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Payday Loans in California (CA) – Important Info
Sudden shortfalls can appear anytime and even if you are never prepared enough to encounter them, you should know that useful solutions such as payday loans were created exactly to get you out of trouble. This type of loans is designed to help you get the sum of money you desperately need as quickly as possible. What is more, taking the responsibility off your shoulder is also ensured by this procedure, because the next payday will set you free.
What Is a Payday Loan?
As the name says, a payday loan is directly connected to your payday in more than one way. The payday loan promises to give you the small amount of money you need urgently on the condition that it is returned on the day that you receive your next payment. In order for this to be possible, the sum of money that you can borrow is realistic and reserved for urgent needs, because it cannot surpass your monthly payment.
The system for obtaining a payday loan is very simple and efficient, according to the needs of the borrower. Therefore, people who need to surpass their shortfalls can even apply online and receive the answer very fast, in case they correspond to the terms and conditions of this type of loan.
In terms of characteristics of the payday loans, you should remember that:
- They have a higher APR than other types of loans
- They cannot be extended beyond six months
- Low incomes are accepted as well
- The maximum sum that can be borrowed is $1,000
The aspects above make this type of loan a trustworthy one, as well as very useful for people who can take this responsibility until their next payday. They also give people the chance to solve their problems without much effort, without allowing them to get involved in long-term loans that are not necessary.
Depending on where you live, you should consider all your options and you should be up-to-date on the terms and agreements in your state. The legislation is different in every state and therefore, the rates, the laws, and the restrictions should be taken into account when deciding to make a loan in the USA.
California Payday Loans law
As in many other states in the United States, payday loans in California are legal. In order to solve the unplanned expenses, you can apply for an online California payday loan or in-store, as only payday direct lenders that are licensed and follow the regulations are allowed to function. Among the most important regulations that California imposes for payday loans are:
- The maximum loan amount a person can borrow is $300
- The loan term varies from minimum 7 days to maximum 31 days
- The maximum finance charge is 15% of the loan
How can I apply for Payday Loans in California?
In order for your application process to be a success, you need to prove that you have a regular source of income, that you are over 18 years old and that you are a permanent resident or a citizen of the USA.
Even if they are easy to obtain, payday loans in California should be taken with a high sense of responsibility, as they can become problematic if the repayment is not fulfilled, leading to additional fees and interest.
No matter if you live in San Francisco, Los Angeles, San Diego or anywhere else in California you can always request a payday loan online 24/7 here.
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Late Payment Implications
It is highly recommended to contact the lender if late payment is expected or considered possible. In this case, late payment fees and charges may be implied. Federal and state regulations are determined for the cases of late payment and may vary from case to case. All the details concerning the procedures and costs associated with late payment are disclosed in loan agreement and should be reviewed prior to signing any related document.
Non-payment Implications
Financial and non-financial penalties may be implied in cases of non-payment or missed payment. Fees and other financial charges for late payment are to be disclosed in loan agreement. Additional actions related to non-payment, such as renewals, may be implied upon given consent. The terms of renewal are to be disclosed in each loan agreement individually. Additional charges and fees associated with renewal may be applied.
Debt collection practices and other related procedures may be performed. All the actions related to these practices are adjusted to Fair Debt Collection Practices Act regulations and other applicable federal and state laws in order to protect consumers from unfair lending and negative borrowing experience. The majority of lenders do not refer to outside collection agencies and attempt to collect the debt via in-house means.
Non-payment and late payment may have negative impact on the borrowers’ credit standing and downgrade their credit scores, as the lenders may report delinquency to credit bureaus, including but not limited to Equifax, Transunion, and Experian. In this case the results of non-payment and late payment may be recorded and remain in credit reports for the determined amount of time.