Find Payday Loans in California
Under California law, payday lenders are allowed to authorize check advance loans based on a borrower’s checking account with triple-digit interest rates. In order to be issued a payday loan, borrowers must provide a post-dated check to a lender who must hold the check for 30 days before depositing it. Furthermore, California law prohibits cash advance companies from taking legal action against a borrower.
The maximum amount of cash advance funds a borrower can receive is $300.
Payday loan terms can extend up to 30 days in California.
Cash advance loan extensions and rollovers are not permitted in California.
Payday lenders in California can charge a maximum rate of 15% of the loan’s face value.
Under California law, a $100 loan with a two-week loan term has an annual percentage rate of 459%.