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Payday Advance California - Payday Advance Credit ™ USA

Payday loans are usually the last resort for most borrowers looking to manage their deteriorating economic condition. Most people use them to handle emergencies and unforeseen expenses. The borrowers often turn a blind eye to certain important facts that must be taken into consideration while applying for these loans. Mentioned below are certain important things that are important for any borrower applying for a payday loan in the state of California.

In order to conduct their business in California, the lenders must have a valid license from the California Department of Business Oversight (DBO). The borrowers should only apply for loans through licensed lenders. When a borrower does business with any unlicensed lenders, whether operating through storefronts or operating online, they won’t be able to benefit from the protections that the state law provides to the borrowers. Some of these protections are limits imposed on the payday loan amounts, the fee that can be charged from the consumer as well as the requirement that the lender must provide all the necessary information pertaining to the loan.

How do these loan work?

Formally referred to as a deferred deposit transaction, in this type of loan the consumer gives the lender (known as an originator according to state law) a personal cheque for the desired amount of money. The lender gives the borrower the money, minus a fee mutually agreed upon. The lender then postpones the deposition of the consumer’s cheque for a specific but a short time period.

The maximum amount for which the borrower has to provide a personal cheque cannot be more than $300. The lender can charge a maximum fee of 15% of the amount mentioned in the consumer’s cheque for providing a payday loan. So you just have to multiply the sum mentioned in your personal cheque by 0.15 in order to get the maximum fee that can be charged for providing you the loan. For instance, if you provide the lender with a 300$ cheque and they are charging you a 15% fee for providing the loan, then the fee for your loan will be approximately $45. This means that you would only be able to borrow $255 against a $300 cheque ($300 minus the $45 fee).

The lenders must inform the borrowers what the loan fee will be in terms of APR – Annual Percentage Rate. For a usual Payday Loan, this annual percentage rate comes to be above 400%. The maximum duration of a payday loan cannot be above 31 days. The lenders have freedom to provide the borrower with time extensions in order to repay the loan and they are not allowed to charge any additional fee for this extension. However the lender is allowed to charge a maximum fee of $15 when the consumer’s cheque is returned by the bank and not honoured.

The information which the lender must provide to the borrower:

  • The complete fee amount in terms of annual percentage rate and dollars.

  • The payment obligations of the consumer.

  • The charged for any returned cheques.

Our lending process is free of any catches and hidden clauses, because we answer all your doubts and explain the lending process explicitly to our buyers. Whether you have hundred questions or one, we make sure that each of them is answered to your utmost satisfaction before and after applying the loan.

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Disclaimer : Payday advance credit is not a financial organization or a lender. We do not provide loan or make decisions relating to the lending policy of our lenders. When you apply for a payday loan by filling out the application form available on our site, it does not guarantee approval of the loan. We forward your filled form to our network of lenders, who then evaluate your application based on their set criteria and approves your loan. Based on your application, our lenders will offer you the rate of interest, charges involved and other terms guiding your loan process. Once you get the offer from the lender, you can then decide whether you need to accept the amount or not. Payday advance credit does not play any role in deciding your loan amount, interest charged or any other terms related to it. We advise our clients to read the terms and conditions properly and weigh the pros and cons that follow before signing the contract. We make our earnest effort to provide you with up to date and explicit information on our site. If you decide to accept the offer, then you will have to sign the documents electronically and send it over to us. After you duly sign and agree to the agreement, we will then put forward the amount in your bank. We are in no way obligate you to accept the loan amount after the offer is made. You are solely responsible to accept the loan amount based on your personal decision. Some of our lenders will run a credit check on your name to ensure your capability to repay the loan. The verification won't affect your credit history and is performed by lenders to cover risks associated with lending money. Payday advance credit reserve the right of making any changes on our website without intimating the clients in advance. The updated information is effective from the time it is updated and it is the responsivity of the customer to read them prior to applying for a loan. Payday advance credit or its affiliates do not guarantee availability, performance accuracy and functionality of the third party software working on our website. Any transactions occurring between you and payday advance credit is subjected to local jurisdiction regardless of the place where you reside. Payday advance credit or its affiliates does not guarantee the performance, availability, functionality and accuracy of the third party software present on its website. All the transactions between Payday advance credit and you are subject to the local jurisdiction regardless of the location where you live when you accept a short term loan or advance credit. We advise you to go through rates and fees section on our site to understand the laws and terms that follow your agreement. Our terms of use will help you in gathering more information on the loan process, products and services to understand it thoroughly. Read our privacy policy to understand rules and regulations to understand the collection, use and distribution of personal and non­personal information that's been gathered from customers by Payday advance credit or any affiliates. Privacy Policy