Find a lender near you — but make sure its licensed before you apply.
Bakersfield residents have a range of options when it comes to fast cash when you have bad credit. But even with California’s relatively strong regulations, short-term loans can get expensive. And you’ll want to make sure your lender is licensed before you apply.
Can I get a payday loan in Bakersfield, California?
You can. The city of Bakersfield doesn’t have any payday loan regulations, so all lenders must follow California’s payday loan laws:
- License required: Yes
- Maximum loan amount: $300
- Maximum term: 31 days
- Maximum APR: 460%
California doesn’t allow you to renew or take out a new payday loan until the first one is paid off — even if the total balance is less than $300. You can learn more about how California payday loans work by checking out our guide.
Other short-term loan options in Bakersfield
Need more than $300? You might want to consider an installment or auto title loan instead. With an installment loan, you can pay back your loan over several months, rather than in one lump sum on your next pay day. A title loan is a loan backed by the value of your vehicle and can be paid off either in a lump sum or over several months.
California caps interest rates on all loans between $300 and $2,500 at around 30% APR. However, there’s no limit to how much lenders can charge for installment loans over $2,500, so higher loan amounts are more common. Starting in January 2019, title loans over $2,500 are capped at a 3% monthly interest rate — roughly 36% APR.
Here are some short-term lenders you might want to look into
What do I need to apply?
While it varies by lender, you typically need to meet the following criteria to be eligible for a short-term loan in Bakersfield:
- Have a regular income. You don’t necessarily need to have a job, but you generally need to have money coming in regularly.
- Be a California resident. You typically must live in California to apply for a Bakersfield payday loan.
- Not be an active-duty or reserve service member. California prohibits payday lenders from working with certain members of the military.
- Have a valid Social Security number. Some lenders also accept a taxpayer ID number instead — and some don’t require either if you apply in person at a payday loan store.
- Have a checking account. Most lenders require you to have an active checking account to qualify.
- Be older than 18. The minimum age to get a loan in California is 18 years old.
When you apply, you might be asked to provide some or all of the following documents:
- Proof of income. Lenders typically ask to see recent pay stubs, bank statements or other proof of your current income.
- Government-issued ID. Typically, lenders ask to see a driver’s license or passport when you apply for a short-term loan.
- Proof of a bank account. Lenders might ask for a blank check, debit card or your bank account and routing number.
Where to find short-term loan locations in Bakersfield
Short-term loan locations near me in Bakersfield, CA
- ACE Cash Express. 6465 Niles St, Bakersfield, CA 93306
- Check Into Cash 6300 White Ln, Bakersfield, CA 93309
- Allied Cash Advance. 4521 Ming Ave, Bakersfield, CA 93309
- Check Into Cash 2621 Oswell St #109, Bakersfield, CA 93306
- Cash 1. 3631 California Ave, Bakersfield, CA 93309
- Quik Cash.3300 White Ln, Bakersfield, CA 93309
Be cautious of installment loans with high APRs
Installment loans are one of the most expensive short-term financing options in California since there are no limits to how much lenders can charge in interest on loans over $2,500. Loans with triple-digit APRs have become increasingly common over the past decade and can result in unaffordable monthly repayments.
If you need to borrow more than $2,500 and can’t qualify for a traditional personal loan, consider reaching out to your local community development financial institution (CDFI) or credit union. These often offer more affordable financing options for borrowers with less-than-perfect credit.
You can get a payday, installment or title loan if you need money fast in Bakersfield — and California law can protect you to an extent. However, these short-term loans still aren’t cheap — especially if you take out an installment loan over $2,500.
To learn more about how short-term loans work, read our comprehensive guide to payday loans.