Payday Loans in Ontario, California
For many Americans, payday loans can be a highly useful, if not outright essential, financial tool. In California, payday loans are legal, and there are several ways to obtain them in the city of Ontario. This article will discuss payday loans in Ontario, California, including the legal status of payday loans in the state and applicable regulations, how to obtain a payday loan in Ontario, and some frequently asked questions (F.A.Q.).
Are Payday Loans Legal in California?
Payday loans are legal in California, though the state has some strict regulations regarding them. According to the California Department of Business Oversight, California Civil Code 1789.30, payday lenders must be licensed with the state and loans are are limited to $300. Loan terms cannot exceed 31 days, and the loan cannot have an APR (annual percentage rate) higher than 460%. Furthermore, lenders may not charge fees of more than 15% of the loan amount. All fees and APR’s associated with a loan must be disclosed to the borrower before the loan is issued. Finally, payday lenders must comply with California’s usury laws which disallow lenders from charging more than 10% of the principal loan amount in interest and fees.
How to Obtain a Payday Loan in Ontario, California
The most convenient way to obtain a payday loan in Ontario, California is through a payday loan lender or service. These services are typically physical business locations and also operate online. Before applying, it is important to understand applicable laws and regulations in order to ensure that the lender is licensed and abiding by them. Furthermore, the borrower must be prepared to provide the lender with valid personal documents such as driver’s license, proof of income, proof of residence, and bank account information. Once the documents are submitted and approved, the loan can usually be issued in as little as one day.
F.A.Q. About Payday Loans in Ontario, California
- Are payday loans safe? Payday loans can be safe if taken out in accordance with applicable laws and regulations and with a reputable lender. Before applying for a payday loan, the borrower should be sure to research the lender and ensure that they are licensed with the state and follow the applicable laws and regulations.
- What is the maximum loan amount in California? The maximum loan amount in California is $300.
- What is the maximum APR allowed for payday loans in California? The maximum APR for payday loans in California is 460%.
- Can the loan term exceed 31 days?No, the loan terms for payday loans in California are limited to 31 days.
Apply Now
At TheGuaranteedLoans, we understand the importance of payday loans to many people in Ontario, California. We are not a lender, but we offer a service that will connect you with lenders who can provide payday loans. If you are looking for a payday loan in Ontario, California, please fill out the online application form and we will work to connect you with a lender who can help meet your needs.