Vancouver is fourth-largest city in the Sate of Washington and the largest suburb of Portland in neighbouring Oregon, with a population of 161,791. The city enjoys a diverse economy with a variety of prominent employers, resulting in an average household income of $41,618.
Vancouver Employment & Economy
The city’s biggest employer is PeaceHealth Southwest Medical Center, which employs 2,841 people, with Evergreen Public School and Vancouver Public School the second and third-largest, employing 2,455 and 2,203 respectively. Other noteworthy employers include County of Clark and hypermarket superstore chain Fred Meyer Inc, highlighting the diverse workforce throughout the city.
Furthermore, Vancouver is influenced by border economics, sharing a border with Portland, Oregon, making it a suburb of Portland as well as its own city. Because of the shared border between Vancouver and Portland, residents travel to and from each location to work and shop, further diversifying the economy of Vancouver.
Payday Loans in Vancouver WA
Payday loans are widely available throughout Vancouver, WA, being on the more commonly used forms of cash advances in the city. While there are certainly pitfalls from frequently using payday loans, residents in Vancouver that require a short-term loan for those unexpected emergencies have access to a range of payday loan providers.
Laws in place in the state of Washington make payday loans less of a risk, preventing residents of Vancouver from taking out a loan they cannot afford to pay back. Various restrictions mean that not anyone can be accepted for a payday loan in Vancouver, Washington – which is certainly a good thing!
Do you live in Vancouver and are considering getting a cash advance? Then be sure to check out our in-depth guide covering payday loans in Vancouver, WA.
What is a Payday Loan?
Most people have heard about payday loans without knowing what they really are beyond the stories in the news. A type of short-term loan, payday loans provide a cash advancement for people that require money before they get paid.
These are designed to be small-term loans, typically lasting no longer than a month, where you pay back the loan amount with interest at pre-determined date – usually your next pay day. As the name suggests, a payday loan is for those rare occasions where you’re short of cash until you get paid but have an expense that cannot be avoided.
Because payday loans are only intended for the short-term, they have a much higher interest rate than other traditional forms of credit, making them very unsuitable as a long-term loan. That said, all payday loans clearly indicate the amount due and when it needs to be paid, and most companies don’t provide loans longer than a month.
Applying for Payday Loans in Vancouver, WA
There are various payday loan providers throughout Vancouver, Washington. Both online and brick and mortar locations are available in Vancouver, making it easier to find a loan that meets your needs.
Loan provides often have slightly different terms, interest rates, and other conditions, so it always helps to shop around a few before getting your loan.
You need to provide a few details prior to applying for a payday loan in Vancouver, including some form of ID and proof of income. Then it’s just a case of choosing a loan provider, filling out the online form, reviewing the repayment date and amount due, and then your loan should be processed.
After the loan is accepted, you should be given details on what will occur should you miss your repayment. This tends to include a steep loan and the accumulation of interest over unpaid loans, so always be mindful of this and be sure to pay back the loan on the agreed upon date.
Understanding Payday Loan Laws in Vancouver, Washington
Payday loans in Vancouver are governed by the State of Washington under Chapter 3.45 as of January 1, 2010. This law in designed to provide borrower rights and responsibilities regarding the use of a payday loan.
Loan Eligibility Vancouver
There are certain requirements you require to be eligible for a payday loan in Vancouver, WA. For instance, you will not be accepted for a payday should you meet any of the following:
- You have one or more payday loans already outstanding that total $700 or 30 percent of gross monthly income
- You are currently paying off a payday loan using an instalment plan
- You have used eight or more payday loans in the last 12 months or you have defaulted on a previous payday loan.
While some may feel these restrictive and be upset at not being eligible for a payday loan because of them, remember that these laws are designed to protect you as a borrower. If you are dealing with any of the above problems, then it is probably a good thing you cannot use another payday loan, as it may lead to further debts mounting in your name.
Loan Duration in Vancouver
A payday loan in Vancouver, Washington must be paid back in full by your next pay date. The only exception to this is if your next pay day is within one week of the loan, in which case you must repay the loan in the subsequent pay day.
No payday loan may be longer than 45 days, although it is possible to have a longer date should you agree to enter an instalment plan or have a longer loan term agreed upon. Remember, the longer the loan duration the more money it costs, so always try to pay back a loan on your next pay day.
Loan Fees in Vancouver
Vancouver payday lenders must charge a flat fee of $15 per hundred dollars of the loan, up to and including $500. Loans over $500 and up to $700 have a fee of $10 per hundred dollars, with no loan permitted to be above $700.
Also, lenders cannot harass you when attempting to collect the payday loan. You can’t be called more than three times per week and from between the hours of 9.om and 7.30am either.