Washington State Department of Financial Institutions

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.

Although a payday loan may be a convenient short-term solution, it is inappropriate for long-term cash needs. Borrowers can get trapped in a payday loan cycle of debt by taking out loan after loan – sometimes called “rolling over” the loan.


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DFI Payday Loan