According to the state law of California payday lending is legal.
The minimum loan amount is not specified. The maximum payday loan amount in California is $300. The maximum lending period is 31 days with the maximum finance charge of 15% for every $100. APR is 460%. The loan extension does not incur additional charges. Rollovers are not allowed and there are no cooling-off periods. There is an allowed $15 NSF fee; criminal actions are prohibited.
Payday loans in California (Los Angeles, San Francisco, San Diego, Bakersfield) are also called “deferred deposit transactions“.
Payday loans in California are regulated by the Civil Code 1789.30 et seq. and the Financial Code 23000 et seq.
According to state law, all the lenders should have a license from the Department of Business Oversight in order to provide loans.
The loan agreement should contain data about the loan amount, terms and conditions. Consumers must provide their state-issued ID or driving license number.
If you delay the payment, you will be charged an additional maximum fee of $15 for the NSF transaction.
One person is allowed to have one payday loan California at a time.
It is prohibited to take one loan in order to pay off another one.
California Payday Loan Regulations
|Minimum Loan Term||Not Specified|
|Maximum Loan Amount||$300|
|Maximum Loan Term||31 days|
|Finance Charges||15% of the amount advanced|
|Interest Rate (APR)||460%|
|Number of Rollovers Allowed||0|