Do you live in California and want a payday loan? Take a look at what Cashback Loans has to offer.
Cashback Loans began in 2003 in Southern California, and now has 29 stores open seven days a week. They offer short term loans to California residents, in person or online.
Cashback Loans is a direct lender, so you don’t have to worry about your information being shared. The maximum loan amount for payday loans in California is $300. This lender abides by all applicable state laws.
How borrowing from Cashback Loans works
You can apply for a short term loan online, over-the-phone and in person. If Cashback Loans approves your application you get a loan contract that you need to review carefully. Keep your eye out for late fees, APR and length of the loan. If you apply over the phone or online, Cashback Loans transfers the money to your bank account on the same or next business day. If you visit a Cashback Loans store, you will get the money immediately.
You have to repay the loan on or before the scheduled due date, which is typically your next payday. Failure to do so will result in high fees.
How does Cashback Loans compare to other lenders?
What are the benefits of Cashback Loans?
These are some of the potential benefits of a Cashback Loans payday loan:
- No credit check. Cashback Loans relies on your bank and employment information to process your application. As long as you can demonstrate an ability to repay, you can get a payday loan from this lender.
- Easy application process. The application takes no more than a few minutes to complete, and you can aply online, over the phone or in the store.
- Get money quickly. If you apply in-store you can get your hands on your money within a few minutes. If you apply over the phone or online before 10:30am PST, the money can transfer into your bank account on the same day. If not, the funds should make it to your account by the next business day.
- Use the money anyway you want. You can use your money for paying bills, going on a vacation, fixing your car or simply getting by after a setback.
How much will the loan cost you?
State regulations dictate the interest and fees that Cashback Loans can charge for its payday loans. The maximum annual percentage rate (APR) is 460%.
If you apply for a $100 loan, you’ll receive $85, with $15 in fees deducted by Cashback Loans. Similarly, if you borrow $300, you’ll receive $255, with $45 in fees. You still have to pay back the full amount.
If you are unable to repay your loan by the due date, you are able to buy it back to avoid at $15 returned check fee.
Are loans from Cashback Loans safe?
As long as you’re okay with the fee structure of payday loans in California, you can be sure that dealing with Cashback Loans is safe. This lender has a valid license issued by the Department of Corporations and has the required permissions from the Department of Justice. It operates in complete compliance with all applicable California state laws.
Since it has a license to operate only in California, it does not provide payday loans in other states. It follows the Fair Debt Collection Practice Act.
Here’s how you can apply for a Cashback Loan
Visit any Cashback Loans store to apply, get started over the phone or apply online. Click on the “Go to Site” button if you wish to submit an online application. Applying requires that you meet these eligibility criteria:
- You are over 18 years of age
- You are an American citizen or a permanent resident of the US
- You are a resident of the State of California
Completing an online application successfully requires that you submit this information:
- Your name, phone number, residential address and email address
- Your social security number and details from an acceptable form of ID such as your driver’s license or passport
- Your employer’s name and phone number, your last check amount, your pay frequency and your next payday
- Your bank’s routing number and your account number