Personal Loans in Washington Briefly Defined
Depending on whether you get them from online lenders or other financial institutions, personal loans tend to have stringent credit requirements and longer repayment terms.
However, they may provide you with funds on the same day.
Can You Get Personal Loans With Bad Credit
Yes, your loan application can be approved even if you have poor credit. That’s because, in bad credit loans, lenders give more weight to a person’s ability to repay.
However, depending on the lender, you might have higher interest rates and stricter terms.
Bad credit loans might also be secured loans, meaning you’ll need collateral, or you might need a cosigner with good credit.
How Third-Party Lenders Can Help You Get Personal Loans
Answer our inquiry form, and we’ll look through our network of third-party lenders. If any of them accept your request, they’ll contact you directly with an offer.
You’re not obligated to accept the offer if it doesn’t meet your needs. Otherwise, you can continue your loan approval process with them.
Personal Loan Laws in Washington
Washington has the Usury Law in place, which puts a limit on the maximum interest rate a lender can charge. This is typically around 12% unless otherwise agreed in writing.
If a lender sues a borrower regarding an unpaid loan, the borrower can use a defense of usury if:
- The loan exceeded the maximum interest rate
- The borrower can prove that the loan was used mostly for personal or family purposes.
Conclusion
Personal loans are a great option for borrowers who require higher loan amounts for short-term financial needs like emergencies.
These loans are flexible and can be used for anything from emergencies to home renovations.
Fill out our inquiry form and let us help you find a lender that can offer you the perfect personal loan for your needs.
FAQs
If you have more questions about personal loans in Renton, we’ve answered a few below.
Personal loan rates range from 6% to 36%, depending on factors like credit score, loan amounts, term length, and other lender policies.
However, in Washington, the maximum rate a lender can give is 12%.
The best personal loans should offer features like the following:
Negotiable deadlines
No prepayment penalties
Approachable interest rates
Clear loan agreements that mention all additional fees
If you don’t understand a term or stipulation mentioned in your loan agreement, ask your lender to explain.
Personal loans are typically offered by the following financial institutions:
Credit unions
Banks
In-store lenders
Online lenders
Prospective borrowers who are unsure where to borrow money can fill out our inquiry form and let us do the work. We’ll find a third-party lender who can fit your financial situation.
