California payday loans can help when you are short on cash and are still days away from your next payday. LoansinaDay offers payday loans in California. We offer an easy application, a quick decision that depends on your qualifications, and emergency cash in your account, typically by the next business day.
If you need a small loan, a payday loan can help you. A payday loan is a small dollar loan, usually between $100-$300 (depending on your qualifications and state laws), designed to help you pay immediate expenses until your next payday. The loan balance and loan fees are usually repaid on your next payday. Our lenders offer up to $300 payday loans online in California.
Eligibility for a payday loan does vary by state, but California is very similar to most states.
Here are the basic criteria for getting a California payday loan:
Some requirements for California payday loans:
California imposes a $300 limit on payday loans offered in the state. Payday loans can be taken for no longer than 31 days with a maximum finance charge of 15% for every $100 and 460%* APR.
California state law allows payday lending in the amount not exceeding $300. ( Financial Code 23000 et seq.)
Legal Status: Legal
Interest Rate (APR): 460%* (369% on average in 2019)
Maximum Loan Amount: $300
Minimum Loan Term: Not Specified
Maximum Loan Term: 31 days
Number of Rollovers: 0
Number of Outstanding Loans: 1
Cooling-off Period: None
Finance Charges: $17.64 per $100.00
15% of the amount advanced (up to $45)
Statute of Limitations: 4 years (from the last payment)
Database Loan Tracking: No
Rates, Fees, and Other Charges in California
The fee is $17.64 per $100.00 borrowed.
Finance charges should not exceed 15% for every $100 of the amount advanced.
According to the law, additional interest is not allowed if a lender willingly agrees to prolong the payment.
APR equals 460% (*According to the Center for Responsible Lending 2019: “Typical APR based on the average rate for a $300 loan advertised by largest payday chains or as determined by a state regulator, where applicable.”).
Source: US State Loans
With a 14 days term:
APR: up to 460%
Loan cost: $17.64
To pay back: $117.64
$17.64 / 14 days = 1.26 * 365 days = 460%
A lender can:
Source: California Department of Business Oversight (DBO)
Yes. You can have one loan at any given time and request another loan after a short cooling-off period of 1 day. You should only use online loans in California for emergency purposes rather than as a regular financial tool.
The most common reasons for denial include not passing affordability checks, past borrowing history where payments were missed or defaulted, and your employment status (e.g., not being fully employed or currently employed).
No, the law does not allow you to get a second payday loan if you already have one. There must be 1 day between each loan, and the previous loan must be paid in full.
LoansinaDay works with direct lenders licensed in the state of California. All states that allow payday loans (most) require licensing by lenders.