What is the term of a payday loan?
The term of a payday loan is determined by the frequency of your paydays. If your next payday is within 9 days from the date you take out the loan, you can choose to repay your loan on the subsequent payday. In all cases, the minimum loan term is 8 days. The maximum loan term per Washington law is 45 days.
A payday loan costs $15 per $100 borrowed up to $500, and $10 per $100 on the amount over $500. For example, the total amount due on a $100 loan for 14 days would be $115 and has an APR (annual percentage rate) of 391.07%.*
*The Annual Percentage Rate ("APR") is the cost of your loan expressed as a yearly rate. The actual APR for your loan may be higher or lower, depending on the actual amount
you borrow and your actual repayment schedule.
Customer Notice: A single payday advance is typically for two to four weeks. However, borrowers often use these loans over a period of months, which can be expensive. Payday advances are not recommended as long-term financial solutions.
Moneytree is licensed by the State of Washington Department of Financial Institutions and registered with the federal government as a Money Services Business (MSB).
Moneytree is a member of the Community Financial Services Association (CFSA), the Financial Service Centers of America (FiSCA), California Financial Service Providers Association (CFSP), and the Colorado Financial Services Centers Association (COFiSCA). Moneytree actively supports laws, regulations and industry best practices that protect consumers and preserve access to credit. As a member of the Community Financial Services Association of America (CFSA), our company encourages responsible industry practices and proudly supports and abides by CFSA’s Best Practices .
Category: Payday loans