Obtaining a payday loan in California is secure, fast and easy using the real cash advance method. Our intention is to help people find the lender that they need. After a lender has approved you, you can have your funds deposited right into your account in no time at all. This website is a cash advance loan matching service; we assist residents of California in getting the right lender to fit your needs.
Residents of the state of California are no different from the rest of the country when it comes to handling their finances. Most of them are very successful at keeping it between the lines. Some have managed to cross the line through no fault of their own. As a resident of California, there are a few crucial things you should know if you turn to payday advances to help you with your finances and financial problems.
California Loan Information
What Can Be Charged?
When you sign the papers for your payday loan, it should contain information about the terms, applicable charges (rates) and the amount of the loan. Information about limits such as a 17.65% ceiling and no more than 15% of the loan per week should be precisely spelled out.
Borrowers should be aware that a loan for $100.00, which is held over for two weeks, could cost them as much as $17.65. It should also note that administration fees for a check returned for insufficient funds must not exceed $15.00 per occurrence.
Under California law, the maximum loan amount a consumer can borrow in a payday loan is $300.
A cash advance is intended to be a quick fix to a minor financial problem. Meaning that it should be paid in full as soon as possible. There are no restrictions on the least amount of days that a loan can be used. According to the state of California, all payday loans must be closed no later than 31 days after its inception. A loan may not be extended, rolled over, or any other term that allows it to be outstanding past 31 days. It should note that repayment plans are acceptable but strictly voluntary, and additional fees may not be applied.
Failure To Pay
There are some restrictions as to applicable methods to be employed if a loan reaches collection. It is illegal for a lender to threaten harm to the borrower legal or otherwise for their failure to fulfill their financial obligation. Charges on the loan must cease once the loan has run its course. Other than, a $15.00 allowable fee for NSF on a payment, no other charges may be tacked on to the loan.
How Much You Can Borrow
Unlike some of their neighboring states, California has determined that $500.00 is too much money. The maximum amount legally allowed on any payday loan in the state of California is $300.00. The borrower can only have one loan on the books at a time and must satisfy it before another can be issued. There is zero allowance for rolling over the loan, which simply means that nothing happens unless the loan has been satisfied. It is not allowed to secure a second payday loan to cover the first.
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