Federal Way at a glance
- Population: the Census estimates 97,701 residents, ranking 10th of 281 places in Washington (Vintage 2023).
- 2020 Census base: the 2020 count put the population at 101,024 (US Census Bureau).
- 2020 to 2023 change: population fell about 3.3% (US Census Bureau Vintage 2023 estimate vs 2020 Census).
- Rank among Washington places: 10th largest of 281 (US Census Bureau).
- Size percentile: larger than about 96% of the Census places in Washington (US Census Bureau).
- Coordinates: mapped at 47.3116, -122.3378 by the US Census Bureau Gazetteer.
- Nearest larger cities: Tacoma, WA (7 mi); Kent, WA (8 mi); Renton, WA (13 mi); Seattle, WA (21 mi); Bellevue, WA (22 mi); each population is a US Census Bureau estimate.
- Nearest smaller communities: Milton, WA (4 mi); Algona, WA (5 mi); Pacific, WA (5 mi) (Census populations).
What a personal loan costs in Federal Way
With an installment loan the payment is fixed for the life of the loan, so the schedule is predictable from the first month to the last.
Because the APR includes origination and finance charges, it is the honest comparison number; the personal loan calculator turns an APR and term into a monthly payment.
A longer term reduces what you owe each month and increases the total interest, which is the trade-off to weigh before choosing one.
A useful rule is to keep the new payment inside the room your budget already has, so the loan eases pressure instead of adding to it.
Washington lending rules that apply in Federal Way
Read the table as the compliance picture for a lender serving Federal Way: label, sourced figure, publisher and date.
| Rule | Detail | Source |
|---|---|---|
| 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 |
| 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 |
How to compare offers in Federal Way
Before you share your details with a lender in Federal Way:
- 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.