Payday Loans in Downey, California
Things happen, and we usually find ourselves in a spot where we must cover some surprise costs. Think about submitting an application for a payday loan in Downey, CA, to see if you qualify.
The loan application process is swift and straightforward. To qualify, loan borrowers must meet a few basic requirements.
What is a Payday Loan? What Can It Be Used For?
A cash advance loan is where the borrower will get a petite amount of money on a short-term agreement. This is considered an unsecured loan because no collateral is needed.
When unexpected financial needs arise, such as missed rent or utility expenditures, car fees, health or vet bills, and so forth, people often rely upon paycheck advance loans.
Paycheck Advance Loan Criteria In Downey, CA
In Downey, California, payday loan borrowers must satisfy several criteria to qualify for a loan.
The borrower must:
- Prove that they are a resident of Downey, California
- Must be at least 18
- Have an income that they can prove that's at least $1,000 per month
- Provide active contact details such as phone number and email address
- Provide their SSN
If a borrower does not abide by the above rules, they will automatically be denied a cash advance loan. Ensure that you possess the documentation needed when applying for a loan.
Laws and Regulations Regarding Paycheck Advance Loans in Downey, California
The State of California has deemed payday lending legal. Although, they have created the following rules and laws for the paycheck advance lending market:
- A single lender can't offer a loan greater than $600. Borrowers cannot possess more than two active 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 California, borrowers cannot rollover their loans.
- The fees and charges vary for each loan lender. The service costs charged by lenders on each loan or transaction are not considered interest. The service fees apply to each $100 loaned and can range between 11-15%.
- An interest rate must be mutually settled upon. APR can be as much as 369%.
Will Cash Advance Lenders in Downey, CA, Run 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, but, even if you have no credit or dismal credit, you may still be eligible for a loan as long as you can show that you are able to repay the loan. Lenders are typically unconcerned about your credit history if you possess proof of income and a strategy to pay back the loan.
Lenders will rely on a soft credit pull, which will have no impact on your credit score. This is simply to get a feel of your credit history and general information.
A hard credit inquiry, on the other hand, needs your permission. These credit inquiries are used for a variety of purposes, such as mortgages, credit cards, and more.
You may still qualify for a payday advance loan with bad credit in Downey, CA, provided that you have proof of repayment.
Therefore, when you request a loan, whether it is in person or online, ensure that you have your income information ready and any other documents proving that you can pay back the loan. The more evidence you possess, the better chance your loan request will be granted.
When Will I Get My Money in Downey, California?
When you receive your deposit actually depends on your lender as some lenders offer same-day cash advance loans, which means you will see your payday advance loan on the same day you apply, as long as you get an approval.
Most of the time, however, lenders will send the borrower their lump sum on the next business day. Businesses generally close for holidays and weekends. Therefore, if you submit your application on a Friday, you might not get your money until Monday.
If you're searching for a same-day payday loan in Downey, California, you will need to ensure you're applying by 10:30 am. All same-day loans going out that day will be approved by that time. However, you should request a loan earlier than that if possible, as it will increase the likelihood that you receive your money on the same day that you submit your application.
One other consideration that you should understand is despite if the lender approves your application and posts the credit to your bank, sometimes the bank won't release that credit at that time. It's paramount that you let your bank know that you plan to get a paycheck advance loan, so they could possibly make an exception in releasing the money earlier.
On the whole, it's wise to prepare ahead of time to receive your loan on the following business day. That way, you're not out of luck if you cannot get it on the same day.
Think About Working With PaydayLoanRadar
If you have poor credit or no credit and are wanting to get a payday loan, consider applying with us, as you most likely have a better chance of approval.
We work with hundreds of different lenders who provide their services online. Often you will receive your money on the following business day so make sure that you plan accordingly.
Although, you can always find the closest paycheck advance loan store to you and apply in person to increase the chances of getting your funds on the same day. When applying in person, make sure that you have your government ID or driver's license; a passport will work as well. Now and again, lenders may require proof of address, so bring a utility bill to the store as well.
To find the nearest payday advance loan storefront, please use the list below and find your city.
Payday Loan Direct Lender Companies in Downey, CA
Below you will find a list of payday loan companies offering their services in Downey, California. If you can't find a lender near your location in Downey, 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 Downey, 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.