Payday Loans in California

California Payday Loans

Life is unpredictable. Cash is essential for living to sort out the needs of everyday living or emergencies that may arise at any point in time. What do you to urgently solve it urgently? Imagine a situation where you quickly need to get a sum of money on a weekend. Banks aren’t open and you live very far from the suburban. Your only solution is a few buttons away. 

Getting a loan has been made very easy. All you have to do is to go online on your phone, tablet or computer and press a few buttons and just like that, your financial problem is solved. It looks like magic but it isn’t. Your days of worrying about the long and tiring queues are officially over. Why go through so much stress when you can obtain your loan in a couple of minutes while relaxing as well. 

Now, you can get a payday loan online in California at any time of the day in any part of the world with no hassle, the only condition is that you meet the specifications, of course. Cool right? You don’t need to worry at all about banks closing for the day. Most lending companies are available 24/7 for your requests and applications.

Your best option right now is to obtain a payday loan from us online if you live in California. 

Loan packages available in California

  1. Payday Loans

CA Payday loans are short-term loans within the range of 14-31 days of repayment all at once with a restricted amount accessible to borrowers from lenders online. There is a general interest rate of 15% per $100 with a restricted amount accessible to borrowers from lenders online. This particular loan can be used to sort out expenses such as unexpected and urgent needs while you make repayments of the online payday loan, provided you have a regular source of income. The repayment date for this type of loans are usually set to your next paycheck

 

Law Status Permitted
Minimum Loan Amount $100
Maximum Loan Amount $300
Minimum Loan Term 14 days
Maximum Loan Term 31 days
Maximum Annual Percentage Rates (APR)% 459%
Additional Fees It doesn’t exceed 15% of the loan obtained
Non-Sufficient Fund Fees $15
Collateral or guarantor Neither
Number of Simultaneous Loans One
Cooling-off Period No cooling-off period. A borrower can borrow immediately after repayment.
Rollover None is allowed
Extension, repayment plan A business day after repayment
Default Penalties There are no stated default penalties.
Credit Score Requirements Available to borrowers with bad credits

 

  1. Installment Loan:

Installment loans are longer-term unsecured loans that borrowers can pay back in monthly installments between 3 months to as long as 36 months. Its loan amount exceeds payday loans which can be used for discounted tuition fees, automotive repairs etc.

 

Law status Permitted
Minimum Loan Amount $1, 000.00
Maximum Loan Amount $5, 000.00
Minimum Loan Term 90 days {3 months}
Maximum Loan Term 36 months (3 years)
Minimum Annual Percentage Rates (APR%) 6.63%
Collateral or Guarantor Neither
Credit Score Requirements Available to borrowers with bad credits

 

  1. Personal Loans:

Personal loans are lent to borrowers for their personal use such as for vacation, medical bills, repairs etc. It is repaid in installments as well but has a longer term compared to Installment loan. 

 

Law status Permitted
Minimum Loan Amount $1,000.00
Maximum Loan Amount $35,000.00
Minimum Loan Term 90 days (3 months)
Maximum Loan Term 60 months (5 years)
Minimum Annual Percentage Rates (APR%) 4.99%
Collateral or Guarantor Neither
Credit Score Requirements Available to borrowers with bad credits

 

The Legality of California Payday Loans

Your ability to apply for payday online in CA has been enabled by law. The law governs loan applications whether it is online or offline. Payday loans, CA, is backed up by Civil and Financial codes that see California payday loans as delayed payments until your next paycheck. The firm giving out the loan must be duly registered with the Department of Business Oversight.

Available Alternatives for Payday Loans in California

For faster access to cash loans in CA, here are 5 greater alternatives for payday loans for you:

  • Look out for lending circles

A lending circle usually consists of about 5 to 15 people who can lend money to their members. The amount that is possible to be borrowed ranges from $100 to around $2,000. 

  • Credit card cash advance 

Compared to payday loan rates, they charge lesser. Although, the Annual Percentage Rate (APR%) could be higher. So, carefully check for the terms and conditions.

  • Get in touch with a credit counsellor

A good credit counsellor can help you to manage your finances, thereby leading to a faster repayment and working with you to look through alternatives with lower and easier interest rates.

  • Get your friends or family to lend you

Borrowing from either friends or family, or both can save you from paying high costs of interest rates on some payday loans. Remember not to take this for granted if you choose to go with this. 

  • Find an extra job

A better way to ensure that you have extra cash on hands is to increase your sources of income. Getting a new gig or job will nudge your financial stability higher.

How Online Payday Loans Work in CA

You can obtain a payday loan online in 5 easy steps:

  1. Carefully check out the requirements to see if you check all the boxes.
  2. If you could check all the boxes, congratulations! Go ahead and complete the application and forward it for acceptance. Here, your data such as name and contact address will be asked for, as well as SSN(Social Security Number).
  3. You will receive a message that your loan has been reviewed and granted. You can now decide whether or not to reject or accept the available loan.
  4. After approval, you will be credited after a couple of hours. Some payday lenders wait until business days before reviewing applications when you make your request during a holiday or on a weekend.                                              
  5. After receiving the cash loan, you will be notified of the due date of repayment. Please make sure you meet up repayment on this day. Paying back is just as easy as applying for the loan. 

How to Qualify for a Payday Loan in California

You must:

  • Be of legal age, that is 18+ in California
  • Have the necessary certificate to prove you are a legal citizen of the United States of America or possess a certificate to prove you are a permanent resident.
  • Live or reside in California
  • You must own a bank account that is active for repayment and reimbursement.
  • Be employed full time
  • Own an active contact and email address

An Instance of a Payday Loan Repayment in California

How much would a borrower pay back after obtaining a $200 payday loan online in California?

For a 14-day term:

Annual Percentage Rate (APR%): 459%

Loan Obtained: $200

To return: $230

APR% Calculation= $30/14 days = 2.14 * 365 days

= 781%

FAQ

Can you get a payday loan in California?

Yes. A payday loan is totally possible to get in California. 

How many payday loans can you get in California?

CA payday loans only allow one payday loan at a time and given location.

How can I get cash today?

With the stated easy steps above, you can borrow money online and receive your cash loan in less than 5 minutes. All you have to do is look for a good payday loan lender, give consent to the terms and conditions and wait for approval for your cash request.

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