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Are you in need of quick financial relief in California? A cash advance California might be the solution you’re looking for. Also known as payday loans, this type of loan offers quick cash solutions for those in dire need. In the list of cities below you can see if we offer a cash advance near you. Even if there isn't a location near you, you can always seek for an online payday loan in California. All you have to do is fill in the online inquiry form and a cash advance loan can be yours even today!
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Obtaining a loan from a traditional lender is often lengthy and quite demanding due to stringent requirements and slow processing times. Even if you have an excellent credit score, the notoriously slow process is quite limiting when you're looking for a financial product that would grant you access to quick cash and instant funding.
That's why payday loans have become preferred for California residents in a financial emergency. California payday loans are easy to apply for; they're quickly processed and funded, allowing you to cover your unexpected expenses rapidly. All you have to do is fill in an inquiry form.
However, it's also important to know how these loans work so that you can assess the risk they carry before you apply for and obtain an online payday loan. In this guide, we'll discuss what California cash advances are, what their terms are, how to obtain such a loan, and some viable alternatives.
California cash advances are payday loans California lenders offer to California consumers. Just like other payday loans, these are short-term, small-dollar loans that are typically granted on two- or four-week repayment terms, which usually coincide with your next payday.
Funding speed is one of the reasons why payday loans are so appealing to borrowers, thanks to online application processes and fast loan approval offered by online lenders, most of which offer same-day or next-business-day funding.
Another reason why these are so appealing is due to less strict eligibility requirements; in other words, you don't need a spotless credit history report. Admittedly, most lenders market these as no-credit-check loans due to low credit score requirements that often go as low as 580 points on the FICO scale or even down to 500 points.
Your credit score speaks of your creditworthiness, and having bad credit means you're most likely to miss payments or default on the loan. Naturally, this causes lenders to see you as a risky borrower. Since payday loans are unsecured loans and aren't backed by collateral, the lenders usually charge higher interest rates (sometimes exorbitantly high) to offset additional risk.
This also imposes some other limitations, like a limited loan amount. In most cases, loan amounts associated with payday loans range between $200 and $1,000. However, this is where the similarities between typical payday loans and California cash advances end.
The state of California has specific laws and regulations enforced by the California Department of Financial Protection and Innovation (DPFI). According to DPFI, payday loans are short-term loans where a borrower writes a post-dated check for the full amount of the loan, with a maximum of up to 31 days loan term.
Under California law, the maximum loan amount a borrower can borrow in a cash advance to cover their financial needs is $300. However, this amount includes both the principal amount and the associated fees, which means that the actual loan amount at your disposal is lower than the aforementioned $300.
That's because the maximum fee a California cash advance lender can charge is 15% of the total amount of the loan, and since the maximum amount is $300, the fees are deducted from your principal. This means that the lender can charge up to $45 in fees, leaving you with a loan amount of $255. It's important to note that additional fee restrictions may apply for servicemembers and their dependencies.
Regardless of whether you're a servicemember or a civilian, the $300 total doesn't account for the interest. The aforementioned 15% fee is equivalent to an annual percentage rate (APR) of 460% for a two-week loan term. Assuming you're borrowing $300 on a 31-day loan term, you'll have to repay $417.60 to the lender to completely repay the loan.
In reality, the lender cashes in the check you've predated for the repayment amount once your loan term is up. If your check bounces, the cash advance lender has legal rights to a one-time charge of up to $15, which is added to the repayment amount. Your bank, however, may charge you additional fees for insufficient funds.
It's worth noting that these regulations don't apply to installment loans or other long-term loans in California.
If you can't pay back your cash advance loan, you risk defaulting, which is going to have adverse effects on your credit score. However, the state of California is still protecting you from predatory lending practices through laws and regulations.
Namely, a payday lender can only grant you one loan at a time and charge you a one-time fee of up to 15%. They can also charge a one-time late fee of up to $15, and they're not allowed to grant you a new loan for the purposes of repaying the existing one.
Additionally, they can't grant you a new loan while you have an existing cash advance, even if their combined balance doesn't exceed $300. However, they can extend your payment plan, though they're not legally required to do so. In that case, if you're not able to repay the loan under term, you can ask for an extension.
If the lender grants you the extension on your California payday loan, they're not legally able to charge you any additional fees, and they're not able to charge you a late fee until your extension expires. Furthermore, if you default, payday lenders aren't legally able to prosecute you in criminal court in an attempt to recover their money.
Obtaining a cash advance in California is a pretty straightforward process, but it does require some preparation, especially if you're in a hurry to obtain the funds. Here's everything you need to know.
Before applying for a California cash advance, you should check the state of your credit. Though most lenders market cash advance loans as loans that don't imply credit checks, many still perform them.
These soft credit checks aren't performed to establish your creditworthiness or eligibility for a loan but rather to help determine the appropriate interest rates and fees. Borrowers with good credit who seek fast funding usually receive these loans with lower interest and better terms.
Those with bad credit and poor credit history receive cash advances with higher interest rates and less favorable terms. This can help you discern the total cost of the loan and factor it into your budget.
It's also important to factor in other non-related expenses, such as housing costs, food, utility bills, healthcare, childcare, transportation, etc. If your budget is strained, you should avoid taking on high-interest debt.
Next, you want to find a reputable lender. Sticking to licensed lenders is your best option; all payday lenders in California, whether they're online businesses or storefronts, must be licensed by DFPI. According to California law, they also must post their California license, and the loan agreement they provide you with has to be written in your primary language.
While they don't carry any stringent requirements for the borrower and are under constant scrutiny by the state of California, cash advances aren't without their requirements. Sure, you might not need a stellar credit score, but you still have to submit the necessary documents. These include:
Note that these documents are required when obtaining any loan product; some cash advance alternatives, such as car title loans, might require loan-specific documents; in the case of car loans, those would be a qualifying title and images of the vehicle.
Thanks to the internet, most unaffiliated third-party lenders now offer their loan products and services online, which implies an online loan application. Online applications are rather convenient, as they allow you to apply for a loan without having to leave the comfort of your home. Simply fill out an application using your favorite personal electronics device.
Assuming that you're borrowing with bad credit, applying to several lenders significantly increases your chances of securing a cash advance loan. However, this is also time-consuming and not ideal if you're dealing with a financial emergency.
Fortunately, we have a solution: head over to our website and fill out an online application form. We'll share your application with our associate lenders, who will then make an informed decision on whether or not to finance your cash advance loans based on the information and documents you submitted.
It's like applying with several lenders at once by filling out a single application. It's also not uncommon for our clients to receive several simultaneous loan offers from different lenders.
If any of the loan offers appeal to you, all you have to do is agree to the loan terms provided by the lender, and they'll fund your loan. Most lenders don't impose any limitation on how you use your loan funds, though most people use these financial solutions to address financial emergencies, such as vehicle repair, small medical bills, and other urgent matters.
As you might've noticed, California cash advances are exorbitantly expensive, so they're best avoided and used only as a last resort in emergencies. Before turning to cash advance lenders, it's best to ensure that you haven't exhausted all the alternative options:
California payday loans work just like any other payday loan, with certain impositions that prevent lenders from engaging in predatory lending practices. These are great financing options for lenders looking for quick-funding small-dollar loans to cover their financial emergencies. If you're strapped for cash and looking for a cash advance loan, applying with us is like applying with several different lenders simultaneously, without spending the time to research different lenders and apply at each one. We can procure several loan offers for you to review, allowing you to compare different loan offers and agree on the one that best fits your financial situation.
Don't hesitate and submit the online inquiry form today!