In recent years, payday loans have enjoyed increased popularity as consumers have found them to be a convenient way to get cash in the short-term.

Dollarwise has experienced a high demand for payday loans from customers who lack the credit necessary to obtain credit cards or bank accounts, and find our services to be an attractive alternative to borrowing money from family or friends.

Payday loans are designed as short-term solutions to financial emergencies and other unexpected expenses; they are not intended to serve as a long-term solution to financial issues. Dollarwise has seen the payday loan segment of our business increase significantly in the past several years as a direct result of the growing number of people who have an immediate need for cash.

As well as providing an alternative to borrowing money from friends or family members, some of our customers may use payday loans in order to avoid credit card debt or bank overdraft fees, which can often add up to higher costs than obtaining a payday loan.

The State of Washington's legislature passed a law in 1995 allowing the financial services industry, including check-cashing establishments, to give short-term loans of up to $500 for time periods up to 30 days. In 2003 the state increased this amount to $700 due in part to the demand and the growing emergence of the payday loan industry as a viable option for consumers. At this time the legislature also approved a deferred loan program proposed by the Payday Loan industry to help individuals repay their loans if they had taken out four or more successive payday loans.

Financial institutions such as Dollarwise can charge up to $15 per $100 loaned on the first $500 and $10 per $100 on amounts above this to $700. The Washington State Department of Financial Institutions closely audits our business practices, as well as those of all financial institutions operating in Washington State.

When a customer comes to our store for a short-term loan, they find the application process to be relatively easy and straightforward.

Customers must bring in identification, proof of a checking account and current employment, which they can demonstrate by providing a drivers license, pay stub, and a current bank statement.

Our clients can easily complete the payday loan process in about 10 minutes. These loans are intended to serve as short-term solutions to financial emergencies and unexpected expenses. We do not recommend payday loans as a long-term solution to our clients' financial problems.

What is a Payday Loan?

A payday loan is a small, short-term, single-payment consumer loan. In a payday loan transaction, the customer writes a personal check for the sum of the loan amount and finance charge. The payday loan company agrees in writing to hold the check until the customer's next payday, typically about two weeks. Within this timeframe the customer may redeem the check by paying the loan amount and the finance charge, or the payday loan company will simply cash the check on the date agreed to by both parties.

Submit an Online Payday Loan Application

Dollarwise store locations - click here