Get Online Payday Loans in California
California residents who are struggling to make ends meet can consider applying for a payday loan. Payday loans are short-term loans that are taken out against a borrower’s next paycheck.
Payday loan laws are set by each state. This means that online payday loans in colorado or in Illinois, for example, will have different requirements and regulations from California. These regulations often exist to prevent individuals from falling into a cycle of debt.
Payday Loan Laws in California
What are the regulations and legal issues regarding short-term loans in California? The following laws are in place, and lenders are legally obliged to abide by them.
- The maximum loan amount is set at $300.
- The maximum loan term for online payday loans in California is 31 days.
- The APR is set to 460%
- There is a maximum finance charge of 15% for every $100 borrowed.
What Are Payday Loans For?
Some things online payday loans in California may be used for include:
- Fixing a car if something goes wrong
- An unexpected bill
- Long months where paychecks are longer to wait for
- Consolidating debts
Payday Loan Requirements in California
Residents 18 years of age or older can apply for a payday loan in California, at a storefront lender or online. The application process can take as little as 15 minutes. The following information may be required to apply for a loan:
- Proof that the applicant is 18 or older
- Federal or state-issued ID card to prove identity and current address
- Banking information
- Loadable debit card if the applicant does not have a bank account
- Employer information and net pay estimate
- Information about alternative sources of income if relevant to the applicant
- Social security number
Similar to traditional loans, approval prospects for cash advances in California, is based on an applicant’s job, income and total indebtedness, and credit rating. Payday lenders will usually run credit checks to determine if an applicant can afford to repay a loan. However, residents with poor debt histories and poor credit reports are still eligible to apply.
In a like manner, residents who do not have conventional jobs but receive money from government entitlements and other sources are still eligible to apply for a payday loan. Alternative sources of income may include:
- Government benefits, such as VA benefits, Social Security, disability compensation, welfare, and other entitlements
- Royalties for intellectual property, such as patents, copyrights of media materials and trademarks
- Child support and/or alimony payments
- Self-employment income
- Investment income
- Structured payments from trust funds
When applying for a loan, applicants may need to provide information and documentation about alternative income sources, including the date that funds are received and the amounts collected.
Repaying Payday Loans
Different lending companies may give a variety of options for repayment of the debt.
Some offers include:
- A postdated check handed over at the time of applying
- A check on someone’s payday
- Different forms of credit
- An online payment portal
- Bank account direct debit
Borrowers should only take out loans if they are able to afford it and meet loan terms.
California’s economy is one of the largest in the United State, and growing still. A 4.3% increase in GDP was reported in 2018.
The technology sector makes up a large part of the Californian economy. Companies like Chevrolet and Apple, among many tech giants, operate in the state.
The unemployment rate in the state is 3.9%, and the average income for a citizen of California is much higher than the average throughout the United States
Why Choose Openloansdirect.com To Find the Best Payday Loans in California?
OpenLoansDirect can connect individuals with a variety of lenders who are licensed to operate in California. Any U.S. citizen that has a bank account in good standing and is at least 18 years old, is entitled to apply for a payday loan in California.
OpenLoansDirect is a free service, and it is very simple to use. It connects people to a big network of reputable providers to give the most appropriate loan option possible.