Payday Loans in California
Posted on Sunday, July 12th, 2009 at 2:50 pm in Cash Loan Info by State
Modern lifestyle causes a lot of economic pressures on you. Starting from exorbitant fees for your kids to medical expenses, from mortgage payment installments to utility bills, there are thousand of expenses for you to tackle. The current global recession has made situations worse and even a steady economy like US has not been exempted from problems like pay cuts. With so many demands in life, you might often find yourself temporarily cash strapped even if you earn a substantial salary. Short term loans or payday loans which are extended to tide over temporary financial problems have thus become the order of the day.
The payday lending industry in USA is on a rise and the state of California is not an exception to this trend. Surveys prove that there are almost 3000 payday lenders in California. There are wide gamuts of payday lending centers and cash advance outlets in all major Californian cities like San Jose, San Diego, San Francisco, Sacramento, Los Angeles and Redding etc. The best part of payday loan is that they get approved instantly and hence unlike bank loans you don’t have to spend agonizing moments fretting whether you would receive your borrowed amount in time to meet your emergency needs.
Payday lending is absolutely legal in California. However, there are certain strict guidelines and regulations which payday lenders in California have to abide by. If you plan to take a payday loan in California, you should also glean information about payday loans regulations in California. This would enable you to know your rights as a citizen of California. Payday lenders in California are not allowed to charge more than $3 for a loan amounting to $50. The California government rule also stipulates that not more than 15% of interest can be levied on payday loans. This calculates to about 400% Annual Percentage Rate.
There is however no limit on the amount of payday loan that can be extended to a loan applicant in California unlike some other US states where the maximum amount that can be received as a single payday loan is usually $500. Certain payday loan agencies in California stipulates that your salary must be at least above $1000 to make you eligible for a payday loan. While others determine the amount of payday loan to be extended by the amount of salary you receive. Generally the amounts of payday loans extend up to $1500-$2000. If you need a hefty sum of money temporarily then you can opt for multiple pay day loans in California.
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