Everything you need to know to get a payday loan in California.
A payday loan can give you quick access to money when you need it, but these loans are regulated differently depending on where you apply for them. If you’re a resident of California, it is possible to get a payday loan if you need money in a hurry.
California state laws dictate how much you can borrow and how much interest lenders can charge, and the same laws apply to online and store-front lenders. Find out about these laws, and everything else you should know about California payday loans in our guide below.
Check into Cash Loans
Check into Cash allows you to directly apply for a payday loan and have your cash when you need it.
- Min. Loan Amount: $50
- Loan Term: Varies upon state
- Turnaround Time: 1-2 business days
- Total Costs: Varies depending on the amount and your state of residency
- Must be 18+
- No security needed
- Confidential and secure!
A selection of loans you can apply for
Are payday loans legal in California?
Yes, payday loans of up to $300 are legal in California. All payday lenders must have a valid state license permitting them to provide loans to residents. The California Financial Code 23000 and the California Civil Code 1789.30 govern these loans.
If you find that a payday lender is not abiding by these regulations, contact the California Department of Business Oversight immediately to lodge a complaint. You can call the DBO at 1-866-275-2677 or file an online complaint form.
Why should you consider taking out a California payday loan?
Applying for a payday loan in California offers several conveniences, including:
- Get money quickly. If you need quick access to up to $300, a payday loan can work well for you. Payday lenders can give you approved funds on the day you apply, or at the latest by the following business day.
- Use money for any purpose. As long as you use the money for legal purposes, what you do with your payday loan is up to you. You can use this money to pay bills, buy groceries, repair your car, or buy a last-minute gift.
- Apply with bad credit history. You can apply for a payday loan even if you have bad credit. Lenders will look at your ability to repay the loan when considering your application.
- Multiple options. There is considerable competition in the California payday loan market, which is good for you because you will have numerous options from which to choose. You can also consider getting a loan matching service to find you a suitable loan.
What fees and charges can I expect with a California payday loan?
California payday lenders are restricted as to how much they can charge you in rates and fees. These are the main rules:
- Annual Percentage Rate (APR). The maximum APR for a 14-day loan up to $100 cannot exceed 459%.
- Fees and charges: Lenders cannot charge more than 15% in deferred deposit transaction fees of the check’s face amount. If you request $300, and your lender charges the maximum of 15%, you will only receive $255 in cash, as the balance counts towards the fee.
- Extension fees. State laws in California do not permit the rollover of a payday loan, so these fees do not apply. Lenders can, however, give an extension on repayment, but they cannot charge additional fees for extending the loan.
- Collection fees. If your payment is not processed because of insufficient funds in your account, expect to pay an NSF fee of $15.
- Early repayment fee. You can repay your loan ahead of time without having to pay an early repayment fee or penalty.
How can I apply for a California payday loan?
You can apply for a payday loan online or by visiting a lender’s store. You can apply online from just about anywhere, as long as you have the documents to prove that you’re a resident of California. Remember that in order to obtain a California payday loan, you must write a personal check for the requested amount to the lender.
You’ll also have to meet the following criteria:
- You’re an American citizen or a permanent American resident
- You’re at least 18 years of age
- You have a regular source of income
You will need the following information to complete the application:
- Your complete name and date of birth
- Your residential address, phone number, and email address
- Employment details
- Income details
Important information about payday loans
While payday loans can be beneficial for many people, they aren’t always the best option for everyone. Follow the link for more information.
Frequently asked questions
What is the maximum loan term?
The loan terms of payday loans in California cannot exceed 31 days.
Can I have more than one payday loan at a time?
No. You have to repay one payday loan completely before you can apply for another one.
Is there a legally required cooling-off period between my repaying one payday loan and getting the next?
No. There is no cooling-off period requirement in California.
How long does it take to get approved for a payday loan?
Depending on the lender, you can receive the funds in less than 24 hours.
Can a payday lender initiate criminal action against me if I don’t repay the loan?
No. State regulations prohibit lenders from initiating criminal action against borrowers who default on their loans.
Can a payday lender ask for collateral and/or require the purchase of another product as a condition of providing the loan?