When unplanned expenses suddenly come before you and you have tight budget, a payday loan can be best option for you. Payday loans are a type of short term loans that provide quick access to the money to you whenever you need the same. If you are resident of California, California payday lenders can help you in this regard.
Legality of Payday Loans in California
Both, online and in-store payday loans are legal in California. In California, all payday lenders must be licensed in the state and follow the state laws. You can borrow up to $300 amount as payday loan. Being a resident of California, you may have other short-term loan options like instalment loans that possess larger amounts and longer repayment terms.
Some Basic Facts about Payday Loans in California
- Maximum loan amount- Rs.300
- Minimum loan term- None specified
- Maximum loan term- 31 days
- Maximum APR- 459% for 14 days $100 loan
- Rollovers- prohibited
- Loan limit- You can take one payday loan at any time
Fees for Payday Loan in California
Lenders in California are restricted to the amount they charge per loan. If a lender wishes to charge more than the restricted amount, you might be talking with a lender with dispute and fraud one. If this thing happens in your case, just have a search for better lender who follows state laws.
How a Short-term Loan in California Can Help?
If you are facing financial crisis, just like car repair, unexpected large electricity bill, a payday loan can help you in this regard. However, it is quite important to keep in mind that high APRs and quick repayment period shows that payday loans are quite expensive. Prior to borrowing any amount, make a budget for total cost of loan that even includes the amount you have to pay back and fees.
Process of Applying for Payday Loan in California
You can easily apply for short- term loan online or at store location. You can easily submit online application form from anywhere; you will need documents for proving that you are resident of California. For getting the California short-term loan, you need to write a personal check for the requested amount to lender.