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Payday Loan Regulations for California Borrowers

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  • 0 Comment |
  • 635 |
  • by Joseph Priebe|
  • March 7, 2013 |
  • Loan Laws

California payday loan laws

If you are interested in obtaining a payday loan and live in the state of California, keep in mind the following rules and regulations. Cash advances are monitored on a state-by-state basis, so it is important to familiarize yourself with the laws of the state you currently live in before applying.

In California, the maximum fee that any lender may charge is 15 percent of the principal amount of the cash advance, up to $45. The longest lending term that is currently available is 31 days and the maximum borrowing amount is $300.00. Applicants are unable to rollover their payday loan.

It is mandatory that California payday lenders display their credentials at every location, including their fee schedule and state license. The financier cannot grant you another loan in order to repay a current advance.

If you are having difficulties making timely payments, an extension or installment plan may be coordinated at no additional fee, although lenders are not obligated to make such arrangements.

Payday loans are a smart option to consider for critical circumstances and emergencies. All that is typically required for approval is an active checking account and steady source of income.

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