Payday Loans in Folsom, California
Life happens, and we often wind up in a spot where we have to cover some surprise costs. Consider applying for a paycheck advance loan in Folsom, California, to see if you are eligible.
The loan request process is fast and simple. To qualify, loan borrowers have to satisfy a couple of simple requirements.
What is a Payday Advance Loan? What Can It Be Put Towards?
A cash advance loan is where the borrower will be extended a small sum of cash on a short-term agreement. This is considered an unsecured loan as no collateral is needed.
When unexpected expenses present themselves, for example missed rent or utility expenditures, auto fees, health or vet costs, and so forth, individuals usually rely upon payday loans.
Payday Loan Criteria In Folsom, CA
In Folsom, California, cash advance loan borrowers need to meet several criteria to qualify for a loan.
The borrower has to:
- Provide proof that they are a resident of Folsom, California
- Must be 18 years old
- Receive a steady income that they can prove that's at least $1,000/month
- Give current contact information like phone number and email address
- Provide their SSN
If a borrower does not meet the above criteria, they will immediately be denied a paycheck advance loan. Ensure that you possess the documentation needed when applying for a loan.
Laws and Rules Concerning Payday Loans in Folsom, CA
California has ruled paycheck advance lending legal. However, they have set the following rules and laws for the cash advance lending industry:
- A single lender cannot extend a loan in excess of $600. Borrowers are not allowed to take out greater than two unpaid loans from different lenders. There is no minimum loan amount.
- The minimum loan term is not determined, the longest loan term length is 31 days. In the State of California, borrowers are not allowed to rollover their loans.
- The fees and charges are different for each lender. The service costs charged by lenders on a loan are not considered 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 high as 369%.
Will Cash Advance Lenders in Folsom, California, Run Credit Checks? What If I Have Bad/No Credit History At All?
Yes, the lenders we partner with will run a credit check on you, but, even if you possess no credit or dismal credit, you may still be approved for a loan provided you can prove that you can repay the loan. Lenders are commonly unbothered by your credit if you have 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 solely to get a look at your credit history and basic information.
A hard credit pull, alternatively, must have your explicit consent. These credit inquiries are done for a variety of purposes, including mortgages, credit cards, and more.
You may still be approved for a cash advance loan with bad credit in Folsom, California, as long as you have proof of repayment.
Therefore, when you request a loan, whether it is in person or online, double check that you have your income information ready and any other documents showing that you can pay back the loan. The more proof you possess, the more likely your loan application will be approved.
When Will I Get My Loan in Folsom, CA?
When you receive your deposit truly relies on your lender as some lenders advertise same-day payday advance loans, which means you will see your payday advance loan on the same day you submit your application, as long as you receive an approval.
Much of the time, though, lenders will send the borrower their lump sum on the following business day. Businesses often close for holidays and weekends. Therefore, if you apply on a Friday, you might not receive your money until Monday.
If you're needing a same-day payday advance loan in Folsom, CA, you will need to be sure that you're applying by 10:30 am. Any and all same-day deposits going out that day will be approved by that cut-off. However, you should submit an application earlier than that if possible, as it will increase the likelihood that you get your cash on the same day that you submit your application.
One additional factor that you should be aware of is despite if the lender approves your application and posts the funds to your bank, occasionally the bank won't release that funds immediately. It's important to let your bank know that you plan to get a payday loan, so they might make an exception in releasing the funds earlier.
Overall, it's wise to prepare ahead of time to get money on the following business day. That way, you're not surprised if you cannot receive it on the same day.
Think About Working With PaydayLoanRadar
If you possess poor credit or no credit and are looking to secure a payday loan, think about applying with us, as you usually have a better chance of approval.
We partner with over one hundred different lenders who provide their services online. Frequently you will receive your loan on the next business day so make sure that you plan accordingly.
However, you can always find the closest paycheck advance loan storefront to you and apply in person to increase the chances of receiving your loan 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. Now and again, lenders may require proof of address, so take along a utility bill to the store as well.
To locate the nearest cash advance loan store, please navigate to the list below and find your city.
Payday Loan Direct Lender Companies in Folsom, CA
Below you will find a list of payday loan companies offering their services in Folsom, California. If you can't find a lender near your location in Folsom, 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 Folsom, 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.