What is a Payday Loan?
Payday loans, also known as cash advances, are short-term, high-interest loans typically offered with a minimum of 14 days and a maximum of 31 days. Generally, the loan is taken out against your next paycheck, and the amount you’re able to borrow depends on your individual income and the lender’s requirements.
Payday Loans in Azusa, California
Payday loans are legal in California, and Azusa, California is no exception. If you’re a resident of Azusa and looking to take out a payday loan, here’s what you should know.
Regulations and Restrictions on Payday Loans in California
California limits the amount you can borrow from a payday loan provider to $300 maximum. Your loan term can last at least 14 days and a maximum of 31 days, and you’ll be required to pay off the loan on the due date that is provided when you take out your loan.
There is also a fee limit on payday loans which is 15% of the total loan amount. This means if you borrow $300, you won’t have to pay more than $45 in fees. Any additional charges or fees are strictly prohibited by the state of California.
You also don’t want to go over the number of loans you are allowed to take out at once. You can only take out one loan at a time and cannot have more than $300 outstanding at any given time.
Repayment and Renewal of Payday Loans in California
When it comes time to repay your payday loan, you will have to do so in full by the due date that is provided by your loan provider. When the due date arrives, your loan provider will take the money out of your checking account.
If you’re unable to repay your loan in full on the due date, you can request an extension from your loan provider. The loan provider may be willing to extend your loan for another 14-day period, however, these extensions come with additional fees. The lender is not required to offer an extension, and if you are offered one, you will still be responsible for repaying the fees and interest that are associated with the loan.
If you don’t repay your loan, your lender may take legal action against you. It is important to note that California has a cooling-off period in which you can’t take out a new payday loan. You must wait at least 7 days after repaying a payday loan or two loans in a row before you can take out a new loan.
F.A.Q.
Q: How much can I borrow in Azusa, California?
A: You can borrow up to $300 with a maximum loan term of 31 days in Azusa, California.
Q: How much will I have to pay in fees?
A: In California, the fee limit is 15% of the total loan amount, so if you borrow $300, you will be required to pay a fee of $45.
Q: What happens if I can’t pay my loan back on the due date?
A: In some cases, you may be able to request an extension from your loan provider. However, you’ll still be responsible for repaying the fees and interest associated with the loan. If you don’t repay your loan, your lender may take legal action against you.
Apply Now
If you’re looking for a payday loan in Azusa, California, TheGuaranteedLoans can help. We work with lenders to find loan options that meet your individual needs. Fill out our online payday loan application today, and one of our lenders will reach out to you to discuss the best loan options for you. Keep in mind, TheGuaranteedLoans is not a lender and does not provide loans directly. We are here to connect you with lenders that may be able to help.