Are car title loans legal in Washington State?
I’m in need of quick cash and I heard that a title loan could be the way to go. I know they’re illegal in some states, but I live in Washington State. Are title loans legal here?
Great question! Title loans are illegal in many states because of their short terms, lump-sum repayments, and the excessively high APR that lead to steep consequences for the borrower. However, in Washington State, title loans are perfectly legal. To qualify, you will need to:
- Be a resident of Washington State.
- Have a lien-free title.
- Have a regular monthly income.
- Be 18 years of age or older.
While getting a title loan can be a fast and easy way to get money quick, it often comes with harsh consequences such as:
- Having to pay back two to three times the amount you borrowed.
- Short terms, which make it incredibly hard to pay back the money on time.
- Failure to pay back the loan on time will result in vehicle repossession.
If you need a loan or fast cash, consider looking to your bank or credit union. Many offer short-term loans that are similar to title loans but less predatory.
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MORE: How to refinance a car
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