Editor's choice: Check Into Cash Payday Loan
- Safe, secure application
- Use the money for any purpose
- Receive funds as soon as next business day
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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.
You can. The city of Bakersfield doesn’t have any payday loan regulations, so all lenders must follow California’s payday loan laws:
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.
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.
While it varies by lender, you typically need to meet the following criteria to be eligible for a short-term loan in Bakersfield:
When you apply, you might be asked to provide some or all of the following documents:
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.
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