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GadCapital Payday Loans in Washington State: A Consumer’s Guide

This type of short-term loan is called a payday loan. Consumers usually submit a personal check for the advance amount plus a charge, which is postdated. For the duration of the loan, the lender will hold the check and deposit it, or the consumer can return with cash to recover the check they left behind.

Payday Loans: Some Quick Facts

  • Borrowing up to $700 (or 30 percent of your gross monthly income, whichever is smaller) will be limited.
  • Using a state-wide database, all payday lenders will have access to your most recent loan information.
  • You are limited to eight payday loans in the course of a year.
  • You can seek a no-cost installment plan if you are unable to pay back your loan by the due date.
  • You won’t be able to get a loan if you already have an installment plan.
  • When collecting a loan, lenders are not allowed to harass or threaten you. Contact DFI and register a report if you are harassed.

Lenders from Native American Tribes

According to GAD Louisiana loans, Payday loan customers should exercise caution when applying for a loan from a company they’ve seen advertised on television or the internet. Companies controlled by federally recognized Indian tribes, many of which do not have a license from the Department and are not registered to do business in Washington State, are commonplace.

Most Tribal loan websites carry a mention of their Tribal membership, although not all of them do. Additionally, RCW 31.45.105(1)(d) and (3) state that an unlicensed entity cannot collect or enforce a “small loan” (defined as a loan of less than $700) issued to a person physically situated in Washington State by an unlicensed organization. When it comes to federally recognized Indian Tribes, Washington State agencies are often unable to assist consumers.

Cash Advance Companies on the Internet

The Department of Financial Institutions (DFI) requires internet payday lenders to be regulated and conform to the state’s loan restrictions and terms. Verify that a payday lender on the internet has a DFI license before doing business with them.

Before Taking out a Payday Loan, Here’s a Checklist

If you need money for an extended period of time, you should not use a payday loan.

Payday Lenders must have a valid license to operate.

The Washington State Department of Financial Institutions can be contacted to verify that the lender you are working with is licensed like GAD Capital in Wisconsin. Call 1-877-RING-DFI (746-4334) or go to to validate a license (the link is external).

Consider Other Approaches

For non-interest expenditures like phone and utility bills, inquire about postponing or arranging payment terms. Borrow money from a family member or friend. Inquire with your boss about getting a pay increase before your next payday.

Shop for Alternatives

  • Shop around for the most affordable fines and penalties. Some credit unions, for example, provide lower-cost payday loans.
  • Don’t take on more debt than you can afford to repay.
  • Make sure you only borrow what you can afford to pay back when you get your next salary.
  • Avoid Taking Out Loans from Multiple Lenders.
  • It’s best not to take out multiple loans at once.
  • Be Aware of When Your Bill Is Due

Make a note of when your payment is due and make every effort to pay back the loan in full when the due date arrives.

Benefit from organizations that can assist you with your financial situation by utilizing their services.

You can get financial assistance from a variety of local groups in the state of Washington and other states like Illinois resident loans. Budgeting and credit repair are among the services offered by many of these companies. For further information, get in touch with a consumer credit counseling organization or a local asset-building group.

Set Up a Budget

Make a budget for the future so that you don’t have to rely on borrowing money for unexpected bills and crises.

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