. Anyone who gives out a cash advance is required to abide by Code 31.45.010 of Washington state law for applications for business. If an applicant wants to open a cash advance business, they must pay the state of Washington a fee, as well as post a bond. Also, when they are approved after submitting their business application, the Washington Department of Financial Institutions will make it so the applicant must pay an assessment fee annually. The industry is a well regulated one under Washington cash advance laws, in terms of fees, terms, the amount that can be borrowed, and legal action that Washington can take against cash advance companies. Fees The amount that lenders can charge in fees is capped at up to 15% of the borrowed money amount with the Washington cash advance. The maximum Annual Percentage Rate (APR) that lenders can charge is 390%. Loan Terms Washington cash advance lenders cannot defer a loan in excess of 31 days. Amount of the Cash Advance Under Washington state law, individuals can only borrow up to $500 at one time from a cash advance lender in the state. Business Operation Requirements The operating license and schedule of charged fees of each Washington cash advance company must be posted in their place of business where it can be seen clearly by customers Legal Actions If a Washington cash advance company does not use sound business practices when they are operating their business, they may be charged in a civil action. If the company violates any rules or regulations of Washington state laws, it is seen as a misdemeanor. The statute of the Unfair Deceptive Acts and Practices sets out the practices that are seen to be illegal business engagements. Washington Unemployment Statistics In Washington, the highest rate of unemployment in the last 10 years was 8.3%. The unemployment rate in January of 2005 was 6.5%. One year later in January of 2006 it was 5.3%, which meant that there were 175,575 people that were not employed at that time. Washington Cash Advance - Cities Aberdeen Everett Mount Vernon Seattle Airway Heights Federal Way Oak Harbor Shoreline Auburn Kennewick Olympia Spanaway Bellevue Kent Pasco Spokane Bellingham Kirkland Pullman Spokane Valley Bothell Lacey Puyallup Tacoma Bremerton Lakewood Redmond Vancouver Burien Longview Renton Walla Walla Des Moines Lynnwood Richland Wenatchee Edmonds Marysville Seatac Yakima How It Works What is a cash advance? What are the requirements? How do I get cash? How long until I pay back? How much can I get? Will you check my credit? Do I have to fax anything? Important Tips Only borrow in an emergency Know of the risks Benefit from credit counseling Try to cope without cash Beware of debt traps Safeguard your accounts Your consumer rights Articles Online Cash Advance Bad Credit Cash Advance FTC Says Costly Cash Instant Cash Advance Cash Advance Companies Quick Payday 4.3 Personal Cash Advance 2.2 Rapid Cash 3.3 Sonic Payday 1.3 Speedy Cash 2.6 My Cash Now 3.8 National Payday 3.8 Paycheck Today 3.4 Payday OK 4.0 Cash Central Loans 4.3 CashNet 500 4.6 CashNet USA 4.0 Allied Cash 3.9 SuperPawn n/a Search AdvanceCash Alabama Alaska Arizona Arkansas California Colorado Connecticut Delaware District of Columbia Florida Georgia Hawaii Idaho Illinois Indiana Iowa Kansas Kentucky Louisiana Maine Maryland Massachusetts Michigan Minnesota Mississippi Missouri Montana Nebraska Nevada New Hampshire New Jersey New Mexico New York North Carolina North Dakota Ohio Oklahoma Oregon Pennsylvania Rhode Island South Carolina South Dakota Tennessee Texas Utah Vermont Virginia Washington West Virginia Wisconsin Wyoming How It Works | Rates & Fees | Articles | Companies | In Your State | Privacy & Security | Contact Us | Site Map © 2008 - 2021 AdvanceCash.info. All rights reserved