Learn how to get a short-term loan in California.
Are you planning to apply for a payday loan in California? If yes, the great news is that you are in the right place. Here, you will get the complete list of the local lenders. You just need to click on your city name and you will get the list of lenders offering fast cash or pay day loans in just a few minutes.
The three important aspects or the eligibility criteria for applying are:
- You should be a major, which means above eighteen years of age.
- You should be the US citizen or residing permanently in the US
- You should have a constant flow of Income such as salary or business income
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What are the payday loan laws and regulations in California?
The California payday Law is included in the Division 10 of California Financial Code that is also accessible through the official information website of California Legislative. The rules, regulations and law for California pay day loans are easily available through website of Administrative Law. There are other websites that may offer this information. The public libraries might also have copies of California pay day laws and regulations. The rules are:
- Maximum term for Pay day Loan: 45 days
- Maximum Amount of the Loan: $300 or 30% of gross monthly income
- Maximum Fee charges: Up to 17.5% for every $100
- Minimum term of Loan Term: Until the next payday
How much can you be charged by a payday lender in California?
The precise rates for a payday loan depends on the particular lending company, but the state laws of Alabama that govern the rate of interest can set a max amount.
- The loans are around $1,000, with the interest rates capped at about 36 percent or even lower, devoid of any penalties of prepayment.
- Collection fee is about $25 NSF which is the one-time fee.
Before you apply for a payday loan, you should consider the following points
- Ensure that a payday lender is regulated and properly licensed
- Consider a payday loan as the last option available, before this check with your family members and friends for borrowing. You can also check with the employer if you can get some advance salary.
- You should never borrow money which you are unable to pay back
- You should never take the multiple loans.
- You need to ensure that you does not miss a single payment as the penalties are quite high.
- Learn about loans and their pros and cons.
Your rights as a borrower in California
- A payday loan procured by the lender who is non-licensed and not even repaid to lender may not be collected through the lender.
- Ensure to know about the costs involved in applying for a loan.
- A lender should never threaten you with any kind of criminal prosecution to collecting loans which are past due.
- The lender is also not permitted under any circumstance to use the new loan for paying off an existing payday loan.