Find Payday Loans in California
California passed safe harbor legislation for cash advance businesses, authorizing payday loans at interest rates of triple digits and based on checks written on borrowers' bank accounts. A payday loan store may issue a cash advance to a borrower, utilizing a post-dated check, as long as the business holds the check and does not deposit it for a period not exceeding thirty days. A consumer cannot have more than one outstanding loan at a time. Check cash advance businesses operating in California are prohibited from cashing a government check or a payroll check surpassing 3% of the check's face value if the borrower furnishes a valid identification. Payday advance lenders are barred from pursuing criminal action against borrowers.
A customer can borrow up to $300 in payday loan funds.
The maximum loan term is 31 days.
California law does not permit rollovers.
The maximum finance rate that a cash advance lender can charge is 15% of the check's amount. The finance fee for a two-week loan in the amount of $100 is $17.65. The repayment plan is only voluntary, and a payday loan store cannot charge a fee in conjunction with the plan.
Under California law, a 14-day loan valued at $100 translates into a 459% APR.