Payday Advance California
Short-term cash loans are readily available in the state of California via California payday advance loans. If you require quick cash to meet unexpected or pressing expenses then payday advances are easily and quickly obtained. Not only is cash from payday loans received rapidly, usually within 24 hours, but very little paperwork is required and normally no background or credit check is necessary.
What is a California Payday Loan?
Payday loans provide fast cash in limited amounts based on agreements to repay the loans at designated dates, usually upon receiving your next paycheck, thus the term "payday loan." These types of loans are known by other terms such as quick cash loan, check advance loan, deferred-deposit check loan, post-dated check loan, etc.
Regardless of the name, these short-term loans provide rapid cash without much hassle. Normally, all that is required is to fill out a short payday loan application, provide personal ID and proof of employment, which usually consists of either previous paystubs or a bank statement showing employment deposits. Also, since credit checks are rarely made, those with no credit or who have bad credit can obtain payday advances.
Why Would You Need a California Payday Loan?
From time to time, unexpected or pressing financial situations happen that require only small amounts of cash before payday. You might have car problems, get sick unexpectedly, have a bill or payment come due, or simply need some extra cash to take a much needed vacation or attend a special event.
Regardless of why you need extra cash, California payday loans provide fast solutions to such problems without having to get bogged down with long-term loans. These short-term solutions require little information, no credit checks, and are usually approved within 24 hours. What's more, since payday loans are short-term, they are repaid within 31 days, generally, upon your next scheduled payday.
The Process for Acquiring a California Payday Loan
Short-term cash advance companies are legal within the state of California, as long as they are licensed by the state. Many online cash lending companies also provide a convenient source for obtaining quick cash from the comfort of your home.
Payday advance California loans are limited to $300 per transaction. When you determine the amount of cash required up to the $300 limit and choose a lender, you will follow a simple application process. This process includes filling out a short application form, providing proof of employment and a form of personal identification, and supplying either a post-dated check or savings or checking account information or, in some cases, both.
Your application will then go through the approval process which generally takes less than 24 hours. Once approved, your requested amount is deposited into your provided account. Upon an agreed date, you return to the lender's office to make the loan payment plus any applicable interest and fees. If you cannot, or do not, arrive to make payment; the lender to retrieve payment cashes your post-dated check.
Guidelines surrounding California Payday Loans
In the state of California, you can only receive payday loans of up to $300 from a licensed lender, or an online lender who must adhere to California laws regarding cash advances. You can only have one outstanding payday loan at a time and the term of that loan is for a maximum 31 days.
The maximum finance rate, including fees, is 15 percent of the loan amount with a finance charge of $17.65 on a $100 amount loaned for 14 days. There are no rollovers (extensions) allowed and no cooling-off period required before making a subsequent payday loan. A single $15 non-sufficient funds fee can be charged, but no criminal action can be taken on overdue accounts.
Should you require additional information on California payday loans or the laws governing them, you can contact the following:
California Department of Corporations
Financial Services Division
1515 K Street, Suite 200
Sacramento, CA 95814