Payday Loans in Berkeley, California
Things happen, and we usually find ourselves in a situation where we have to pay for some surprise costs. Think about submitting an application for a paycheck advance loan in Berkeley, CA, to see if you meet the requirements.
The loan request process is quick and effortless. To be eligible, loan borrowers have to meet a few simple conditions.
What is a Payday Advance Loan? What Can It Cover?
A payday advance loan is where the borrower will be extended a petite sum of money on a short-term agreement. This is considered an unsecured loan as no collateral is needed.
When unforeseen bills present themselves, such as missed rent or utility bills, car bills, health or vet costs, and so on, individuals commonly rely upon payday loans.
Cash Advance Loan Criteria In Berkeley, California
In Berkeley, CA, paycheck advance loan borrowers must satisfy several criteria to qualify for a loan.
The borrower must:
- Show proof that they are a resident of Berkeley, CA
- Must be 18 or older
- Have a steady income that they can provide proof of being at least $1,000 per month
- Provide current contact details like phone number and email address
- Provide their SSN
If a borrower does not abide by the above rules, they will automatically be denied a payday advance loan. Make sure you have the documentation needed when applying.
Laws and Regulations Regarding Payday Advance Loans in Berkeley, California
The State of California has deemed payday advance lending legal. Still, they have created the following rules and regulations for the payday lending market:
- A single lender can't extend a loan greater than $600. Borrowers are not allowed to have greater than two outstanding loans from different lenders. There is no smallest loan amount.
- The minimum loan term is not set, the longest loan term length is 31 days. In the State of California, borrowers cannot rollover their loans.
- The fees and charges change for each money lender. The service costs enacted by the lender on a loan do not fall under interest. The service fees apply to every $100 loaned and can vary between 11-15%.
- An interest rate is required to be mutually settled upon. APR can be as much as 369%.
Will Payday Advance Lenders in Berkeley, California, Complete Credit Checks? What If I Have Dismal/No Credit History At All?
Yes, the lenders we have a relationship with will run a credit check on you, still, even if you possess no credit or less than optimal credit, you might still be eligible for a loan provided you can prove that you are able to repay the loan. Lenders are commonly unconcerned about your credit history if you have proof of income and a strategy to repay the loan.
Lenders will perform a soft credit check, which will not impact your credit score. This is simply to get an idea of your credit history and general information.
A hard credit inquiry, alternatively, must have your explicit consent. These credit inquiries are performed for various purposes, including mortgages, credit card applications, and more.
You can still be approved for a paycheck advance loan with imperfect credit in Berkeley, CA, if you can prove you will repay the loan.
So, when you apply for a loan, whether it is in person or online, double check that you have your income information at hand and any other documents proving that you can pay back the loan. The more evidence you have, the better chance your loan application will be approved.
When Will I See My Deposit in Berkeley, CA?
When you receive your deposit really relies on the lender as some lenders offer same-day paycheck advance loans, which means you will see your payday advance loan on the same day you apply, as long as you're approved.
Most of the time, though, lenders will give the borrower their lump sum on the next business day. Businesses typically close for holidays and weekends. So, if you apply on a Friday, you may not see your deposit until Monday.
If you're needing a same-day payday loan in Berkeley, CA, you will need to be sure that you're applying by 10:30 am. All same-day deposits going out that day will be approved by that time. However, you should submit an application earlier than that if possible, as it will boost the likelihood that you see your cash on the same day that you apply.
One additional consideration that you should know is despite if the lender grants your loan request and posts the credit to your checking account, sometimes the bank won't release that deposit at that time. It's paramount that you let your bank know that you plan to receive a payday loan, so they might make an exception in releasing the cash earlier.
Overall, it's best to prepare ahead of time to get your funds on the next business day. That way, you're not out of luck if you cannot receive it on the same day.
Consider Working With PaydayLoanRadar
If you have underwhelming credit or no credit and are looking to secure a payday advance loan, think about applying with us, as you frequently have a higher chance of approval.
We partner with hundreds of different lenders who offer their services online. Much of the time you will get your money on the following business day so ensure that you plan correctly.
However, you can always locate the closest payday loan store to you and apply in person to increase the chances of receiving your cash on the same business day. When applying in person, make sure that you have your government ID or driver's license; a passport will work as well. Infrequently, lenders may request proof of address, so bring a utility bill to the store too.
To locate the nearest payday advance loan store, please refer to the list below and locate your city.
Payday Loan Direct Lender Companies in Berkeley, CA
Below you will find a list of payday loan companies offering their services in Berkeley, California. If you can't find a lender near your location in Berkeley, consider applying in a nearby city in California. Alternatively, you can apply online on our website and get a decision almost instantly.
If you can't find a lender near your location in Berkeley, consider checking out payday loan lenders in nearby cities. Alternatively, apply online on our website and get an instant decision. If approved, you will get your cash the same or next business day.