Can I Get Payday Loans In California

Can you get a payday loans in California? Definitely you can. In fact, a lot of individuals all across the state are applying for this short term cash advance, and in most instances, their applications are being approved. The state might be a popular tourist hub, and it is also a fact that there is a lot of wealth here too, but that doesn’t mean that there aren’t any people who face financial emergencies in the middle of the month in CA. Payday loans are what they need to overcome their temporary financial constraints till the time the next paycheck arrives.

Payday loans in California have been issued since 1997, and thousands of individuals from the Silicon Valley, LA and from other places have approached lenders since then. One reason for this is the poor salaries employers are paying because of the recent economic down-turn. With low incomes, it is only natural that people would face a crisis because the cost of living remains high.

Payday Loans in California – The Requirements

The requirements are honestly, not different than elsewhere in the country. In CA too, you will need to furnish some photo identification, and proof of your steady income. You can get the loan even with a part-time job, but you must have regular and steady income from it, and you should have been working in this for some time. This is necessary because your lender will then be convinced that you have the ability to pay back.

In California too, just like the other states, you must be 18 years of age to apply for the loan, and you should have a bank account in your name as well.

Payday Loans in California – The Legislation

There are legislations in CA to govern the issue of payday loans. Here are some of the features.

• It is legal to issue a payday loan in the state against expected salary.
• 1 hour payday loans are allowed.
• The fee charged cannot be more than 15% of the loan amount.
• The finance charge cannot be more than $17.65 for every $100 issued.
• The loan can be issued for a max of 31 days only. Rollover is not allowed. Fees cannot be charged for any extensions approved.
• The maximum amount of loan that can be approved in $300.
• The APR for a 14 day loan of $100 is 459%.
• Criminal action is prohibited for non payment.
• The loan cannot be issued if the debtor has an outstanding loan with a lender.