Cash Advance

Payday Loans California

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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.


Payday Loans California

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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Online Payday Loans California No Credit Check

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

 

 

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