Payday Loans in El Segundo, California
Things happen, and we usually end up in a situation where we have to cover some unforeseen bills. Think about applying for a payday loan in El Segundo, California, to see if you meet the requirements.
The application process is quick and straightforward. To be qualified, borrowers have to satisfy a couple of general criteria.
What is a Paycheck Advance Loan? What Can It Pay For?
A cash advance loan is where the borrower will receive a small amount of cash on a short-term basis. This is considered an unsecured personal loan due to the fact that no collateral is expected.
When unexpected costs arise, for example late rent or utility costs, vehicle bills, health or vet expenditures, and so on, individuals usually seek out paycheck advance loans.
Payday Advance Loan Requirements In El Segundo, CA
In El Segundo, CA, payday advance loan borrowers must satisfy several criteria to be eligible for a loan.
The borrower must:
- Provide proof that they are a resident of El Segundo, CA
- Must be 18 years of age
- Have a steady income that they can prove that's at least $1,000 per month
- Provide active contact information such as cell phone number and email address
- Provide their social security number
If a borrower does not meet the above criteria, they will automatically be denied a payday advance loan. Make sure you possess the documentation needed when requesting a loan.
Laws and Regulations Concerning Cash Advance Loans in El Segundo, CA
California has deemed cash advance lending legal. Still, they have enacted the following rules and regulations for the cash advance lending industry:
- An individual lender cannot extend a loan greater than $600. Borrowers cannot have more than two outstanding loans from different lenders. There is no minimum loan amount.
- The minimum loan term is not set, the longest loan term length is 31 days. In California, borrowers are not allowed to rollover their loans.
- The fees and charges change for each money lender. The service costs enacted by lenders on a cash advance loan are not considered interest. The service fees apply to each $100 borrowed and can range from 11% up to 15%.
- An interest rate must be mutually decided upon. APR can range up to 369%.
Will Paycheck Advance Lenders in El Segundo, CA, Complete Credit Checks? What If I Have Dismal/No Credit History At All?
Yes, the lenders we work with will complete a credit check on you, still, even if you have no credit or less than stellar credit, you might still be eligible for a loan as long as you can prove that you are able to pay back the loan. Lenders are commonly unconcerned about your credit if you possess proof of income and a strategy to pay back the loan.
Lenders will use a soft credit inquiry, which will not impact your credit score. This is simply to get a look at your credit history and general information.
A hard credit check, alternatively, must have your explicit consent. These credit pulls are done for a variety of purposes, such as mortgages, credit card applications, and more.
You might still be approved for a payday loan with bad credit in El Segundo, California, provided that you can prove you will repay the loan.
Therefore, when you request a loan, albeit in person or online, ensure that you have your income information available and any other documents proving that you can repay the loan. The more evidence you have, the more likely your loan application will be approved.
When Will I See My Loan in El Segundo, CA?
When you receive your loan truly relies on your lender as some lenders provide same-day payday loans, which means you will get your payday loan on the same day you request a loan, as long as you get an approval.
Much of the time, however, 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 get your money until Monday.
If you're looking for a same-day paycheck advance loan in El Segundo, CA, you will need to be sure that you're applying by 10:30 am. All same-day funds going out that day will be approved by that deadline. However, you should apply earlier than that if possible, as it will increase the likelihood that you get your cash on the same day that you apply.
One more factor that you should know is despite if the money lender approves your application and posts the credit to your checking account, occasionally the bank won't release that funds immediately. It's paramount that you let your bank know that you plan to receive a paycheck advance loan, so they might make an exception in releasing the money earlier.
Overall, it's best to prepare ahead of time to get your loan on the following business day. That way, you're not left in the lurch if you cannot receive it on the same day.
Consider Working With Us
If you have bad credit or no credit and are wanting to get a paycheck advance loan, think about applying through us, as you probably have a better chance of approval.
We partner with hundreds of different lenders who offer their services online. Much of the time you will get your deposit on the next business day so ensure that you plan accordingly.
Although, you can always find the closest cash advance loan store to you and apply in person to strengthen the chances of receiving your loan on the same day. When applying in person, make sure that you have your government ID or driver's license; a passport is sufficient. Sometimes, lenders may require proof of address, so bring a utility bill to the store too.
To find the nearest paycheck advance loan store, please navigate to the list below and find your city.
Payday Loan Direct Lender Companies in El Segundo, CA
Below you will find a list of payday loan companies offering their services in El Segundo, California. If you can't find a lender near your location in El Segundo, 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 El Segundo, 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.