Ephrata at a glance
- Population: the Census estimates 8,665 residents, ranking 99th of 281 places in Washington (Vintage 2023).
- 2020 Census base: 8,470 residents in the 2020 Census, per the US Census Bureau.
- 2020 to 2023 change: up about 2.3% from the 2020 Census base to the 2023 estimate (US Census Bureau).
- Rank among Washington places: 99th by size among 281 communities (US Census Bureau).
- Size percentile: about 65% of Washington's Census places are smaller (US Census Bureau).
- Coordinates: 47.3123 / -119.5343, per the US Census Bureau Gazetteer.
- Nearest larger cities (within 120 miles): Moses Lake, WA (18 mi); East Wenatchee, WA (36 mi); Othello, WA (38 mi); Wenatchee, WA (38 mi); Ellensburg, WA (52 mi) (US Census Bureau populations).
- Nearest smaller communities: Soap Lake, WA (6 mi); Quincy, WA (16 mi); Wilson Creek, WA (21 mi) (Census populations).
What a personal loan costs in Ephrata
Unlike a revolving credit card, a personal loan is closed-end: the balance falls on a fixed schedule and the payment does not change.
APR, not the simple interest rate, reflects what the loan actually costs once fees are included; the personal loan calculator puts a figure on it.
A lender weighs your credit profile, income and debts when setting the rate, and a longer term lowers the payment at the cost of more interest overall.
Work out the payment you can comfortably carry each month first, then borrow no more than that figure supports.
Washington lending rules that apply in Ephrata
The table carries the Washington rate and licensing rules that apply to consumer loans made in Ephrata.
| Rule | Detail | Source |
|---|---|---|
| Small-loan / installment lender licensing | Consumer Loan Company license required (Consumer Loan Act, RCW 31.04.035) Source says: No person may engage in any activity subject to this chapter without first obtaining and maintaining a license in accordance with this chapter. | Washington State Legislature (RCW) as of 2026-09-16 |
| State lending regulator | Washington State Department of Financial Institutions (DFI) Source says: DFI licenses and regulates financial institutions and service providers in Washington. | Washington State Department of Financial Institutions (DFI) as of 2026-09-16 |
| Maximum legal interest rate (usury cap) | 12% per annum, or four points above the Federal Reserve bill rate, whichever is higher (RCW 19.52.020) Source says: any rate of interest shall be legal so long as the rate of interest does not exceed the higher of: (a) Twelve percent per annum | Washington State Legislature (RCW) as of 2026-09-16 |
| Payday lending status | Licensed; small loans capped at $700 or 30% of monthly income, max 45 days, fees 15% on first $500 and 10% above (RCW 31.45) Source says: Payday lenders must be licensed by DFI — including online lenders that do business with Washington residents. | Washington State Department of Financial Institutions (DFI) as of 2026-09-16 |
How to compare offers in Ephrata
The order below is a sensible way to approach a loan in Ephrata:
- Pull your free credit reports and dispute any error — it is the cheapest way to improve the rate you are offered.
- Run your figures through the personal loan calculator on this site so you know the payment before a lender quotes one.
- Pre-qualify with at least three lenders and compare the APR, not the interest rate.
- Check that the lender is licensed in Washington using the regulator named above.
- Read the disclosure for origination fees and any prepayment penalty before you sign.