|
California payday loans cannot boast for being cheap. Indeed, some 459% APR doesn't seem attractive. However, let's have a look at the whole issue from a different side. What if there were no payday loans at all? If people didn't have payday loans as their financial option they would have to pay for late fees, pending bills, and for bouncing checks. Whatever your financial situation is, not taking out a payday loan on time means losing a lot of money.
To overcome financial difficulties you should use California payday loans. Once you realized you need some extra cash, just ask a lender online or at your local shop to give you some emergency money. They definitely won't refuse.
Still you should keep in mind that in California payday loans are severely restricted. Both online lenders and conventional ones have to face tougher condition to operate, than lenders in other states.
California Payday Loans - the Maximum Amount
California payday loan lender cannot lend more than $225. For two weeks loan the maximum fee is $17.65 per $100. Thus $225 loan results in $300 to be paid back ($225 the loan amount + $45 finance charge.)
Keep in mind that in case the ACH debit or check used to pay back the loan bounces, payday loan lending companies may charge extra $15.
When the payment is due
Abovementioned restrictions include a rule that there cannot be more than one outstanding loan per borrower. It is supposed to be a measure to prevent borrowers who cannot pay back from getting deeper into the debt.
It is necessary to mention that extensions of payday loans are also forbidden by law in California. Each payday loan must be fully paid on due time.
According to state law, repayment period shall not exceed 31 days from receiving the money. 31 days is maximum length for any California payday loan. Repayment period is usually shorter and supposed to end with the borrower pay day. |
