Living in San Francisco is expensive. When you need extra money fast to cover expenses, a short-term loan is sometimes your only option. While you can get money as fast as the same day, consider the high costs and other risks before borrowing.
Can I get a payday loan in San Francisco?
Yes, you can get a payday loan in San Francisco. You can either borrow through an online lender and get your funds as soon as the next day, or you can go to a physical location and pick up your cash in person.
However, California state law puts restrictions on how much you can borrow and how much your lender can charge you. If you’re getting a short-term loan that you intend to pay back with your next paycheck, you can’t borrow more than $300 and must pay it back within 31 days. Your lender also must be licensed and can’t charge you a fee worth more than 15% of your loan’s value.
If you need more than $300 or extra time to pay it back, you might want to consider an installment loan instead. In San Francisco, you can borrow between $300 and $2,500 with terms up to six months and interest rates capped at 36%.
Compare short-term loans available in San Francisco
While each lender has different requirements, you typically need to provide the following:
Proof of income. This can be your most recent pay stub if you’re employed or tax returns and bank statements if you receive other income.
Government-issued ID. A driver’s license is the most common, though lenders often accept other forms of ID, like a passport.
Bank account information. Your lender might need the account number and routing number to transfer funds directly to your bank account. Other lenders might just ask for proof of a bank account — such as a debit card or personal check.
Some lenders might ask for your Social Security number as well.
Where to find short-term loan locations in San Francisco
Short-term loan locations near me in San Francisco
Check `n Go.3001 Mission St, San Francisco, CA 94110
Advance America.1450 Fillmore St, San Francisco, CA 94115
California Check Cashing Stores.2531 Mission St, San Francisco, CA 94110
LendUp – Alternative to Payday Loans.3411 E 12th St #124, Oakland, CA 94601
Montana Capital Car Title Loans.650 Polk St, San Francisco, CA 94102
Fast Auto and Payday Loans, Inc.19510 Hesperian Blvd, Hayward, CA 94541
Check Into Cash.2210-F S Shore Center, Alameda, CA 94501
ACE Cash Express. 2038 Mission St, San Francisco, CA 94110
California Check Cashing Stores. 9 Kearny St, San Francisco, CA 94108
Money Mart. 4919 Mission St, San Francisco, CA 94112
Must read: Be cautious of lenders that don’t display a license
California requires all payday lenders to have a license. This is for your protection — it makes it easier to enforce the law if a lender overcharges you. Licensed online lenders typically have a PDF of their California license available on their website, while storefront lenders are required to publicly display a copy of their license.
No, California state law doesn’t allow you to take out another loan to pay off part or all of a payday loan.
It depends on your lender and how you apply. Typically, you can get your money deposited into your account as soon as the next day if you apply online. If you apply in person, you can often get your funds the same day.
Not necessarily. Many lenders accept other forms of income, such as Social Security, unemployment or other government benefits.
Anna Serio is a trusted lending expert and certified Commercial Loan Officer who's published more than 1,000 articles on Finder to help Americans strengthen their financial literacy. A former editor of a newspaper in Beirut, Anna writes about personal, student, business and car loans. Today, digital publications like Business Insider, CNBC and the Simple Dollar feature her professional commentary, and she earned an Expert Contributor in Finance badge from review site Best Company in 2020.
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