Payday Lenders in California
Payday loans in California carry significant risks, such as high-interest rates and fees, potential credit score damage, and falling into a cycle of debt. Additionally, borrowers should only take out payday loans for emergencies and unexpected expenses and not as a long-term solution to financial problems. By using payday loans responsibly, borrowers can receive the funds they need without putting their financial future at risk.
Payday Loan Laws
Payday loans are governed by the California Deferred Deposit Transaction Law, which sets maximum loan amounts and interest rate caps. Lenders must provide clear and transparent information about loan terms and fees to borrowers. Additionally, repayment plans must be offered if payment terms cannot be met on time. Furthermore, California law prohibits certain predatory lending practices such as rolling over loans or charging excessive fees.
The State of California has several other pieces of legislation surrounding payday loans:
Loan Terms and Conditions
Maximum loan amount: $300 ($255 when combined with finance charge)
Maximum Interest Rate: 460%
Minimum loan term: No minimum
Maximum loan term: 31 days
Number of rollovers allowed: No rollovers allowed
Finance charges: 15% fee up to $45
Legal action: 4 Years
Certified Payday Lenders in California
|Company Name||Company score||License Status|
|CURO Intermediate Holdings||valid|
|Populus Financial Group, Inc.||valid|
|CNG Financial Corporation||valid|
|Enova International, Inc.||valid|
|Community Choice Financial, Inc..||valid|
History of California Payday Loans
How to file a complaint
California Payday Loans Debt Relief
How to Get out of Payday Loan Debt?
Types of Quick Loans in California
Alternatives to Payday Loans in California
California Income Information
United States Census Bureau. “Poverty in the United States: 2021.” Accessed on April 18, 2023.
United States Census Bureau. U.S. Census Bureau QuickFacts: California. Accessed on April 18, 2023.
|CURO Intermediate Holdings||70|
|Populus Financial Group, Inc. (F/K/A Ace Cash Express)||33|
|CNG Financial Corporation||27|
|Enova International, Inc.||27|
|Community Choice Financial, Inc..||25|
Consumer Financial Protection Bureau. Consumer Complaint Database. Accessed on April 18, 2023.
|Charged unexpected interest or fees||170|
|Struggling to pay loan||117|
|Received a loan didn’t apply for||98|
|Unable to contact lender||53|
|Problems with process at end of loan||53|
|Regular Expenses (Utilities, car payment)||53%|
|Did not answer||2%|
Payday Lenders by City
Frequently Asked Questions
Will applying for a payday loan impact my credit?
What do I need to apply for a payday loan?
Can I cancel my payday loan?
Can a payday loan lender garnish my wages?
No, payday lenders in California cannot garnish wages.
Can spouses have separate loans?
When will I receive my funds if I am approved for a payday loan?
Funds are typically received on the same day or the next business day after loan approval, and can be disbursed through various methods, such as direct deposit or a prepaid debit card.
What happens if I can’t repay my payday loan on time?
When could I apply for another payday loan?
In California, you can apply for another payday loan immediately after paying off your existing loan.