Table of Contents
- Reasons to Get a California Payday Loan
- The Benefits We Offer for Online Payday Loans
- How Do Our Loans Work in California?
- The Costs and Regulations of California Payday Loans
- Can I Borrow Payday Loans with Bad Credit in CA?
- Am I Eligible For A Payday Loan In California?
- Easy Loan Process
- What Should I Use A CA Payday Loan For?
- Repayment Options
- FAQ
Reasons to Get a California Payday Loan
No matter how carefully you plan your personal budget, you may still have unexpected expenses to deal with now and then. You have easy access to California online payday loans whenever you need money urgently. See the maximum loan amount your lender offers, apply, sign the loan agreement, and use the funds as you see fit. You can pay for emergency repair works, the bills or handle any other financial matter.
A payday loan, also called a deferred deposit transaction, is popular among customers. Borrowers appreciate it for its speed, discretion, and low requirements. The number one reason CA residents seek online loans is that they have low chances of getting approved elsewhere. A bank or a credit union has most likely already rejected most applicants.
The Benefits We Offer for Online Payday Loans
Applying with BadCreditCashASAP is convenient. First of all, your lender is licensed by the Department of Financial Protection and Innovation pursuant to the California Deferred Deposit Transaction Law. That is because we only work with licensed financial providers who follow local rules and regulations. Our other advantages include:
- Quick applications. You will only need a few minutes to fill out the information required;
- Direct loan providers only. There are no third parties or unnecessary steps;
- High approval rate. Over 80% of applicants sending their loan requests via our website get approved;
- No credit check. Payday lenders only run soft credit checks, which don’t affect your score;
- Almost instant approval. If you submit your loan application during business hours, you should have feedback in a matter of minutes;
- Secure on-site data transfer. We ensure the security of your details at no additional charge;
- Affordable rates. Since we work with a network of lenders, they compete among themselves to offer you better rates;
- Fast deposits. Most borrowers receive their cash the next business day. Same-day deposits also happen under favorable conditions.
The Costs and Regulations of California Payday Loans
Payday loans are regulated through the California Department of Financial Protection and Innovation. Pursuant to the California Deferred Deposit Transaction Law, the institution protects consumers. $300 is the most you can borrow within the state territory. For your financial protection, your lender will determine a sum that fits your financial situation. The loan terms range from two to four weeks. They vary depending on your details.
California state laws allow a fee of $17.65 for each $100 that you borrow. The *APR (annual percentage rate) will depend on the loan duration. A typical loan term will range between 14 to 30 days. A non-sufficient funds fee of $15 applies when you don’t have enough money in your account on the due date. You cannot roll over a payday loan in California.
Fee schedule example:
| Loan principal | Loan term (days) | Finance charge per $100 | Total interest | Amount to repay | APR |
|---|---|---|---|---|---|
| $155 | 14 days | $17.65 | $27 | $182 | 460.16% |
| $200 | 14 days | $17.65 | $35 | $235 | 460.16% |
| $255 | 30 days | $17.65 | $45 | $300 | 214.74% |
*APR – the total cost of your loan expressed as a yearly rate.
Am I Eligible For A Payday Loan In California?
To be eligible for a cash advance in California, you need to meet the qualification criteria below. Additional requirements from your financial provider may also apply.
- Be at least 18 years old;
- Have a steady source of income;
- Be a US citizen or a permanent resident;
- Have an active checking account;
- Share a valid email address and phone number.
Note that your lender will ask for your additional information, and the data provided is subject to verification. The maximum loan amount and annual percentage rate in your offer will depend on your financial situation at the time of application.
Easy Loan Process
Apply
Fill out the simple form on our website, double-check the information, then submit it. Make sure your details are accurate.
Get approved
Once we share your information with the lenders in our network, they will look through your details. If you meet the qualification criteria, one of them will send you an offer. On typical business days, you should receive almost instant approval, provided that you qualify. You will need to check the loan amount and loan terms, consider the annual percentage rate, then sign the loan agreement.
Receive your funds
Your financial provider will deposit the loan amount into your bank account when they have your signature on the contract. Contact your lender directly or the customer service team with their company if you have questions or need clarification.
What Should I Use A CA Payday Loan For?
Most people applying for cash loans in California need the funds to deal with financial emergencies. An online payday loan in California is usually used in one of the situations below:
- Pay for a car or house repair services;
- Finance an urgent trip;
- Pay medical bills;
- Buy groceries or house appliances;
- Pay rent or utilities.
Unlike other lenders, a payday loan provider will not typically inquire what exactly you intend to use the cash for. If you qualify, you will receive the funds, and you are free to use them as you wish. Nonetheless, keep in mind that a cash loan must be repaid shortly. If you use the money for a shopping spree or impulsive buying, you risk getting into a cycle of debt.
Repayment Options
You will need to repay your loan according to a pre-approved fee schedule. The California Department of Financial Protection and Innovation allows lenders to automatically withdraw the funds from a borrower’s account on their due date. The loan provider must ask for the borrower’s consent during the application process. Thus, you don’t risk forgetting about repaying your loan product on time and facing additional charges.
Please note that cash advance loans do not work as long-term financial solutions. In other words, applicants are advised to use them for emergency cases and only when they pay off the loan amounts on their next payday.
Apply for a Payday Loan in California
Get Started!Applying does NOT affect your FICO® credit score!
FAQ
A cash advance is generally deposited into your bank account the next business day. Same-day deposits also happen, but less frequently. One-hour loans are even less frequent. To increase your chances of receiving a cash advance loan faster, try applying early in the morning, before 10 AM. The loan requests submitted in the afternoon are typically processed the following business day.
The fastest way to get a short-term loan is through portals such as ours that cooperate with direct lenders. Thus, you reach out to more loan providers at once, saving time and increasing your chances of getting approval.
A payday advance must be repaid on your next payday by California law. Thus, the lender will consider the date you receive your next paycheck. Your due date will typically be on the day following your pay date.
No lender can guarantee approval without first looking into your details. That includes cash advance lenders offering instant funding. While they advertise a no credit check application process, cash advance lenders run a soft check. If you qualify, you will receive your cash the next day or even the same day. The exact timing will vary based on your eligibility and the verification process.
You need to contact your lender or the customer service team with their company as soon as you realize that you cannot repay your loan on time.