Cash Advance and Payday Loans in Tacoma, WA

A cash advance is a short-term loan. An example of a short-term loan is a payday loan. Consumers use payday loans to receive cash quickly. These loans are paid back with the following paycheck. It is legal to obtain a cash advance in Tacoma, WA. However, there are strict regulations in place that make getting a cash advance difficult. If you want to check and verify the license of a lender, you can call 1-877-746-4334, or you can check on the Washington State Department of Financial Institution’s website. On the website, you can request to file a complaint or learn more about licensing and regulations in Tacoma, WA.

Advantages of Taking Out a Payday Loan in Tacoma

There are many pros to taking out a payday loan. Here are some of them:

• Payday loans are easy to access, and you may receive the cash quickly. If approved, borrowers may receive the funds in as little as one business day.
• As long as you meet the requirements, the application is easy to fill out.
• Your eligibility for receiving the loan may be in part based on your current income. The loan is paid off when you get your next paycheck, which may help keep you out of debt.
• If you do not want to borrow from friends and family, or if your bank did not give you a loan, a payday loan can help.

How to Get a Cash Advance and Payday Loan in Tacoma

Residents may consider seeking out a local payday loan in Tacoma, WA. However, online options may be available, too.

When you fill out a loan request form, it will ask you for your:

• Personal information, such as your name, address, phone number, and email address.
• Bank account number
• Employer name or revenue source.

This information is necessary for the lender, so you will need it on-hand when applying for a loan.

Cash Advance and Payday Loan Requirements

To apply for a payday loan in Tacoma, Washington, you need to meet specific criteria. Lenders may require the following:

• You must be 18 years or older to apply.
• You must provide your social security number.
• You must be a legal resident of Tacoma, Washington. You will need to show proof of residence.
• You must have a stable source of income of at least $1,000/month.
• You must provide a phone number and email address.
• You must not be in debt or bankruptcy.

Costs and Regulations of Cash Advances and Payday Loans in Tacoma, WA

There are many regulations and restrictions in place for receiving a cash advance and payday loan in Tacoma, WA. The state of Washington sets the maximum payday loan amount at 30% of a borrower’s gross income, or up to $700. Borrowers cannot take out more than eight loans within 12 months.

There is a regulation that manages licensed lenders on how much they charge for the borrowed money. This amount is 15% on the first borrowed $500. If an individual wants to borrow more than $500, the maximum fee a licensed lender can charge is 10%.

There will be a due date set for the borrower to pay back the short-term loan. It is usually set on a date after the customer’s next paycheck. If you want to learn more about the regulations and restrictions in place for short-term loans in Tacoma, WA, the state legislature has the lending rules on its website.

Installment Loans in Tacoma

An installment loan is another type of short-term loan. Instead of having to pay back the loan when you get your next paycheck, you receive a little more time to pay an installment loan back. Some lenders give you around a year to pay back your installment loan.

Requesting Title Loans in Tacoma

Title loans are another type of short-term loan. These loans are taken out against the borrower’s vehicle, which can be a car, motorcycle, or truck. The vehicle title is used as collateral, which means the borrower will have to temporarily give the hard copy of their vehicle title to the lender to receive the loan.

The process for receiving a title loan is similar to that of a cash advance or payday loan. You will have to fill out a request form online, and the lender will check the vehicle’s equity and your ability to pay back the loan.

Residents of Tacoma will need the following to apply for a title loan:

• Valid government-issued photo identification
• Proof of residence
• Name, address, email address, and phone number
• Photos of vehicle
• Name of employer or revenue source
• Lien-free car title

If there is a lien on your car, that means you still owe the lender money, and the vehicle is collateral. You can only remove the lien once you pay back the lender.

Our Favorite Tacoma, WA, Cash Advance and Payday Loan Companies

There are many companies that offer cash advances and payday loans in Tacoma, WA. There are many branches of Ace Cash Advance in Tacoma. Their website has many resources for you to learn and understand short-term loans. You can also apply online, by phone, or at a physical Ace store. They offer same-day and three-day services for money transfers. They require the borrower to pay back the loan with their next paycheck. Another company that has many branches in Tacoma is Advance America. The process of obtaining and paying off the loan is similar to that of Ace Cash Advance. On their website, they have a section where you can learn more about each type of short-term loan.

It is always best to do some research before choosing a company.