Looking for an Unsecured Personal Loan in Washington?
Finding a loan with bad credit can be a very frustrating experience. On the one hand, many lenders will turn you away if your credit score is below around 650; on the other, lenders that don’t check your credit and assure you’ll be approved often turn out to be scams. How then can you find a safe, reliable loan that meets your needs but doesn’t wreck your finances? The answer is Loans Now! Our Loans Discovery Program gives you the ability to receive multiple offers for loans without an initial credit check. It’s perfect for discovering great lending options when you aren’t sure what you can afford, how loans work, or what you qualify for.
With our Discovery program, you’re paired with a personal financial consultant who will guide you through the process. They’ll work to understand every aspect of your situation, not just your credit score, to help pair you with the perfect loan. If you’re already confident about the lending process, we have some pre-built unsecured personal loan packages that you can tap into almost immediately. No matter what your experience level or what you want your loan to achieve for you, Loans Now has a solution that will work for you!
Unsecured Loans for People with Bad or No Credit
Your biggest concern right may be that you won’t qualify for a loan because of your bad score. Alternately, you may think you have absolutely no credit to tap into. At Loans Now, neither will automatically rule you out. We work with credit scores down to 450. Many of our competitors require 620 or 700 minimums. Additionally, everyone has a credit history of some kind. You may have a strong credit rating, and just not realize it. As part of our process, we give you the resources to check your credit, then report it to us. By doing so, we’re able to:
- Protect your credit score
- Provide multiple offers simultaneously
- Accurately gauge which offers best fit your needs
- Save you time in finding a loan
- Protect your information – nothing you share, including your credit report, will be shared with anyone
The other major concern you probably have is that getting your money will take too long. Our search begins with a questionnaire that’s simple and only takes about one minute to fill out. Once we’ve reviewed your request, your personal financial consultant will reach out to you directly, and we normally have your offers ready by the following day. Whether you use the Discovery program or a pre-built loan package, our lending partners usually don’t take more than one business day to fund your request. It’s quick, it’s simple, and it’s free! You can learn more about our process by visiting our How it Works page.
Heavy Debt and Expensive Living in Washington
Making a sustainable living in Washington can be a tall order. As of 2018, the cost of living index for the state was 131, far more expensive than the national average. In particular, housing was nearly double the national average, while transportation costs were over 25% higher than many other states. The one advantage that Washington has going for it is that many people earn more money than they do elsewhere. The U.S. Census Bureau reported that the average household income in Washington was around $66,174 in 2017, about $5,000 more than the national average.
In many cases, though, that’s still not enough money to make a difference. Washington had the 15th highest amount of average credit card debt of any state in 2018. The typical Washington family carried about $8,108 in monthly credit card debt, versus the $5,700 most households carried. Average credit card interest rates hovered at around 16% in 2018. That means if a Washington family had the above average outstanding, they would accumulate another $1,297 in interest. With rates like that, many Washington residents have found themselves mired in credit card debt just to afford basic expenses.
Washington Laws and Regulations for Bad Credit Personal Loans
Washington offers very few protections for consumers who want to borrow money through normal channels. Under the Revised Code of Washington’s usury laws (§19.52.010 and §19.52.020), any rate of interest is legal so long as it is established via a written contract. If no such agreement exists, the interest is capped at 12%. In cases where the lender violates usury laws, the borrower is permitted to court costs, attorney fees, and double the total paid to the lender in excessive of what would be legal to charge.
On the positive side, Washington has been very proactive at protecting its citizens from unscrupulous lenders, such as payday lenders. While legal in the state, payday loans are severely restricted. Under Washington Revised Code § 31.45 Check Cashers and Sellers, payday lenders may not offer more than $700 or 35% gross monthly income, whichever is less. They also cannot give out more than $700 worth of loans to one person, nor extend more than eight loans in a year. While these protections are great for consumers, payday lenders can still charge up to 390% APR on a two-week, $100 loan. For that reason, they’re still far too risky to consider
Loans Now: Core Policies & Procedures
- Never collect or share sensitive customer information: SSN, DOB, Address.
- Never collect up-front payment to process a customer’s loan application / or fund a loan. Loans Now will NEVER ask you to send us money in any form.
- Introduce customers to our Loan Discovery Process. A one-on-one loan service strategy that fits every customer’s unique needs with the right lender for them
Washington Personal Loan for Bad Credit Lending Regulator
The Washington State Department of Financial Institutions is the primary regulatory agency for banks, lenders, and creditors in the state. The Washington DFI is responsible for ensuring that financial institutions are licensed to do business in the state and abide by state law. For consumers, the department provides resources to verify that a financial business is licensed, research laws and rates, and most importantly, file a complaint if the consumer suspects a business is engaging in unfair or illegal transactions. Some exceptions to the DFI’s ability to regulate financial institutions are credit card companies, federal banks, federal credit unions, real estate companies, and insurance companies.
- Loan Discovery Process
- Credit Scores Reviewed to 450
- 2, 3, 5 & 7 Year Terms
- Loan Amounts $500 - 70K