Payday Loans Seattle
Seattle is the largest city of Washington state in the US, which is a blend of nature and technology as you can find forests, mountains, water bodies all around the city and it’s a home place of a few big tech industries: Microsoft and Amazon. With around 3.4 million of the population, Seattle offers jobs in manufacturing industries, food processing, transportation, banking, and various other sectors. It’s a city full of opportunities and that’s why the unemployment rate is less as compared to other places i.e. 2.6%.
payday loans Seattle WA
But still, no one can predict life and the biggest example of this is the corona-virus pandemic, an unexpected pandemic that has ruined the lifestyle of people. Many of the residents are not getting their salaries on time, even some have lost their jobs. In such circumstances, netizens of Seattle, WA are facing a shortage of money and in emergencies, it’s the worst thing to get out of cash. For such, sudden needs there are various money lenders who provide cash for a short duration and it’s commonly known as Payday loans, which are legal in Washington.
But to grab this helping tool, you must be aware of what it is and it benefits along with drawbacks. So, the payday loans are a kind of small-dollar personal loan whose maximum limit is around $1000, and the term is between 14 to 45 days (both vary from state to state). It doesn’t require any check on your credit history so lenders accept bad credit consumers also. Basically, designed for those who left with no other option, as for bank loans you have to clear their requirements which are hard for few and even banks don’t offer money on the same day
❖ As per the laws of Washington, you can borrow a maximum amount of $700 or 30% of your monthly gross salary.
❖ You are allowed to ask for an installment plan to your lender if in case you think you’ll not be able to refund on time.
❖ If in case your loan maker is harassing you for the refund, then you can do a complaint against it to DFI.
❖ The limit of payday loans is eight per year.
❖ Your data will be stored on a state-wise database, to provide your up-to-date information.
❖ While debiting on the installment plan, you are not allowed to borrow another loan.
As payday loans are unsecured small personal loan that doesn’t even require your credit check but don’t you think it’s a big risk for a lender? Yes, it is. That’s why they charge high cost and in Seattle, it’s 391.07% on average, which varies from lender to lender. For instance; suppose you have borrowed $500 for 14 days on APR of around 395% then the total amount that you’ll have to pay would be $575 approx. which is very costly. And if in case you get failed to repay on time then this debt can go long. As according to the survey of the consumer bureau’s data; 50% of payday loans are usually stretch to around 8-10 consecutive debt.
What to consider before applying for a Payday loan in Seattle?
❏ Ask your lender if they can offer some alternate refunding plan in case you wouldn’t be able to pay your debt in a single payment.
❏ Consider it as the last option in your list due to its high price. So, try something else first, then after choosing this.
❏ Before applying, compare the term and cost of a few lenders to get an idea and to save some amount.
❏ Borrow only what you need urgently and mark it strictly to avoid getting trapped into the debt cycle.
❏ Make a budget plan to balance your expenses and refunding of loans and avoid spending much on unuseful things.
Payday loans are meant for urgencies only, don’t let these lenders make you fool and trap you in debt. Take this help with full awareness of term, cost, and all other charges, it’s your right to ask questions to your lender before applying for a loan in Seattle, WA.