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Payday loans in Santa Barbara - Payday Advance Credit ™ USA

Payday loans are cash advance loans furnished by the lenders against a post-dated cheque. These loans are meant to help the borrower with the most urgent expenses due to their high APRs. While taking out these loans the borrowers must be careful in picking their lender, since they must have valid licenses from the California Department of Business Oversight to operate lawfully in the state.

When the consumers start doing business with an unlicensed lender, whether operating from a storefront or online, they are less likely to get benefitted from the protections that the state law provides. These protections include a limit on the amount that can be given as a payday loan and the fee that can be charged, also the lender has to provide the consumer with all the important information pertaining to the loans.

How do these loans work?

In a deferred deposit transaction commonly known as a payday loan, the consumer gives the lender a post-dated personal cheque of the amount of the loan. The lender gives the money after subtracting a fee agreed upon earlier. The lender then deposits the borrower’s cheque at the date due for loan repayment.

  • 1. Maximum Amount - the personal cheque furnished by the borrower cannot be for more than 300$.

  • 2. Maximum Fee – the maximum amount that the lender can charge from the consumer for the loan is roughly 15% of the provided loan amount. so if you are giving the lender a cheque for $300 and the maximum fee charged is 15% then the fee for your loan will be about 45$. This means that you would actually get only 255$ against a $300 cheque.

  • 3. APR or annual percentage equivalent of the fee- the lenders are required by the law to tell all the borrowers the equivalent loan fees in terms of Annual Percentage Rate or APR. For a typical California Payday loan the annual percentage rate works out to be more that 400%.

  • 4. Maximum duration for the loan – Payday Loans Santa Barbara cannot be for more than 31 days.

  • 5. Extension on loan repayment – lenders can provide the borrowers with a time extension for repaying the loan and the lender cannot levy any additional charges for the same.

  • 6. Charges for Returned Cheques - lenders can ask for a maximum amount of $15 if the cheque provided by the consumer is not honoured and returned by the bank concerned.

Things that the lender must tell the consumer

  • 1. The complete amount in terms of Annual Percentage Rate and dollars.

  • 2. The payment obligations of the consumer.

  • 3. The charges due to a returned cheque.

  • 4. The lenders cannot take collateral or ask the consumer to buy a product in order to get a payday loan.

  • 5. The consumer cannot be threatened with prosecution or prosecuted for the collection of loan payment.

Things that lenders cannot do:

  • 1. Take blank cheques

  • 2. Approve a loan for a borrower has an outstanding loan.

  • 3. Commit any unfair, unlawful or deceptive act.

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.

Fraud Alert Please be informed about stores pretending to be Payday advance credit. Read more We're a fully licensed company. Getting a safe and easy loan We are a locally owned and fully licensed company operating locally and online. You can learn more about our payday loans and licensing information for lenders here!

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