There are more cash advance and payday lenders in the United States than there are McDonald’s, Burger King, and Subway restuarants and 7-Eleven and Target stores combined. And it comes as no surprise as more and more consumers across the state of Washington are living paycheck to paycheck and utilizing these quick and easy loans. When an unexpected financial emergency comes up, cash advances are an easy alternative to bounced checks and late fees.

Let’s say that your credit card payment is due, and its bit higher than normal- maybe you had gotten a cash advance on your card and didn’t realize the fees were going to be that high. You don’t have all of the cash this week to make your minimum payment, but you will surely have it next week. Instead of accruing late fees and/or bounced check fees, plus receiving a higher interest rate for the term of your credit card balance, you opt to get a cash advance from the payday loan industry.

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Cash advances are a small sum (usually under $1,000) and are written for a short period of time (usually until the borrower’s next payroll or government issued check arrives). Credit checks are not the deciding factor of your loan amount; your steady job and paycheck to prove it are. Also, many payday lenders will grant you a higher sum if your paycheck is directly deposited by your employer into your checking account.

Washington has some cash advance and payday lending industry laws protecting both consumers and lenders alike:

Maximum loan term of 45 days.
Fees cannot exceed 15% for the first $500 of a loan, or $15 for each $100 borrowed, and 10% for the next $200, or $10 per hundred for loans that are > $501.
One $25 check returned fee is permitted.

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* Cash-Advance-USA.org provides information and research on cash advances/payday loans. We are not a payday lender or broker, nor are we necessarily affiliated with the companies profiled on this site. Not all products and services are available in each state.