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What is a California payday loan?
If you live in California and need money quickly, one thing you can do is apply for and get a payday loan from a local lender. However, you should know the maximum amount you can borrow through a payday loan in the state of California is $300.
Payday lenders can levy a fee of up to $45 (or 15% of the check's value). If you borrow money for two weeks at a rate of 15%, your APR will be 460%.
If you need cash quickly, you don't have to turn to payday lenders for loans with extremely high interest rates. There are other possibilities, such as personal loans from lenders who will work with borrowers whose credit is less than flawless, cash advance apps, and payday alternative loans from federal credit unions.
Pros and cons of payday loans in California
Pros
- There are plenty of companies that offer cash advances and guarantee a loan decision within the next business day.
- There are fewer restrictions with these loans, which helps you borrow cash faster.
- Payday loans don't need a stellar credit score. They won't affect your credit score in any negative way because they won't be pulling your credit.
- Payday loans are unsecured, so the lender is prohibited from taking legal action to repossess your property.
Cons
- Payday loans carry extremely high interest rates in triple digits.
- Any time you "roll over" (extend) a payday loan, you'll be hit with new fees that will make borrowing money more expensive.
- You only can have one loan from a payday lender, and the fee you are charged cannot be over 15% of the amount of the check (up to $45).
How to get a payday loan in California?
A traditional lender will check your credit and ask for personal information to see if you can pay back a loan. Applications for payday loans typically require the applicant to:
- Be 18 or older to participate
- Use a valid Social Security number or government-issued identification
- Maintain a steady stream of revenue through work or other means
- Maintain an operational bank account.
How to pay a California payday loan back?
In California, the maximum number of days to pass before the borrower is required to make a repayment on a payday loan is 31. There are no costs for rollovers or extensions. You can ask for a longer time to pay back your loan, but the lender is not required to agree to your request. Because they cannot charge you for the additional time, most of them will not bother to do so. Borrow only the amount that you will pay back the entire amount on your next payday, and consider any additional unforeseen needs and alternative kinds of credit.
Legal regulations on payday loans in California
In the state of California, payday lending is still legal, but only in certain situations and under strict rules. Payday lenders in California may make loans with a maximum amount of $300 and a term that can last for up to 31 days.
This type of loan is referred to as a "delayed deposit transaction." At any given time, a borrower can pay back only one of their payday loans. Even though the interest fees for a California payday loan with a late balance can't be over 15% of the total check (up to $45), the upfront fees could be the same as a rate that is about 500% higher than that. Additional restrictions on the fees that can be charged apply to military service members.
