What Is a Personal Loan?
A personal loan is a type of installment loan available in Washington. Personal loans typically range from $1,000 to as much as $250,000, however the minimum and maximum amounts vary by lender.1
What Are The Types of Personal Loans You Can Get?
Washington residents have various loan options available to them, such as bad credit loans, payday loans, no credit check loans, and cash advance loans.
Bad Credit Loans
Online bad credit loans typically have flexible credit requirements, but they can be a high-cost borrowing option.
Payday Loans
Payday loans online are small-dollar loans that can provide emergency cash in-between pay periods. These loans are typically used as a last resort due to high fees and interest rates.
No Credit Check Loans
No credit check loans do not require a hard credit inquiry, which makes them a popular bad credit option. However, these loans typically have higher than average APRs.
Cash Advance Loans
Online cash advance loans allow you to borrow money from a future direct deposit or an existing credit limit. Cash advances are similar to payday loans, as they both have higher than average rates and fees.
Washington Installment Loans
Here’s what you can expect if you take out an installment loan in Washington:
- Loan Amounts — Loans can range between $1,000 to as much as $250,000.1
- Fixed Interest Rates — Most personal loans have a fixed interest rate.
- Repayment Terms — Repayment periods can last months or years, depending on the lender and the loan amount.
- Fees and Penalties — Most personal loans charge interest, origination fees, and late fees. But keep an eye out for application fees and prepayment penalties.
- Online Loan Management — Online lenders allow customers to manage their loan repayment entirely online.
Washington Installment Loan Rates
Here’s a breakdown of what loan terms you can expect if you get a $500 personal loan in Washington:
| Term Length | APR as low as | Monthly Payment |
| 0-4 | ~28% | ~$133–$132 |
| 4-8 | ~24% | ~$90–$66 |
| 8-12 | ~20% | ~$46–$38 |
| 12-24 | ~18% | ~$30–$24 |
Can You Get a Bad Credit Loan in Washington?
It’s possible to get a bad credit loan in Washington if you have the ability to make timely monthly payments and an active checking account.
What Can You Use an Installment Loan in Washington For?
These are some of the reasons that Washington residents get personal loans:
| Home Improvement Personal loans could provide quick funding to repair your home. | Credit Card Debt Consolidation You could consolidate high-interest debt with a personal loan. | Medical Costs You could cover expensive medical costs and procedures with a personal loan. |
| Car Repairs A personal loan could help you get your car repaired quickly. | Life Events Personal loans are versatile, making them a great option for unexpected life events. | Other Emergency Expenses You could use a personal loan for almost any emergency expense. |
How Washington Loan Options Work
Here’s a general outline of the application process for a personal loan in Washington:
| Apply Online Fast & Easy Online lenders generally have a streamlined application process that may only take a few minutes. | Income Verification Your income is typically verified using a secure bank verification process. | Same-Day Availability If approved for a personal loan in Washington, you could get money the same day. |
Top Washington Loan FAQs
What is an installment loan?
An installment loan is a small to large loan that can be used for various purposes. Installment loans can be unsecured (personal loans, student loans, etc.) or secured (mortgages, auto loans, etc.).
How much can I borrow with a personal loan with bad credit?
Personal loans typically range from $1,000 to as much as $250,000, however you are not likely to get the maximum loan amount a lender offers if you have bad credit.1 If you need a large loan amount with bad credit, you may need to use a cosigner or collateral.
What are the eligibility requirements?
To qualify for a personal loan, you generally need to be at least 18 years of age, have proof of reliable income, and an active bank account. But depending on the lender, you may need to meet a minimum credit score requirement.
How quickly can you get funding from a personal loan?
Most online lenders that offer personal loans can disperse funds the same day an applicant is approved.
What our borrowers are saying
References
CreditNinja does not act as a direct lender in all states. In certain states, loan products are offered and originated via bank partners, which are duly licensed financial institutions. The availability of loans and the identity of the originating lender may vary depending on state of residence and applicable state and federal regulations.