Online Personal Installment & Payday Loans Information in California
SlickCashLoan delivers competitive rates & transparent fees for online personal installment & payday loans in CA. Analyze loan options & amortization tables to make an educated choice.
Payday Loan Terms & APR in California (CA)
Payday Loans are legal in California.
Maximum Loan Amount | Loan Term | APR for 14-day $100 loan |
---|---|---|
$300 | No more than 31 days | 391% |
Maximum Finance Rate and Fees | Finance Charge for 14-day $100 loan |
---|---|
15% of loan amount | $15 |
Understanding High-Interest Loans: A Closer Look at Amortization
When you are thinking about getting a high-interest loan, it's really important to understand how the interest rate affects your monthly payments and total amount you'll pay over the loan's life. Let's look at a amortization table for a $3,000 loan with a huge 130% APR and 1-year term to give you a better idea.
In this case, the loan has a 3% origination fee ($90) taken from the initial loan amount. So you'll get $2,910 upfront, but youll still need to pay back the full $3,000 plus all that interest.
Check out the table below to see how your monthly payments break down. It shows how much of your payment goes to principal (original loan amount) and how much goes to interest. You can also see your remaining balance after each payment.
Month | Beginning Balance | Monthly Payment | Principal | Interest | Ending Balance |
---|---|---|---|---|---|
1 | $2,910.00 | $548.23 | $223.23 | $325.00 | $2,686.77 |
2 | $2,686.77 | $548.23 | $225.66 | $322.57 | $2,461.11 |
3 | $2,461.11 | $548.23 | $228.12 | $320.11 | $2,232.99 |
4 | $2,232.99 | $548.23 | $230.61 | $317.62 | $2,002.38 |
5 | $2,002.38 | $548.23 | $233.13 | $315.10 | $1,769.25 |
6 | $1,769.25 | $548.23 | $235.67 | $312.56 | $1,533.58 |
7 | $1,533.58 | $548.23 | $238.25 | $309.98 | $1,295.33 |
8 | $1,295.33 | $548.23 | $240.86 | $307.37 | $1,054.47 |
9 | $1,054.47 | $548.23 | $243.50 | $304.73 | $810.97 |
10 | $810.97 | $548.23 | $246.17 | $302.06 | $564.80 |
11 | $564.80 | $548.23 | $248.87 | $299.36 | $315.93 |
12 | $315.93 | $548.23 | $251.61 | $296.62 | $64.32 |
As you can see, the monthly payment for this loan is a big $548.23, which is much higher than a loan with lower interest rate. Over the 12-month term, you'll pay a total of $6,578.76. That includes $3,578.76 in interest charges alone! In other words - you'll pay more in interest than the amount you borrowed.
Before getting a high-interest loan, its really important to think about the long-term costs and how they'll affect your money. Make sure you read the terms and conditions of any loan offer carefully and understand what your getting into. If anythings unclear or you have doubts, ask the lender or a financial advisor for help.