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Washington State is renowned for being a center for global commerce. However, the 13th-most populous state contains many residents who may be struggling to keep up with their bills.

Washington residents can look into getting installment loans to cover their immediate expenses and financial problems.

Keep reading to find out more about these loans, their requirements, and the laws concerning them.

What Is an Installment Loan

An installment loan is a loan category where a borrower receives a fixed sum of money and repays it gradually through scheduled payments.

They include payday and personal loans, but installment loans typically offer larger borrowing amounts.

Before disbursement, the borrower and lender agree on the loan terms, including the following:

• Loan amount
• Interest rate
• Monthly payment schedule

Documents to Bring for a Washington Installment Loan

For a Washington installment loan, you typically need the following documents:

• Contact information like your phone number or email address
• Valid government-issued ID like a Driver's license, passport, or state ID
• Proof of income like pay stubs or bank statements
• Proof of residence in Washington state
• Social Security Number

Besides the above, other prerequisites for installment loans include:

• Being at least 18 years old
• Bank account details

How Do Installment Loans in Washington Work

Here are some quick details about installment loans in Washington:

• Average Loan Term: 3 - 24 months
• APR: 36% for new loans and 48% for refinanced loans
• Minimum Loan Amount: $100
• Maximum Loan Amount: $5,000 or more, depending on the lender and the borrower's creditworthiness

Can You Get a Washington Installment Loan With Bad Credit

Yes, borrowers with bad credit can still access installment loans. A borrower's potential to make their monthly repayments is typically considered over their credit score.

How Our Third-Party Lenders Can Help You Get an Installment Loan

Finding trustworthy online lenders can be an issue, but we can simplify the process. Fill out our online inquiry form and wait.

We will connect you with reliable third-party lenders.

After pre-approval, a chosen lender will contact you and assist you with securing funding.

Installment Loan Laws in Washington

Washington borrowers having difficulty repaying a loan can convert their small loan to an installment plan upon notifying the licensee. This is declared in the Revised Code of Washington 31.45.084.

The plan must be in writing, acknowledged by both parties and entail no additional fees or charges.

The duration of the installment plan will depend on the loan amount, ranging from:

• Up to 90 days for $400 or less
• 180 days for amounts over $400

Prepayment is allowed without penalty. Licensees must disclose this option to any borrowers.

If a licensee fails to adhere to the terms of an installment plan facilitated through a third party, it violates state regulations.

Conclusion

Installment loans in Washington offer a flexible and accessible solution for individuals seeking financial assistance.

Before starting the inquiry process, lenders should understand their loan's terms like the repayment period, borrowing amount, and interest rate.

Take control of your finances today and explore installment loan options in Washington to secure your needed funding. Start the inquiry process by filling out our inquiry form.

FAQs

This segment will answer common questions regarding installment loans in Washington.