You won’t have to look far to find a short-term lender in Los Angeles. But make sure whichever provider you go with is following the most recent laws if you plan on borrowing more than $2,500.
Can I get a short-term loan in Los Angeles, California?
Yes. Short-term loans are legal throughout California, and lenders in Los Angeles are able to offer them both online and in stores. Plus, thanks to recent regulations, larger short-term loans are now much more affordable.
Payday loans have some strict limits in California:
Maximum amount: $300
Maximum term: 31 days
Maximum APR: 460% for a 14-day $100 loan
Finance charge: 15% of the loan amount
You’re also able to borrow installment and auto title loans, and new laws have helped lower the cost. As of September 2019, the Fair Access to Credit Act prohibits lenders in California from charging more than 36% APR on loans between $2,500 and $10,000.
To apply for a short-term loan in Los Angeles, you’ll need to be a legal resident of California and at least 18 years old. You’ll need to provide some basic personal information as well, including:
Proof of income
Proof of residence
Copy of a government-issued photo ID
Bank account information
Social Security number
Date of birth
Where to find short-term loan providers in Los Angeles
Short-term loan locations near me in Los Angeles, CA
Payday Express. 3647 South La Brea Ave, Los Angeles, CA 90016
Check Into Cash 3829 South, Los Angeles, CA 90008
Fast Auto and Payday Loans – Title Loans 1332 E Florence Ave, Los Angeles, CA 90001
Cashback Loans 107 N Avenue 64 A, Los Angeles, CA 90042
RPM Lenders Title Loans 1245 South La Brea Ave, Los Angeles, CA 90019
Bottom line
You have a variety of short-term lenders to consider if you live in LA. And thanks to state regulations, APRs are capped at 36% for larger installment loans. To learn more about how it all works and compare even more lenders, check out our guide to payday loans.
Frequently asked questions
Yes. Every lender is required to have a license to offer loans to residents of California. The California Department of Business Oversight (DBO) recommends you confirm your lender’s license by visiting the California DBO website.
It depends. If you’re a legal resident of California, you’ll be able to take out a short-term loan throughout the state. If not, your state’s payday loan laws will determine whether or not you’re able to borrow.
Not necessarily. Some lenders allow you to use your government benefits or pension as proof of income if you’re not employed.
Kellye Guinan is a freelance editor and writer, specializing in consumer lending. Her writing and analysis has been featured on Bankrate, MSN and MediaFeed. She holds degrees in anthropology and German language and literature from Middle Tennessee State University.
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