What Are Payday Loans?
Payday loans are short-term, high-cost loans that can provide quick access to cash for individuals who have difficulty obtaining money from other more traditional sources. Payday loans are typically due on the borrower’s next payday and are typically for amounts between $100 and $1,000.
Payday Loans in Apple Valley, California
Payday loans are legal in the state of California, however there are certain restrictions linked to obtaining such loans. The maximum loan amount one can obtain is $300, with a maximum loan fee of 15%, so the annual percentage rate (APR) cannot exceed 460%.
The maximum loan term is 31 days, however, the lender must allow the borrower the right to repay the loan in four equal installments without penalty. A borrower is allowed to take out only one payday loan at a time, although multiple loans may be taken out if certain conditions are met, such as if the loan is for more than $300 and is paid in four equal installments, if the loan period is extended beyond the usual 31 days, or if the loan is secured by real estate.
When applying for a payday loan in Apple Valley, California, the borrower must provide proof of identity, income, and residence. The lender is required to accurately explain all of the terms and conditions of the loan, including all applicable fees and interest rates.
Fees and Interest for Payday Loans in Apple Valley, California
In California, payday loans may be charged no more than 15% of the total loan amount. For example, a $300 loan would be limited to a $45 finance charge. The annual percentage rate (APR) of a $300 loan made or arranged pursuant to a California Finance Law is 460%.
Requirements for Payday Loans in Apple Valley, California
In order to qualify for a payday loan in Apple Valley, California, borrowers must meet the following requirements:
- Be 18 or older
- Have a valid source of income
- Have an active bank account
- Be a legal resident of California
Alternatives to Payday Loans in Apple Valley, California
Before taking out a payday loan, consider other options that may be available to you, such as:
- Personal loan from a bank or credit union – A personal loan from a bank or credit union may offer lower interest rates than a payday loan and may be easier to qualify for.
- Short-term loan from an online lender – An online lender may offer a lower rate than a payday loan and can often get you the money in as little as one business day.
- Borrow from family or friends – Ask family or friends for a loan and make sure to set guidelines to protect the relationship if you are unable to pay them back.
- Set up a budget and cut back on expenses – Creating a budget and cutting back on expenses can help reduce the amount of money needed to borrow.
- Seek help with debt – Identify ways to better manage your debt and seek debt counseling or other resources to help.
Frequently Asked Questions
Q: How much can I borrow with a payday loan?
A: You can borrow up to $300 with a payday loan in Apple Valley, California. The maximum finance charge you can be charged is 15% of the loan amount, so the annual percentage rate (APR) cannot exceed 460%.
Q: What information do I need to provide to get a payday loan?
A: When applying for a payday loan in Apple Valley, California, you will need to provide proof of identity, income, and residence.
Q: Are there alternatives to payday loans in Apple Valley, California?
A: Yes, there are alternatives to payday loans. Consider a personal loan from a bank or credit union, a short-term loan from an online lender, borrowing from family or friends, creating a budget and cutting back on expenses, or seeking help with debt.
Apply Now
If you are in need of a payday loan in Apple Valley, California, The Guaranteed Loans can help connect you with lenders in your area. Fill out our online application and we will connect you with lenders who may be able to get you the money you need. The Guaranteed Loans is not a lender and does not make loan decisions.