Payday Loans in Los Angeles, California
Events happen, and we usually wind up in a place where we must pay for some unforeseen expenses. Consider applying for a paycheck advance loan in Los Angeles, California, to see if you meet the requirements.
The loan process is quick and simple. To be eligible, you must satisfy a couple of basic conditions.
What is a Paycheck Advance Loan? What Can It Pay For?
A payday advance loan is where the borrower will be extended a petite amount of money on a short-term contract. This is thought of as an unsecured personal loan due to the fact that no collateral is expected.
When unexpected financial needs come up, like past due rent or utility expenditures, car costs, health or vet fees, and so forth, individuals usually seek out payday advance loans.
Payday Advance Loan Requirements In Los Angeles, CA
In Los Angeles, California, cash advance loan borrowers must satisfy a few requirements to be eligible for a loan.
The borrower has to:
- Provide proof that they reside in Los Angeles, California
- Must be 18 years old
- Receive a steady stream of income that they can provide proof of being at least $1,000 per month
- Provide current contact details such as cell phone number and email address
- Give their social security number
If a borrower does not meet the above requirements, they will automatically be denied a paycheck advance loan. Make sure you have the documents needed when submitting your application.
Laws and Regulations Concerning Payday Loans in Los Angeles, California
The State of California has deemed cash advance lending legal. However, they have created the below rules and laws for the payday advance lending industry:
- An individual lender can't offer a loan greater than $600. Borrowers are not allowed to take out 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 the State of California, borrowers may not rollover their loans.
- The fees and charges change for each loan lender. The service fees charged by the lender on a cash advance loan are not considered interest. The service fees apply to each $100 loaned and can vary between 11-15%.
- An interest rate is required to be mutually agreed upon. APR can be as high as 369%.
Will Cash Advance Lenders in Los Angeles, California, Complete Credit Checks? What If I Have Dismal/No Credit History At All?
Yes, the lenders we have a relationship with will perform a credit check on you, but, even if you possess no credit or dismal credit, you might still be eligible for a loan as long as you can prove that you can repay the loan. Lenders are commonly unbothered by your credit history if you possess proof of income and a plan to pay back the loan.
Lenders will rely on a soft credit pull, which will not impact your credit score. This is simply to get a feel of your credit history and basic information.
A hard credit check, alternatively, needs your explicit consent. These credit pulls are done for various purposes, including mortgages, credit cards, and more.
You may still qualify for a payday loan with less than great credit in Los Angeles, CA, if you have proof of repayment.
Therefore, when you apply for a loan, whether it is in person or online, ensure that you have your income information available and any other documents verifying that you can pay back the loan. The more proof you possess, the better chance your loan request will be granted.
When Will I Receive My Deposit in Los Angeles, California?
When you get your deposit truly depends on your lender as some lenders provide same-day payday advance loans, which means you will receive your payday advance loan on the same day you request a loan, as long as you're approved.
Much of the time, however, lenders will send the borrower their lump sum on the next business day. Businesses often close for holidays and weekends. Therefore, if you apply on a Friday, you might not get your loan until Monday.
If you're looking for a same-day payday advance loan in Los Angeles, CA, you will need to ensure you're applying by 10:30 am. Any and all same-day payments going out that day will be approved by that time. However, you should request a loan earlier than that if possible, as it will boost the likelihood that you receive your deposit on the same day that you apply.
One more consideration that you should understand is despite if the money lender grants your loan request and posts the credit to your bank, sometimes the bank won't release that deposit immediately. It's vital that you let your bank know that you plan to receive a payday advance loan, so they could possibly make an exception in releasing the cash earlier.
Overall, it's wise to prepare ahead of time to get your deposit on the next business day. That way, you're not out of luck if you cannot receive it on the same day.
Think About Borrowing From PaydayLoanRadar
If you have less than great credit or no credit and are wanting to get a paycheck advance loan, consider applying with us, as you frequently have a higher chance of approval.
We work with more than one hundred different lenders who provide their services online. Most of the time you will get your funds on the following business day so make sure that you plan correctly.
However, you can always locate the closest paycheck advance loan storefront to you and apply in person to increase the chances of receiving your money on the same day. When submitting an application in person, ensure that you have your government ID or driver's license; a passport will work as well. Infrequently, lenders may request proof of address, so take along a utility bill to the store too.
To locate the nearest payday loan storefront, please refer to the list below and locate your city.
Payday Loan Direct Lender Companies in Los Angeles, CA
Below you will find a list of payday loan companies offering their services in Los Angeles, California. If you can't find a lender near your location in Los Angeles, 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 Los Angeles, 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.