Online PayDay Loans in California, USA

California Payday Loan Ultimate Guide: What You Need to Know

What is the best and most secure way to get money? Applying for a loan might be a perfect solution to financial emergencies. However, conventional borrowing may turn into a pretty daunting experience with all that paperwork and days of waiting for the approval. At the same time, a poor credit score will certainly appear to be a stumbling block on the way to your financial independence.

California payday loans have proved to be a faster and more reliable solution to urgent budget obstacles. This particular type of financial service is becoming more and more popular among hundreds of American families. The main problem is that cash advances are illegal in some of the states. Luckily for Californian-based citizens, they can access various types of financial help including:

• Installment loans in California.
• Fast Cash Advances.
• Loans for people with Bad Credit.

Those are only a few services you can benefit from. At the same time, you should be well aware of all restrictions and limitations established by California payday loans direct lender and financial institutions. To make it easier for you, we have conducted an ultimate guide containing all fundamental issues you might need to know such as cost and terms of online payday loans California, fees, application procedure, the amount of loan, etc.

California Payday Loan Customers’ Disclosure

Before we dive deep into payday loan details, let’s have a closer look at the service. Most consumers are used to conventional types of loans. Mainly provided by banks and financial institutions, they require lots of documents to submit in addition to a flawless credit score and days of waiting until approved.

Payday loans appeared to be a faster alternative for those who urgently need some cash and ready to repay within a shorter period that does not exceed 14 days. The key advantages of a payday loan are as follows:

• No paperwork.
• Online application.
• Fast approval (usually 24 hours).
• Direct money transfer.
• Credit score does not matter.

The service is a perfect solution for people with less than flawless credit score, which can be a serious obstacle when applying for a loan at the bank.

Despite all benefits, borrowers should consider higher interest rates and APR. In other words, such a loan will cost you more than a traditional one. At the same time, choosing a lender can also be a tough challenge. On the other hand, fast cash advances can be used as effective instruments to repair the credit score and quickly cope with slight financial emergencies. Opt for 255 payday loans online California and get necessary cash almost instantly!

Are Payday Loans Legal in Cali?

Yes, they are. Californian-based US citizens are not prohibited to apply for such types of loans. The terms, costs and interest rates may be different from state to state. From this point of view, Californian lenders provide a bit limited financial capabilities to their customers.

Loan Amount

Unlike in many other states, borrowers are not allowed applying for more than $300. It is actually the maximum sum you can count on. On the other hand, it is still a great alternative to traditional loans especially if you need a couple of hundreds to pay for the bills.

Terms of Loan

Although most lenders offer 14-day cash advances, it is legal to apply for the 31-day loan period. However, the maximum term must not exceed that period. Well, borrows will hardly face difficulties when repaying up to $300 within a month. As a rule, the bill is divided into two parts. Make sure you have money to repay for the first time in 14 days and then cover the bill when the term expires.

Cost of Loan

Most borrowers have their backs against the all when it comes to fees, interest rates or APR. Most of them fail to calculate the exact sum they need to repay. Moreover, some lenders establish hidden fees and extra charges for their services. You have nothing to be afraid of. The pricing policy in California is very clear and simple. The costs are as follows:

• A lender is allowed to charge a fee that does not exceed 15% from the loan.
• The maximum finance charge is up to 17.65% (for a 14-day loan with the amount of $100).
• As for APR, it should never be over 459%

Additional charges usually include:

• A collection fee – a charge in case of insufficient funds. It does not exceed 15%. You should pay it only once even if you are late with the next payment.
• A rollover fee – charged by lenders in case of payment plan extension.

The system is pretty clear in case you opt for direct lenders. The situation with brokers can be quite different, as they act as intermediaries between a borrower and a lender. They can charge additional commissions for their services.

Payday Loan Brokers vs Direct Lenders

Direct lenders are the fastest and safest way to get cash and forget about all financial troubles at least for the next month. The name of the term speaks for itself. You get the money directly from the lender without any third parties or subsidiaries. Direct lenders always follow state legislation and laws that refer to payday loans application procedure.

On the other hand, we have brokers who act as intermediaries linking borrowers with suitable lenders. A good thing about such brokers is the ability for borrowers to choose from a wide range of lenders with different interest rates and loan costs. A bad thing about brokers is the fact they establish hidden fees and commission for their services.

Both variants are 100% safe in terms of law and legislation. So, it is up to you to decide, which service is better for you. However direct lenders will let you save a couple of bucks, which can be vital when facing serious financial troubles.

Things to Consider when Opting for Payday Loans in California

While payday loans are becoming more and more popular, hundreds of companies go online to offer their financial assistance to people who are in need. Choosing a proper website can be daunting especially for those who have never accessed such loans before. Numerous websites offer bonuses, discounts, special offers, etc. They snow customers under with useless information. It can be hard to sort out worthy lenders.

Here are some vital issues to consider when choosing a company:

• Reputation on the web – read reviews and testimonials by previous customers. Reputable companies have the testimonial page on the website or you can surf the net.
• License – use official state sources to check the company is licensed to provide financial services.
• Contact info – you should think twice if there is no detailed contact information on the website. It should contain at least phone number and real address.
• Digital security – pay attention to some obvious features like SSL encryption, Privacy Terms and other things that prove a lender cares about customer’s digital safety.

All you need is to pay attention to details in order to figure out if the website is safe to apply.

How Long Does It Take to Apply?

Modern technologies made cash advance services faster and easier to access. Customers can complete the process online without leaving their apartments or offices. All they need is to submit necessary info and copies and wait for the approval.

The approval time usually depends on some basic factors such as:

• The level of your monthly income. You should meet at least the minimum requirements to get approved.
• The amount of the loan. Applying for a 14-day $100 loan can be faster of compared to a 31-day $250 loan.

Lenders may consider some other factors in order to evaluate your creditworthiness. Luckily for borrowers, credit score is not the issue to be afraid of.

When Will I Get My Money?

Online payday loans let borrowers apply any time of the day despite the location. To be approved, you might need to meet some baseline requirements. They may slightly differ from lender to lender while the fundamental standards are generally the same. A borrower should:

• Be over 18.
• Be a US-based citizen.
• Have a steady job.
• Have a minimum required income.
• Have a valid checking account.

If you satisfy the lender’s requirements, you will be approved within 24 hours. In some cases, it may take a bit longer. Good news is that you will get your money directly to your account almost instantly after the approval.

How much can I borrow in California?

Although payday loans in California do not let borrowers apply for more than $300, they are still a better alternative to long-lasting conventional loans. The main benefits include:

• Direct loans from reliable licensed lenders.
• Almost instant decision round the clock online.
• A bad credit score is OK.
• Ease of use and no paperwork.

In addition, a cash advance will help you rebuild bad credit in case you plan to borrow later.