Payday Loans In Washington DC

In tough financial situations, Washington DC Payday Loans can be a godsend. Payday loans are short term loans that are very easy to qualify for. The rules of lending and borrowing are slightly different in Washington DC. Read on to find out what the law says about these loans.

It happens to most people, money runs out in the middle of the month but bills have to be paid. Sometimes, an unexpected emergency comes up that requires cash. A payday loan is a quick temporary solution in such situations. Requirements for qualification are fairly easy to meet. The applicant must be over the age of 18 years, he should prove that he earns a steady salary, and he should have an active savings or checking account. Credit checks are not an issue in this kind of loan. So having poor credit scores will not hold you back. Processing of a payday loan takes quite a short time. An applicant can be approved in less than a day. The funds are deposited in your account soon after approval or you can collect the money from the office of a lender. Payment will be done according to the agreement between applicant and lender. Some lenders will require that an applicant leave a postdated check with the full amount of the loan plus fees and interest. If the funds were deposited straight into the account, the full loan amount, plus fees and interest will automatically be deducted once it is due.


Best Payday Loans In Washington DC

No
Provider
Review
APR
Visit Site
1
AmeriAdvance
Varied
Go to AmeriAdvance
2
Paydaymax
431.79%-616.85%
Paydaymax
3
Plain Green Loans
59.84% �?378.95%
Go to Plain Green Loans
4
MyCashNow
401.13%-573.05%
MyCashNow
5
Discount Advances
401.13%-573.05%
Discount Advances
6
100 Day Loans
36%�?51.79%
100 Day Loans
7
Cashnet USA
243.25%�?83.04%
Cashnet USA
8
Cash Central
Varied
Cash Central
9
CashAdvance
Varied
Go to CashAdvance.com
10
Great Plains Lending
199.44% �?448.76%
Great Plains Lending

How Washington DC Payday Loan Works

Individuals applying for Washington DC payday loans would do well to know what the law states when it comes to these loans. For one, the lender should be licensed. This information can be verified by contacting the Department of Financial Institutions (DFI). Once you apply for a payday loan, your information will go into a state-wide database. All lenders will be able to see this information. The borrowing limit is $700 or 30% of one’s gross monthly salary. You have 24 hours to change your mind about the loan. Applicants can only take a maximum of eight loans in a period of 12 months. You cannot take a second payday loan to pay off a first one. If payment cannot be made on the agreed date, a borrower can request an installment plan, and would not have to pay any additional fees. Lenders are not allowed to charge more than 24% in interest. In addition, they can neither harass or intimidate a borrower when collecting on a loan, nor use the threat of criminal prosecution. Any harassment should be reported to the DFI. If the lender is not licensed, any payday loan obtained from him need not be paid back. Further, he does not have the right to collect that debt. He should also disclose the real costs of taking the loan.

Sometimes life throws tough financial situations your way. Payday loans are a quick temporary solution to those unexpected situations. Washington DC Payday Loans differ only slightly from those in other states. It pays to know what the state law says about them if you are thinking of applying for a payday loan.

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