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Payday Loans in California


Absolutely no one wants to discover themselves in a financial trouble, but unluckily it may come to pass and catches us off guard. However, worrying about problems doesn't settle it, while having a well-ordered plan may help ease much of that anxiety. When the economy tanks and you need quick cash to power through hardship, getting fast funding from online lenders may be in your interest.
LoanPlaces may help you find the perfect loan solution offered by third-party lenders. If you live in California, looking into cash lending to get some extra funds directly into your pockets may be the right choice. 


Looking for Quick Funding in California? 

Almost everyone knows what it means to be in need of quick cash. Even if you have a stable monthly income and you make ends meet between your paychecks, you may still come across similar monetary difficulties. With LoanPlaces, you may get easy loans with high approvals directly from third-party independent lenders as fast as possible. 
Are you looking for a quick and secure means to take out extra cash in California? Submit your application on our website and boost your chances of getting credit approval almost instantly. 


What is a Payday Loan and How to Get One? 

First, let's figure out what a payday loan is. Payday loans are small-dollar loans usually characterized by short repayment terms. Commonly, these loans are due until the next paycheck, typically two to four weeks. The amount of loans ranges from $100 and $2500, depending on the state of lending. Different states have different regulations, which may affect the credit terms, including the range of funding. 
Step-by-step Process of Getting Payday Advances 
  1. Check out eligibility requirements and consider whether you comply with them, 
  2. Fill out your credit request, 
  3. Have your application forwarded to multiple lenders through our platform,
  4. Get a credit offer from a suitable lender,
  5. Receive your cash deposited into your bank account as soon as the next business day. 
How Much Can I Borrow with a Payday Loan?

Online lenders  we contract with offer quick funding up to $2500; however, the range of funds may be change based on these key factors: 
  • The state of your residence: The range of payday advances may vary by state. That's why we strongly advise reviewing the local regulations before applying. 
  • The applicant’s credibility: Credibility reflects your ability to pay off your debt. This is the main identifier based on which lenders make the final decision. 
  • Lending policy and credit terms: Credit terms may vary from lender to lender. Thus, the range of funds, applicable APRs, and other credit-related issues are at your lender's sole discretion. 
We encourage our customers to review and understand the credit terms prior to approving or rejecting the credit offer. The best way to understand whether you qualify for the short-term loan is to submit your online application on our website or visit a nearby store in your neighborhood. However, keep in mind that endless queues and annoying paperwork may take too much of your precious time, thus, applying online may be an option worth examining. 
Attention

As a result of changes CFPB has made, from July 2020 the lenders don't have to check if the borrower is able to repay the loan. Thus, we encourage you to be careful and make sure you can afford the loan before applying.


Regulations of Payday Loans in California
Status     Legal
Annual Percentage Rate (APR)     ≈ 460%
Minimum Loan Amount     $100
Maximum Loan Amount     $300
Minimum Loan Term     N/A
Maximum Loan Term     31 days
Number of Rollovers Allowed     None
Finance Charges     max. 15% per $100
Cooling-off Period     None

Useful Sources

Real interest rate map /PDF/ of payday loans in the United States calculated on a typical loan.

Payday loans regulation /PDF/ by state 2020.

The Civil Code 1789.30 et seq. and Financial Code 23000 et seq. contain all the necessary information about payday loan regulations and laws in California.
The Consumer Financial Protection Bureau (CFPB) makes the financial marketplace work more effectively and educates consumers to help them take more control over their financial lives. Click here to learn more.
In case of Non-sufficient fund (NSF) transaction there is an established fee of maximum15$. No rollovers are allowed in California, thus any charges for loan term extension should be considered illegal.


[ Updated on 22-Jan-2021, 00:31 ]

We've been in the industry for more than six years.