Common Capital is a Help Organization dedicated to providing the public with comprehensive, accurate, and accessible online information about payday loans in California
This loan calculator is provided as an estimator only. The details of your loan will depend on several factors including, but not limited to: loan amount, term, annual percentage rate (APR), fees, the state you live in, and the lender’s conditions. These details vary lender to lender and are subject to change at any time. The details of your loan will be provided to you by your lender.
| Year | No. of Stores | No. of Clients | No. of Loans | Value of Fees | Value of Loans |
|---|---|---|---|---|---|
| 2022 | 719 | 900K | 5,359K | - | $1,506M |
| 2021 | 834 | 790K | 4,526K | - | $1,263.5M |
| 2020 | 1,121 | 1,128K | 6,084K | - | $1,683.7M |
| 2019 | 1,551 | 1,613K | 10.2M | $418.4M | $2,819.6M |
| 2018 | 1,645 | 1,622K | 10.2M | $420.5M | $2,815.5M |
| 2017 | 1,705 | 1,689K | 10.7M | $436.4M | $2,940.2M |
| 2016 | 1,854 | 1,797K | 11.5M | $467.2M | $3,140.9M |
| 2015 | 1,969 | 1,886K | 12.3M | - | $4,170.3M |
| 2014 | 2,014 | 1,819K | 12.4M | - | $3,376.5M |
| 2013 | 2,058 | 1,779K | 12.2M | - | $3,165.7M |
Explore our curated list of the top licensed payday loan lenders in California. Ensuring credibility and compliance, we spotlight those who uphold the highest standards in payday lending and cash advance services.
Payday loans in California are governed by a mix of state and federal laws designed to protect consumers from predatory lending practices. The California Deferred Deposit Transaction Law, a key piece of legislation, sets the framework for the regulation of payday loans in the state. This law stipulates specific rules regarding loan amounts, fees, and terms. For instance, the maximum loan amount is capped at $300, and the maximum fee a lender can charge is 15% of the check's amount. Additionally, the law mandates that the loan term should not exceed 31 days.
The California Civil Code and the California Financial Code also play crucial roles in regulating payday loans. These statutes provide broader consumer protections, addressing issues like interest rates and lending practices. On the federal level, the Truth in Lending Act (TILA), the Fair Debt Collection Practices Act (FDCPA) offer additional safeguards. TILA requires lenders to disclose the cost of loans in a standardized way, making it easier for consumers to compare rates and terms.
In California, alternatives to payday loans include personal installment loans, credit union loans, credit card cash advances, and borrowing from friends or family. Additionally, seeking assistance from local nonprofits, community programs, or exploring a paycheck advance from your employer can offer financial relief without the high costs associated with payday lending.
These loans offer borrowers a fixed repayment schedule, differing from payday loans which typically require a lump sum repayment. While "guaranteed" suggests assured approval, lenders still assess creditworthiness, income, and other criteria. Compared to payday lending, installment loans often have longer terms, potentially lower interest rates, and can be for larger amounts. Always ensure you meet the lender's requirements before applying.
Title loans allow California borrowers to use their vehicle's title as collateral for quick cash. Requirements typically include a clear vehicle title, proof of income, and valid identification. Unlike payday or installment loans, the loan amount is based on the vehicle's value. If defaulted, the lender can claim the vehicle. It's a speedy solution but demands careful consideration due to potential asset loss.
These loans cater to those lacking traditional banking access. Requirements may include proof of income, valid ID, and alternative financial records. Differing from standard payday or installment loans, these often have higher interest rates or fees due to increased risk. They provide a quick financial solution but require a thorough evaluation of terms.
Debt Consolidation allows Californian borrowers to combine multiple debts into a single, more manageable loan, often with a lower interest rate. This financial tool simplifies the repayment process and can lead to significant savings over time. Requirements typically include a good credit score, proof of income, and a stable employment history. The primary difference between a debt consolidation loan and other loans is its purpose: to streamline and reduce overall debt, rather than finance a purchase or project.
Instant personal loans provide swift access to funds for short-term needs. Requirements typically include proof of income, residency, and a valid bank account. Unlike traditional personal loans, these online options offer immediate approval and fund disbursement, often within 24 hours. However, they come with shorter repayment terms and might carry higher interest rates. Always review terms carefully.
Cash loans with no credit in California check offer financial relief without scrutinizing credit history. Requirements often encompass proof of income and valid identification. Differing from standard personal or payday loans, these cater to individuals with poor or no credit but may have higher interest rates due to the perceived risk. They're a quick solution but necessitate careful evaluation.
These loans cater to individuals with less-than-perfect credit scores. Requirements typically include proof of income and valid identification. Unlike traditional personal loans, which often require good credit, these loans are designed for those facing credit challenges but might come with higher interest rates due to increased lending risk. They offer a financial lifeline when options are limited.
P2P loans in California connect borrowers directly with individual lenders through online platforms. Requirements can vary but usually include a credit check, proof of income, and valid identification. Unlike traditional bank loans, P2P loans offer a more streamlined, digital process, potentially with competitive rates. However, approval might be influenced by the platform's investor demand and borrower's creditworthiness.
While requirements can vary, most lenders will ask for:
Remember, while payday loans can be a lifeline, they often come with high interest rates. Always consider alternatives and only borrow what you can repay.
If you have issues with a payday lender, contact the California Department of Business Oversight (DBO). They regulate and oversee payday lending in the state.
Yes, payday loans are legal in California. The state has regulations in place, governed by the California Deferred Deposit Transaction Law, to protect consumers.
While payday loan debt isn't automatically forgiven in California, borrowers facing hardship can negotiate with lenders or seek credit counseling for potential solutions.
It's challenging, but some lenders might offer payday loans without a bank account requirement in California. However, having an account is typically preferred for loan disbursement and repayment.
Payday loans in California have fixed fees. The maximum fee a lender can charge is 15% of the loan amount, and the terms are typically set until the borrower's next payday.
Payday loans are unsecured, meaning they don't require collateral. They're based on the borrower's promise to repay from their next paycheck.
Payday loans can stay on a borrower's credit report for up to seven years if defaulted. However, not all payday lenders report to credit bureaus.