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Payday Loans California

The cost of living in California is among the highest in the world. By the end of the monthe budget may turn topsy-turvy due to unexpected expenses.

Payday loans California are small (from 100$ -500$), short term (generally 14 days), high interested loan that comes handy at the times of emergency like medical bill or vet bill or an unexpected family trip and this has to be repaid by the next paycheck. It is an alternative for the long term Payday loans California from the banks. In California, 5,626 payday outlets are working where the number of McDonald’s working here only one-fifth of it.

Why go for this

It is 100% confidential and secure online internet application. You need not worry about fax or other means or worry about the time consuming and complicated banking procedures that had already stopped lending small loans. All you need is to log on to the site, fill up the forms with customer, employer, income and bank informations and take away the money within minutes. Once sanctioned the money is electronically deposited in your account overnight.

Where can you get one

Loans are made by stand alone companies, check cashing outlets, pawn shops, internet sites, faxed applications and via toll free telephone numbers.

How to become a benificiary

You must have steady income of $1000 per month.

You must be able to show a verifiable source of recurring income payments.

You must have a checking or savings account at least one month old with your name printed on the checks.

You must be able to be contacted after work.

You must be at least 18 years old.

You must have a minimum of $1,000 in income directly deposited into your bank account on a monthly a basis.

You must not currently be a debtor in a bankruptcy case or presently intend to voluntarily file for bankruptcy relief.

Other formalities

As an assurity, the borrower provides the lender with a check or debits authorization for the amount of the loan plus the fee that is post-dated to the next paycheck. At times when the borrower is not in a position to repay the amount he/she can talk it out with the lender for a period extension but an additional fee would be charged for this extended period. Often the lenders provide a loan between $100-$250, this even goes up to $500 for the first time users but there are lenders who even provide up to $1000 for their ‘regular’ customers.

The interest rates

The fees for Payday loans California are extremely high: up to $15-$17.50 for every $100 borrowed. The interest rates for such transactions are staggering: 911% for a one-week loan; 456% for a two-week loan, 212% for a one-month loan. Payday loans often carry interest rates that exceed 300 percent on an annualized basis

How does it work

The company will provide the kind of loan according to your requirements whether it is a South or a North California payday loan. In a typical payday loan, a consumer writes a personal check for $115 to borrow $100 for two weeks (until payday). The Annual Percentage Rate (APR) on this loan is 390%. At the end of the two week period, the consumer often "rolls the loan over," or pays an additional $15 to carry it for two more weeks, increasing the finance charge on a $100 loan to $30.

Why go for a better option

Since it involves only ‘small’ amount most of the borrowers take it for granted that they would some how repay it by the end of the due date. But most often they are led into another loan by the time. According to Federal Trade Commission (FTC), young or people with limited knowledge on finances and people who are in deep debt become an easy prey to these kinds of loans. It found that an average customer makes 11 transactions a year.

Better opt for those company that charges the least Annual Percentage Rate (APR) or the effective interest rate paid on the Payday loans California. Make sure that your private information that is provided to the company while you apply does not leak out.

The credit risk that is associated with this kind of deal is also generally high. As most of such lending firms are small and non-publicly traded ones, it lacks the credit quality data. While dealing with online service be very conscious about the security. Only approach the sites that give complete information on interest rates and fee information.

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