California payday Loans

What Are Payday Loans Online?

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 Criteria for Online Loans 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:

Be 18 years of age or older,
A legal resident of California with a current address in the state,
Have a regular source of income, preferably for the last 3 months,
Have an active checking account and phone number,
Be a U.S. citizen or legal resident.

Terms for California Residents

Some requirements for California payday loans:

Your maximum loan amount may not exceed $300,
Your loan term cannot exceed 31 days,
Fee Schedule and APR must be presented,
You must have an open and active checking account.

California State Law: Payday Lending Is Legal

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.

Loan Amount in California

California state law allows payday lending in the amount not exceeding $300. ( Financial Code 23000 et seq.)

California Payday Loan Regulations

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

Installment: No

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

EXAMPLE

How Much Would a $100 Payday Loan Cost?

With a 14 days term:

APR: up to 460%

Loan cost: $17.64

To pay back: $117.64

APR calculation:

$17.64 / 14 days = 1.26 * 365 days = 460%

Payday Loan Terms in California

Licensed lenders may defer any deposit of customer checks up to no more than 31 days. (Financial Code 23000 et seq)
The lender has the right not to satisfy this request (by law)

Extended Payment Plan

A lender can:

approve a customer request for EPP, but additional fees are not allowed.
a lender has the right not to satisfy this request (by the law).

Source: California Department of Business Oversight (DBO)

Important Consumer Information

No criminal action against a customer entering a deferred deposit transaction is allowed. Any criminal penalty for the failure to repay is prohibited in California.
In case a check is returned unpaid, an additional maximum fee of $15 for non-sufficient funds (NSF) transaction is established.
In case of the check return due to insufficient funds, a lender is also not allowed to take any criminal action against the borrower.
One person can take one payday loan at a time and must repay it in full before taking another one. Rollovers are not allowed, and all the charges for extensions are considered illegal.
Borrowers are prohibited from getting one loan to repay another one. Every time you apply for a loan, a new procedure is initiated, and a new agreement is signed.
Lenders in California are strictly prohibited from giving extra loans to customers who haven’t repaid the previous ones. It is difficult to monitor the actions of a borrower, but it is not advised to take out a new loan before the old one is not yet resolved as long as it leads to ongoing indebtedness.

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FAQs

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.

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