Payday Loans in California

California Payday Loans and Cash Advance Laws, Rates and Terms.

Contents:

California Payday Loans laws.

Online Payday Loans in California.

Bad credit Payday Loans in California.

Quick Unsecured Payday Loans in California.

Payday loans calculator: rates and fees in California.

Payday Loan Direct Lenders in California.

No credit check Payday Loans in California.

California Payday Loan alternatives.

California Payday Loans FAQ. 

California Payday Loans laws.

First of all, Payday Loans are legal in California according to the California Financial Code 23000 and California Civil Code 1789.30. Though there are certain rules which state:

• The maximum amount of $300 at a time.
• Only one payday loan can be taken at a time.
• The maximum repayment period is 31 days.
• The maximum fee is not more than 15% of the check amount, up to $45.
• Maximum APR is 460%.
• Rollovers are not allowed.
• You may get a repayment plan.
• Criminal charges are prohibited.

If you want to file a report or complaint on Payday lenders in California, address 

Since July 1, 2018, new rules concerning Payday Loans were set by the state of California. 

According to the new rule:

• you can't take out more than 50% of your net income per loan;
• lenders must show the cost your payday loan in terms of APR; 
• the maximum fee for cashing the cheque is $2 plus 1%of the face value of the cheque, or $10 - whichever is less;
• if you take out three Payday loans within a 63-day period you can be offered an extended repayment plan without any additional fee or penalty;
• it's allowed to pay back your loan in equal instalments either weekly, bi-weekly, semi-monthly or more frequently;
• the maximum amount of each instalment is 35% of the total cost of the loan if you pay weekly, or 50% if you pay monthly or less frequently than semi-monthly
• combined total of the loan and cost of borrowing.

Online Payday Loans in California. 

Any resident of California can apply for a Payday Loan both online and in-store. But, of course, online lending is becoming more and more popular as it has plenty of advantages:

• it gives you a chance to compare a lot of different offers at once,
• you can avoid driving, doing paperwork and waiting in lines,
• applying is free and simple, 
• you have very high chances of approval even with a bad credit score,
• you can find some lenders ready to give you the loan with no credit check,
• it's available 24 / 7.

The process of applying online is quick and simple:

you compare the lenders and choose the one with the best rates and fees;

you fill out the necessary information in the application form

you get the money deposited into your account within 1 business day

you pay off the loan with your next paycheck

Start with the first step - compare the top-rated Payday Lenders online:

Bad credit Payday Loans in California. 

Bad credit loan is the type of credit given to borrowers with a FICO score below 640. You usually need at least 600 to qualify for such loan. To get money you may turn to credit unions, family, friends, peer-to-peer lending platforms or use online lending service. When choosing an online lender for a bad credit loan, there are important features to take into account. You can find all these important criteria on COMPACOM.com website, which gives you a unique opportunity to compare companies. Pay attention to:

• Type of lending company
• Credit history and general qualifications
• Co-signer option
• Additional eligibility qualifications
• Employment requirements
• Interest rates and types
• Loan terms
• Fees and penalties
• Repayment options

The types of loans available for bad credit applicants are Payday Loans, Personal Loans and Installment Loans. They typically have higher interest rates and shorter terms than loans offered to people with good credit. You are most likely to get a Payday cash advance as its amount is not very high, $100 - $1000, and the APR on the contrary may exceed 400%. This fact shouldn’t frighten you as due to short (14 - 30 days) term the overpay could be only $1 a day.

Quick Payday Loans in California. 

Payday Loans are considered to be fast because:

• it takes only some minutes to apply
• you get instant decision
• the money is deposited into your bank account within a day, or sometimes - an hour.

If you really need money fast consider applying in-store. Check cahsers may give you the cash at once.

The main reasons to apply for a Payday Loan in California are:

1. You get the funds fast. Banks take a while to qualify you for a loan. Direct lenders usually guarantee instant approval.
2. You can spend the money on any personal needs you have. 
3. It's possible to find a lender ready to approve you with no credit check. 
4. If you have bad credit score and can't get a loan from banks and other traditional financial institutions, you can always find a direct lender ready to help you.
5. The requirements for a Payday Loan are very simple:

• US residence
• Minimum regular income of $1,000 per month
• Valid checking or savings account with direct deposit
• Phone number and e-mail address (if applying online, you must be able to be contacted via phone if verification of application information is necessary)
• Not be a regular or reserve member of the Air Force, Army, Coast Guard, Marine Corps or Navy (or be a dependent of someone who is,) serving on active duty under a call or order that does not specify a period of 30 days or fewer.
• If applying Online, you must provide a valid Social Security Number
• If applying at Loan Store, you must bring a valid government issued photo ID. A Social Security Number might not be required
• If applying in-store, you must bring proof of income and proof of a bank checking account. Debit cards or pre-printed checks may be accepted in your state as proof of bank checking account; contact your local store for details. Acceptable documents may vary by state.

Short-term loans calculator: rates and fees in California. 

The total cost of any loan consists of the principal, interest and additional fees. A payday lender may only charge a maximum fee of 15% of the total amount of the check (up to $45). Additional fee restrictions apply for military servicemembers. If your check bounces, the payday lender may charge insufficient funds fee up to $15. NO additional fees can be charged for an extended repayment plan. 

To find out how much the necessary amount Payday Loan will cost you may use our Payday Loan calculator.

Payday Loans from Direct Lenders in California. 

Both online and in-store direct Payday lenders must:

• be licensed and follow the rules set by the Payday Loans Act, 2008;
• include the most relevant information on the first page of your contract: the amount of the loan, the terms of the loan, the cost of the loan;
• never ask for or accept payment by automatic deduction from your paycheck (assignment of wages)
• explain the cost of a payday loan and its possible consequences.

If you default a loan, a lender is prohibited from any criminal actions and can’t:

• bother you phoning more than 3 times a week (not including regular mail) or on holidays
• contact your relatives or friends
• process a post-dated cheque several times leading to overdraft or insufficient funds fees 
• threaten you or use foul language

First of all, before choosing a lender do some research, don't apply with the first company you see, be responsible as it can influence your future financial wellness.

• Surf the Internet;
• Use some comparing services such as compacom.com;
• Read the customers' reviews, etc.

Before signing an agreement with a lender find out:

• if he is licensed by the Division of Banking and Securities;
• if he follows all the state's rules and regulations concerning amounts, terms and fees for Payday Loans;
• if he promises and guarantees too much or seems too good - keep in mind that several loans at a time, no credit check loans, garanteed approval are more likely to be a myth;
• if he has a safe website and protects your personal information.

When you do sign an agreement with the lender you've chosen don't forget what the California law says about it:

• the agreement must contain the name and address of the lender and his office, the name of the lender's representative who signed the agreement, a clear description of the agreement including the date of the loan, the amount, the loan term, and the transaction number.
• there mustn't be any prepayment fees, 
• no additional guarantor can be required,
• the money should be provided in the form of cash, other forms are allowed only with the borrower's agreement,
• a borrower should get the copy of this agreement 

No credit check Payday Loans in California. 

To find the lender ready to approve you for a Payday Loan without credit check is hard but possible. But you must understand that the fees for such cash advance may be higher than usual as it's more risky for the lender. So consider getting a loan with at least soft credit check. It'll make the process more safe for both you and the lending compeny and the loan will be cheaper. Still it won't damage your credit history.

Payday Loan alternatives.

If for any reason you want to avoid getting a short-term Payday Loan - consider the following alternatives:

• Installment Personal Loans - they are cheaper and repaid over a longer period of time;
• State Assistance Programs - if you are the resident of California and have a low income you are eligible to get some help from the Government: California Work Opportunity and Responsibility to Kids (CalWORKs), Cash Assistance Program for Immigrants (CAPI), Food Stamp Program (CalFresh);
• Ask your family or friends for help - it may sound embarassing bt they usually don't charge any interest and fees for giving you the money. Just keep in mind, you 'll have to pay it off all the same;
• Apply for credit counselling fron non-profit organisations such as the Department of Justice;
• Plan your budget more carefully, save money, or earn some extra money.

FAQ.