Online Payday Loans In California With Cash In 24 Hours
We can think of many reasons someone would turn to a payday loan company in California. Perhaps you’re facing a short term cash crunch or maybe you have an unexpected bill that’s come up. Whatever you need the money for there will always be the option to get a California payday loan.
When you take out a payday loan in California, you’re pledging to the lender that you’ll repay the amount you borrow plus interest and fees when your next paycheck arrives. Typically, payday loan companies will lend you anywhere from $100 to $500 and you have until your next payday to repay the loan.
If you can not repay the entire loan on your next payday, you can either roll over the loan or take out a new one to pay off the previous one. This can become very expensive as you’re paying fees and interest on top of what you originally borrowed. It’s always best to try and repay the entire amount on your next payday if possible.
Fees And Rates For Payday Loans In California
Now that we’ve explained how California payday loans work, it’s important to understand their fees. Payday loan companies typically follow the state laws and limits in CA that cap interest rates at 36%. Unfortunately, this means that some people won’t qualify because their credit profile is too risky for the lender.
The state also regulates the fees for payday loans in California. Lenders can charge a one-time financing fee of up to 10% of the loan amount. They’re also allowed to charge a monthly maintenance fee of $7.50 per $100 borrowed. So if you take out a $255 loan then your finance fee would be $25 and your monthly maintenance fee would be $22.50.
As you can see, taking out a payday loan can become very expensive if you cannot repay it on time. That’s why it’s always best to only borrow what you need and to make sure that you have a plan in place to repay the entire loan on your next payday. In some cases, you can access a larger amount of cash in CA, albeit with a higher APR. These types of loans are called installment loans and you can borrow upwards of $10,000 with the funds being paid off over a period of 6 months to 2 years.
How To Get A Bad Credit Payday Loan From A Lender Near Me In California
Now that you know how payday loans in California work and what the fees are, it’s time to talk about how you can get one. The first step is to find a direct lender who offers bad credit loans in CA. Fortunately, there are quite a few options available and you can even apply for a loan online. Many borrowers looking for online payday loans have poor credit scores and they’d likely apply elsewhere for a lower rate if they had better credit. Direct lenders know your credit profile may not be perfect. Instead, they’ll focus on other things such as your current employment status while underwriting your loan.
Once you’ve settled on a financing company that you’re comfortable with it’s time to review and complete the lending application. You’ll need to provide some basic information about yourself such as your name, address, and Social Security number. The underwriter will want to know how much money you make each month as well as your bank account info so they can deposit the money into your account once you’re approved. Here at Direct Payday Lenders USA, we feature a detailed database of actual direct loan companies that offer same day cash advances to consumers in locations such as Fresno and Irvine, CA. You can start your application online or over the phone, and there’s always the option to apply with a cash advance company near you in Los Angeles. Whichever method you choose should take the same amount of time and you can even get the cash that same day with a direct lender that’s near you!
What Are Some Potential Benefits Of Getting A Payday Advance in California
The main benefit of getting a payday loan in California is that it’s quick and easy. The application process only takes a few minutes and you can get the money you need to deposit into your account as soon as the same day. This is much different than going through a bank where you might have to wait weeks or even months to get approved for a loan.
Another potential benefit is that you don’t need perfect credit to qualify. As we mentioned before, many lenders will still consider you even if you have bad credit. They understand that things happen and people have all types of financial emergencies. As long as you have a steady income then you should pre-qualify for a payday advance in CA.
One final benefit is that you can pay off the full loan amount at any time. This can be beneficial if you’re looking to avoid the high interest rates that come with your loan. In theory, you can take out a payday loan for a few hundred dollars and then pay it off in a matter of days to save on the finance charges!
The Main Requirements For California Payday Loans
We’ve already touched on what you don’t need (A good credit score), but what about what you should expect to have ready when you get started on your lending application? The short answer is not much!
First and foremost, you’ll need to have a steady income. This could come from a steady job, unemployment benefits from the state, or even disability payments. As long as you have some sort of income coming in each month then you should get funded for a California payday loan. You’ll also need an active checking account so the lender can deposit your money once approved. You will need to show a form of ID and be a resident of California to get final approval. That’s really all there is to it!
What Are The Short-Term Effects Of Defaulting On Direct Lender Loan?
Defaulting on any type of loan comes with some serious consequences. But what happens if you can’t repay a payday loan in California? Well, the first thing that will happen is that you’ll start getting calls from the lender. They’ll want to know what’s going on and when you plan on repaying the loan. If you can’t come to an agreement then they may start working with a collection agency.
Defaulting on a payday loan can also damage your credit score and that’s the case if you live in San Francisco or San Diego. There’s no way around a bad FICO score and your only lending options are high interest loans until you can lower your score! This will make it harder to qualify for loans in the future as lenders will see you as high-risk. Additionally, if the debt is sent to collections then it will stay on your credit report for up to seven years! Defaulting on a loan should always be a last resort and you should try to work something out with the lender before things get too far.
How Do I Find Payday Loan Companies Near Me In CA?
The best way to find a direct lender that’s near you in CA is to use our online directory. We feature dozens of companies that offer payday loans and cash advances throughout the state and many will allow you to submit all the documents entirely online. Besides those options, we also list firms that provide installment loans and traditional online lending options such as personal loans and bad credit loans. It takes less than 15 minutes to complete the full application and you can also contact us directly at 888-800-3841 to get started on the paperwork over the phone.
What about if you live in Los Angeles Or San Diego and want to apply directly with a lender in your neighborhood? That’s fine as well! Just use our online directory to find a lending company with storefronts in your area. Applying for a payday loan should be quick and easy, no matter where you live in California!
Do I Need To Apply With A Payday Loan Company In California?
Not necessarily! While we always recommend using a licensed lender, there are some situations where it might not be required. If you have good credit then you might qualify for a personal loan from your bank or credit union. These types of loans often come with lower interest rates and don’t require collateral like a car title loan would. Or perhaps you live in another state and would rather work with a direct lender that’s near you. In those situations, it’s best to apply for cash advances and other loans with a company that knows your specific state lending laws. For example, customers looking for payday loans in Nevada are best served to apply directly with a company that’s near them, as opposed to a national lender.
Another potential option is to ask friends or family members for a short-term loan as they will likely hold back on charging you a rate that’s similar to what we see with many of the larger direct loan companies in Los Angeles. Either way, call around and get a few different quotes from companies big and small. Contact our Direct Payday Lenders customer service team to learn more about how we can help you find a legitimate payday loan company in CA!