Online Payday Loans in California
SlickCashLoan is here to make borrowing easy for residents of every city, from downtown LA to the rural areas of California. We are an online lending service, which means applications can often be completed online without visiting a storefront.
Why Online Payday Loans Are Beneficial for California Residents
Online payday loans in California can provide quick access to money for unexpected emergency expenses, sometimes with same day or next business day funding. Often applications can be done online, therefore eliminating the need to physically go into a store, stand in line, and travel around the area to get your paperwork.
A major advantage of getting a payday loan online is speed. Once your application has been accepted by the lender, it can take anywhere from less than one business day to several hours (depending upon the lender’s processing time) before you receive your loan amount.
Payday loans online can also be used by people with different credit histories. Many payday lenders in California may not use a traditional hard credit check as part of the loan review process. This means you may still be considered for a payday loan with poor credit, but approval is not guaranteed and depends on the lender’s rules, your income, and California payday loan limits.
Lenders generally require some basic information from potential customers, such as being at least 18 years old, having a valid government-issued ID, having an open checking account, and having a stable form of income through employment, unemployment compensation, or other forms of gig work.
California Payday Loan Rules and Costs to Know
California law does place restrictions on how payday lenders operate. Payday loans are permitted in California under the Deferred Deposit Transaction Law that governs the way payday lenders lend money. There are rules governing both the maximum dollar amount that a payday lender can charge interest/fees on a loan and what the lender can charge as a fee.
While these loans are very convenient, they are extremely expensive. The typical Annual Percentage Rate (APR) charged on a payday loan in California is approximately 460%, which is far greater than the average APR charged on most credit cards, making this a very costly method of borrowing money.
Start Your Loan Request Today
SlickCashLoan offers a fast, safe way to apply for an emergency loan in California, then link you with possible creditors who will review your application. Do not use payday loans for long-term borrowing; these should only be used for short-term emergencies where you fully understand the costs associated with this type of financing, including your repayment due date and all applicable lender terms.
California Payday Loan Laws & Regulations
Payday lending within the State of California is regulated under the California Deferred Deposit Transaction Law (California Financial Code § 23000-23106) and enforced by the California Department of Financial Protection and Innovation. Any payday lender that operates in California must have a valid California Department of Financial Protection and Innovation License; it does not matter whether the payday lender is located online or in a storefront.
| Regulation | California Rule |
|---|---|
| Governing Law | California Financial Code §23000–23106 (Deferred Deposit Transaction Law) |
| Regulator | Department of Financial Protection and Innovation (DFPI) |
| Maximum Check Face Value | $300 |
| Maximum Amount Borrower Receives | $255 (after maximum $45 fee) |
| Maximum Fee | 15% of the check face value (max $45 on a $300 check) |
| Loan Term | Up to 31 days |
| Example APR - 14-day loan | ~460% |
| Rollovers Permitted | Not allowed |
| Loan-on-Loan Rollovers | Not permitted - a lender cannot issue a new loan to pay off an existing one |
| Extended Repayment Plan | Not required by law |
| NSF Fee | One NSF fee permitted per returned check |
| Criminal Collection Tactics | Not permitted - a returned check in a payday transaction is a civil matter only |
Some of California’s regulations regarding payday lending are even more restrictive than those found in many other states. Roll-overs are prohibited altogether, and, typically, a lender may not assess another fee to extend the term of your loan. In addition, no payday lender may issue a new loan to pay off an outstanding loan. The $300 check limit means that while you can receive up to $300 in cash from a lender, you will receive a maximum of $255; the remaining $45 will go directly to the lender as their finance charge.