California Payday Loans and Installment Loans
Payday loans and installment loans are legal in the state of California that are governed by laws stated by Financial Services Division of California Department of Corporations. In the need of the small cash, a resident of California can take a payday loan for up to $300 for a maximum period of 31 days.
For finding payday loans up to $300, use our smart search facility which will match your requirements with large number of lenders associated with us. Please read below for detailed information about APR (annual percentage rate), maximum loan amount, loan period, maximum rollovers or extensions, permitted fees and charges etc in California.
California state laws allow a maximum $300 loan amount for payday loans. A resident of California state cannot take more than $300 payday loan depending upon their income level, credit score and other factors. However, in case of larger loan amounts, you can apply for installment loans which are typically available for larger loan amounts depending on the lending policy of individual lenders.
Payday loans in California are available for up to 31 days that has to be repaid on the day of salary and no rollovers or loan extensions are allowed as per California payday loans laws. On the other side, installment loans are available for a longer period of upto 6 months that can be paid via Bi-weekly or monthly payments.
APR And Fees
In accordance with state laws for payday loans in California, a lender can charge a maximum 15% of the loan amount. The maximum interest rate is restricted at 15% i.e. maximum $15 per $100. The APR (annual percentage rate) varies according to period of loan for example, maximum APR for 31 days payday loan is176.61% THE APR increases in case of a shorter loan period and APR decreases when loan period is longer. The Apr is calculated as below:
APR = Finance Charge(%) x 365 / Period of Loan (Number Of Days)
So APR of a payday loan with 15% Finance charge for 31 days would be calculated as:
Please read below illustrations for fees and total payment as per different loan amounts.
PLEASE NOTE THAT FOLLOWING EXAMPLE IS FOR REPRESENTATIVE PURPOSE ONLY. THERE MIGHT BE A DIFFERENCE IN ACTUAL APR AND INTEREST CHARGES DEPENDING UPON TERMS AND CONDITIONS, LOAN AMOUNT AND VARIOUS OTHER FACTORS.