Small loans

Legal Information

In this section of Washington LawHelp you will find general legal information and resources for consumers about small loans in Washington state.

• Borrower Beware: The High Cost of Small Loans, Pawn Brokers and Rent-to-Own Stores

  Sometimes you may need to borrow a few hundred dollars because of an unexpected medical bill, broken appliance, or to buy a used car to obtain keep ajob. While the amount of cash you may need is small, the amount of interest you will repay may be large. Content Detail

  By:

  National Consumer Law Center

  Read this in:

  Spanish / Español

• Payday Loans

  A payday loan is a small, unsecured, high interest, short-term cash loan. In most cases, consumers write a post-dated, personal check for the advance amount, plus a fee. The lender holds the check for the loan period and then deposits it, or the customer returns with cash to reclaim the check. Content Detail

  By:

  Washington State Department of Financial Institutions

  Read this in:

  Spanish / Español

• Payday Loans Equal Very Costly Cash

  The ads are on the radio, television, the Internet, even in the mail. They refer to payday loans, cash advance loans, check advance loans, post-dated check loans, or deferred deposit loans. The Federal Trade Commission, the nation's consumer protection agency, says that regardless of their name, these small, short-term, high-rate loans by check cashers, finance companies and others all come at a very high price. Content Detail

  By:

  Federal Trade Commission

• Payday Loans: What to do if You Get Caught in the Debt Trap

  0600EN - A payday loan is a short-term, high-cost loan that must be paid back on or before your next payday, whether your income is from employment or government benefits. Payday loans are made by storefront lenders, check cashers, pawn shops, credit unions, and Internet-based providers. Read More

  By:

  Northwest Justice Project

  Read this in:

  Spanish / Español