Find a lender near you — but make sure it’s 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.
Our top pick: LendYou Short-term Loans
- Simple application
- Quick decision
- Bad credit OK
Our top pick: LendYou Short-term Loans
- Min. Loan Amount: $100
- Max. Loan Amount: $15,000
- Turnaround Time: 1 business day
- Loan Term: Varies
- Requirements: $1,000+ monthly income, direct deposit, US citizen or permanent resident, ages 18+
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.
Other short-term loan options in Bakersfield
Need more than $300? An installment or auto title loan would come with higher loan amounts than a payday loan. 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 in California over $2,500 are capped at a 3% monthly interest rate — roughly 36% APR.
Compare short-term loan options
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.
Bottom line
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.
