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Online Payday Loans California
Payday loans are short term loans taken in the time of financial crunch. The idea behind such loan is to provide an emergency cash and getting over with the money crisis. It can also be termed as a “Cash Advance” or “Deferred Deposit”. The borrower issues a check to the lender for the repayment of the loan amount. For example, the borrower issues a check of $300 to a lender, wherein $45 shall be the loan fee and $255 shall be the loan amount. The lender will not cash the check till the next payday which usually is 2 – 4 weeks away.
It is important to understand if borrowing money through this channel should even be considered or not. Through this article we will try to see how can we use this option without getting into any undesirable situation at the same time how our Alabama State has tried its best to shield us from such loan sharks by applying restrictions.
What is the fee charged?
As per the defined laws, a customer can borrow a maximum of $300 as a payday loan in California State. The maximum fee has been capped at 15% which will be at most $45. This 15% fee is equivalent to an APR of 460% for a two week loan duration. This is a major case against the loans as the fee is too high as against standard loans from banks.
APR is the total cost of borrowing. It is the annual interest rate which the borrower pays to the lender inclusive of all fee and charges.
If at all you decide to take a Payday loan
It is important for an individual to exhaust all options before going for such loans. However if there is no option remaining, it is recommended that the borrower should try and avail the least possible amount. Also the loan should be taken after a thorough financial calculation and all efforts must be made to repay it by the next pay cycle date. A new loan from another lender to payback the original loan is strictly not advised since this forms the very basis of a debt trap.
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Laws encompassing payday loans in California
– In California, all the payday lenders are required to take license to conduct business. It is an authorization from the Department of Business Oversight to do business in the state.
– The payday lender can only provide one payday loan which cannot exceed $300. The maximum fee which can be charged is 15% or $45 of the total amount of the check. Military service members may have to comply to other rules.
– The lenders are required to post the California License and fee schedule at all their locations across the state.
– The payday lender cannot authorize a new loan to the borrower for the purpose of paying off another loan. – A new payday loan or parallel payday loan is not allowed even when the sum of outstanding balances is less than $300.
What to do in case of Credit problems?
– In case of rejection of repayment check due to insufficient funds, the lender can charge a fee up to $15 once. However this restriction is not applicable to the bank of the borrower.
– The lender cannot take request to enhance the tenure of the loan. In any exceptional scenarios, additional fee cannot be levied by the lender.
– Contract of the loan arrangement should be in the same language which is used to negotiate with the lender.
– The lender cannot threaten the borrower of legal consequences in case of insufficient funds.
– Department of Business Oversight provides other forms of legal protection as well under any breach of law by any party.
In case of any financial crisis, the following options can be considered before really looking towards the payday loans.
– Checking with the existing creditors and requesting them to waive late payment charges. Try for negotiating and establishing the contract once again with easier payment options.
– Approaching a financial counselor in case of any missed payments or financial troubles. A personalized financial management and monitoring can be worked out so as to recover from the existing crisis.
What to do if facing situation like Bankruptcy?
The federal law requires mandatory credit counseling before a declaration of bankruptcy. The United States Department of Justice Trustee Program approves institutions to help individuals and provide mandatory counseling before declaring bankruptcy. It also provides a mandatory debtor education once you declare bankruptcy.
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Below you will find a list of cities, counties and towns that we service in California.
Adelanto | Agoura Hills | Alameda | Albany | Alhambra | Aliso Viejo |
Alturas | Amador City | American Canyon | Anaheim | Anderson | Angels Camp |
Antioch | Apple Valley | Arcadia | Arcata | Arroyo Grande | Artesia |
Arvin | Atascadero | Atherton | Atwater | Auburn | Avalon |
Avenal | Azusa | Bakersfield | Baldwin Park | Banning | Barstow |
Beaumont | Bell | Bell Gardens | Bellflower | Belmont | Belvedere |
Benicia | Berkeley | Beverly Hills | Big Bear Lake | Biggs | Bishop |
Blue Lake | Blythe | Bradbury | Brawley | Brea | Brentwood |
Brisbane | Buellton | Buena Park | Burbank | Burlingame | Calabasas |
Calexico | California City | Calimesa | Calipatria | Calistoga | Camarillo |
Campbell | Canyon Lake | Capitola | Carlsbad | Carmel-by-the-Sea | Carpinteria |
Carson | Cathedral City | Ceres | Cerritos | Chico | Chino |
Chino Hills | Chowchilla | Chula Vista | Citrus Heights | Claremont | Clayton |
Clearlake | Cloverdale | Clovis | Coachella | Coalinga | Colfax |
Colma | Colton | Colusa | Commerce | Compton | Concord |
Corcoran | Corning | Corona | Coronado | Corte Madera | Costa Mesa |
Cotati | Covina | Crescent City | Cudahy | Culver City | Cupertino |
Cypress | Daly City | Dana Point | Danville | Davis | Del Mar |
Del Rey Oaks | Delano | Desert Hot Springs | Diamond Bar | Dinuba | Dixon |
Dorris | Dos Palos | Downey | Duarte | Dublin | Dunsmuir |
East Palo Alto | Eastvale | El Cajon | El Centro | El Cerrito | El Monte |
El Segundo | Elk Grove | Emeryville | Encinitas | Escalon | Escondido |
Etna | Eureka | Exeter | Fairfax | Fairfield | Farmersville |
Ferndale | Fillmore | Firebaugh | Folsom | Fontana | Fort Bragg |
Fort Jones | Fortuna | Foster City | Fountain Valley | Fowler | Fremont |
Fresno | Fullerton | Galt | Garden Grove | Gardena | Gilroy |
Glendale | Glendora | Goleta | Gonzales | Grand Terrace | Grass Valley |
Greenfield | Gridley | Grover Beach | Guadalupe | Gustine | Half Moon Bay |
Hanford | Hawaiian Gardens | Hawthorne | Hayward | Healdsburg | Hemet |
Hercules | Hermosa Beach | Hesperia | Hidden Hills | Highland | Hillsborough |
Hollister | Holtville | Hughson | Huntington Beach | Huntington Park | Huron |
Imperial | Imperial Beach | Indian Wells | Indio | Industry | Inglewood |
Ione | Irvine | Irwindale | Isleton | Jackson | Jurupa Valley |
Kerman | King City | Kingsburg | La Cañada Flintridge | La Habra | La Habra Heights |
La Mesa | La Mirada | La Palma | La Puente | La Quinta | La Verne |
Lafayette | Laguna Beach | Laguna Hills | Laguna Niguel | Laguna Woods | Lake Elsinore |
Lake Forest | Lakeport | Lakewood | Lancaster | Larkspur | Lathrop |
Lawndale | Lemon Grove | Lemoore | Lincoln | Lindsay | Live Oak |
Livermore | Livingston | Lodi | Loma Linda | Lomita | Lompoc |
Long Beach | Loomis | Los Alamitos | Los Altos | Los Altos Hills | Los Angeles |
Los Banos | Los Gatos | Loyalton | Lynwood | Madera | Malibu |
Mammoth Lakes | Manhattan Beach | Manteca | Maricopa | Marina | Martinez |
Marysville | Maywood | McFarland | Mendota | Menifee | Menlo Park |
Merced | Mill Valley | Millbrae | Milpitas | Mission Viejo | Modesto |
Monrovia | Montague | Montclair | Monte Sereno | Montebello | Monterey |
Monterey Park | Moorpark | Moraga | Moreno Valley | Morgan Hill | Morro Bay |
Mount Shasta | Mountain View | Murrieta | Napa | National City | Needles |
Nevada City | Newark | Newman | Newport Beach | Norco | Norwalk |
Novato | Oakdale | Oakland | Oakley | Oceanside | Ojai |
Ontario | Orange | Orange Cove | Orinda | Orland | Oroville |
Oxnard | Pacific Grove | Pacifica | Palm Desert | Palm Springs | Palmdale |
Palo Alto | Palos Verdes Estates | Paradise | Paramount | Parlier | Pasadena |
Paso Robles | Patterson | Perris | Petaluma | Pico Rivera | Piedmont |
Pinole | Pismo Beach | Pittsburg | Placentia | Placerville | Pleasant Hill |
Pleasanton | Plymouth | Point Arena | Pomona | Port Hueneme | Porterville |
Portola | Portola Valley | Poway | Rancho Cordova | Rancho Cucamonga | Rancho Mirage |
Rancho Palos Verdes | Rancho Santa Margarita | Red Bluff | Redding | Redlands | Redondo Beach |
Redwood City | Reedley | Rialto | Richmond | Ridgecrest | Rio Dell |
Rio Vista | Ripon | Riverbank | Riverside | Rocklin | Rohnert Park |
Rolling Hills | Rolling Hills Estates | Rosemead | Roseville | Ross | Sacramento |
St. Helena | Salinas | San Anselmo | San Bernardino | San Bruno | San Carlos |
San Clemente | San Diego | San Dimas | San Fernando | San Francisco | San Gabriel |
San Jacinto | San Joaquin | San Jose | San Juan Bautista | San Juan Capistrano | San Leandro |
San Luis Obispo | San Marcos | San Marino | San Mateo | San Pablo | San Rafael |
San Ramon | Sand City | Sanger | Santa Ana | Santa Barbara | Santa Clara |
Santa Clarita | Santa Cruz | Santa Fe Springs | Santa Maria | Santa Monica | Santa Paula |
Santa Rosa | Santee | Saratoga | Sausalito | Scotts Valley | Seal Beach |
Seaside | Sebastopol | Selma | Shafter | Shasta Lake | Sierra Madre |
Signal Hill | Simi Valley | Solana Beach | Soledad | Solvang | Sonoma |
Sonora | South El Monte | South Gate | South Lake Tahoe | South Pasadena | South San Francisco |
Stanton | Stockton | Suisun City | Sunnyvale | Susanville | Sutter Creek |
Taft | Tehachapi | Tehama | Temecula | Temple City | Thousand Oaks |
Tiburon | Torrance | Tracy | Trinidad | Truckee | Tulare |
Tulelake | Turlock | Tustin | wentynine Palms | Ukiah | Union City |
Upland | Vacaville | Vallejo | Ventura | Vernon | Victorville |
Villa Park | Visalia | Vista | Walnut | Walnut Creek | Wasco |
Waterford | Watsonville | Weed | West Covina | West Hollywood | West Sacramento |
Westlake Village | Westminster | Westmorland | Wheatland | Whittier | Wildomar |
Williams | Willits | Willows | Windsor | Winters | Woodlake |
Woodland | Woodside | Yorba Linda | Yountville | Yreka | Yuba City |
Yucaipa | Yucca Valley |