Welcome to TheGuaranteedLoans—an online financial resource dedicated to providing valuable, accurate information on payday loans. If you’re a resident of Moccasin, California, looking for a payday loan, you’ve come to the right place! In this guide, we’ll tell you everything you need to know about payday loans in Moccasin, including the application process, laws, and regulations governing payday loans in California.
What Are Payday Loans?
If you’re new to payday loans, here’s a quick overview: payday loans are high-interest, short-term loans usually designed for people who need quick cash to cover unexpected expenses or emergencies. They’re a type of unsecured loan, meaning they don’t require collateral, and the application process is relatively straightforward and less stringent than traditional bank loans.
The loan amount usually ranges from $100 to $1000 depending on the lender, and the borrower usually has to repay the loan on their next payday.
Payday Loans in Moccasin, California
Payday loans are legal in California, including Moccasin. California lenders must abide by the California Financial Code, which regulates payday loans and other short-term financial products. Here are some key points to note:
- The maximum loan amount in California is $300.
- The maximum term in California is 31 days.
- The maximum interest rate in California is 15% of the loan amount.
- Lenders must have a valid California finance lender’s license.
- Borrowers are only allowed to have one outstanding payday loan at a time.
The Application Process
The application process for payday loans in Moccasin is similar to other payday loans in California. You’ll need to:
- Provide a government-issued ID to prove you’re 18 or older
- Provide your Social Security number or taxpayer identification number
- Provide proof that you have a regular source of income, like a pay stub or bank statement
- Provide a valid phone number and email address
- Provide your bank account and routing number for the loan funds to be deposited and withdrawn from your account.
You can apply for a payday loan online, in person at a storefront or call the lender directly. Once you’ve completed the application process, you may receive a loan decision quickly, often within minutes, and receive funds the same day or next business day.
Interesting Facts About Payday Loans in Moccasin, California
According to data from the California Department of Business Oversight, in 2020:
- Payday lenders in California issued 10.2 million loans totaling $2.8 billion
- The average loan amount was $273.40
- The average interest rate was 372%
- Most borrowers took out a payday loan for basic expenses like rent, food, and utility bills.
Apply Now
We hope this guide has helped you better understand payday loans in Moccasin. If you’re ever in a financial bind and need a payday loan, we encourage you to apply through TheGuaranteedLoans. We are not a direct lender, but a connector service that works with a network of reputable lenders across the country. We understand that time is of the essence, and our online application process is quick and easy. Best of all, our service is free, and there’s no obligation to accept a loan offer. Apply now and get connected with a lender today!