Are payday loans legal in Fresno, Ca?
Yes, both online and in-store payday loans are legal in Fresno, Ca. California requires all payday lenders to be licensed in the state and follow state laws.
Technically, you can borrow up to $300 as a payday loan. But as a California resident, you have other short-term loan options including installment loans, which come with larger amounts with longer repayment terms and different regulations.
Here’s the basic facts about payday loans in California:
- Maximum loan amount: $300
- Minimum loan term: None specified
- Maximum loan term: 31 days
- Maximum APR: 459% for a 14-day $100 loan
- Rollovers: Prohibited
- Loan limit: You can only have one payday loan at any time.
Payday loans In Fresno, Ca are regulated by California Financial Code 23000 and California Civil Code 1789.30. Installment loans and other personal loans are regulated by California Financial Code 22000.
Payday Loans – Things To Keep In Mind
The payday loan is meant to help in emergency situations. When you can’t get to the bank because it’s a holiday, they can help. Before you think about taking out a loan, make sure to shop around the get the past deal.
If you’re taking out a payday loan, understand that this is essentially your next paycheck. Any monies that you have borrowed will need to suffice until two pay cycles have passed, because the next payday will be needed to repay the emergency loan. If this happens, you could end up on a very unhappy debt merry-go-round.
Always be aware of any fees you are accountable for. You may tell yourself that you will handle the fees at some point, but these fees may be steep. Be sure to demand that the company give you a written fee schedule before you take out a loan. If you take these steps prior to taking out the loan, you’ll minimize the amount that you need to repay.
Do everything you can to pay back the loan by the time it is due. Extending it will just result in a snowball effect, compounding the interest, making it harder for you to pay for it.
Payday loans are like spouses; they are limited to one per person unless you want to get into serious trouble. Never approach multiple lenders for loans. You will put yourself in a position where you can never pay the money back, no matter how much you make.
Having to get a payday loan is usually an unplanned response to a sudden event, which can range from car trouble to medical problems. Sometimes, things happen when you have no money. These types of loans can help you through the immediate situation, but you still need to take the time to fully understand what you are doing before you sign the dotted line. Keep everything you have read here in mind and you will sail through these emergencies with grace.