Payday Loans in Merced, California
Incidents happen, and we usually wind up in a spot where we have to pay for some unforeseen expenses. Consider submitting an application for a cash advance loan in Merced, CA, to see if you meet the requirements.
The loan application process is fast and straightforward. To be eligible, borrowers have to satisfy a few general requirements.
What is a Paycheck Advance Loan? What Can It Pay For?
A payday loan is where the borrower will receive a petite amount of funds on a short-term agreement. This is deemed to be an unsecured personal loan as no collateral is required.
When unforeseen costs present themselves, such as late rent or utility payments, auto fixes, medical or vet fees, and so forth, people often seek out paycheck advance loans.
Cash Advance Loan Criteria In Merced, California
In Merced, California, payday loan borrowers need to satisfy several requirements to be eligible for a loan.
The borrower has to:
- Provide proof that they reside in Merced, CA
- Must be 18 years of age
- Receive a steady income that they can provide proof of being at least $1,000/month
- Give up-to-date contact details like cell phone number and email address
- Give their social security number
If a borrower does not meet the above criteria, they will automatically be denied a payday advance loan. Ensure that you possess the documents required when requesting a loan.
Laws and Rules Regarding Cash Advance Loans in Merced, CA
California has deemed payday lending legal. Still, they have put forth the following rules and laws for the paycheck advance lending industry:
- An individual lender cannot offer a loan greater than $600. Borrowers are not allowed to take out more than two active loans from different lenders. There is no minimum loan amount.
- The minimum loan term is not determined, the maximum loan term length is 31 days. In the State of California, borrowers are unable to rollover their loans.
- The fees and charges change for each loan lender. The service fees charged by the lender on each loan or transaction are not considered interest. The service fees apply to every $100 loaned and can vary from 11% up to 15%.
- An interest rate must be mutually settled upon. APR can be as much as 369%.
Will Payday Advance Lenders in Merced, California, Complete Credit Checks? What If I Have Bad/No Credit History At All?
Yes, the lenders we work with will complete a credit check on you, still, even if you possess no credit or poor 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 usually unconcerned about your credit history if you offer proof of income and a plan to pay back the loan.
Lenders will rely on a soft credit inquiry, which will not impact your credit score. This is solely to get a feel of your credit history and basic information.
A hard credit check, alternatively, needs your explicit consent. These credit checks are utilized for a plethora of purposes, such as mortgages, credit cards, and more.
You might still qualify for a paycheck advance loan with imperfect credit in Merced, CA, if you can prove you will repay the loan.
Therefore, when you apply for a loan, albeit in person or online, ensure that you have your income information easily accessible and any other documents showing that you can repay the loan. The more evidence you provide, the better chance you are to be approved.
When Will I See My Deposit in Merced, California?
When you get your funds really depends on the lender as some lenders advertise same-day cash advance loans, which means you will see your payday loan on the same day you submit your application, as long as you get an approval.
Most of the time, though, lenders will send the borrower their lump sum on the next business day. Businesses typically close for holidays and weekends. Because of this, if you submit your application on a Friday, you may not receive your funds until Monday.
If you're looking for a same-day cash advance loan in Merced, California, you will need to make sure you're applying by 10:30 am. All same-day loans going out that day will be approved by that time. However, you should submit an application earlier than that if able, as it will boost the likelihood that you get your money on the day that you submit your application.
One additional consideration that you should understand is even if the money lender approves your application and posts the deposit to your bank account, occasionally the bank won't release that credit at that time. It's important to let your bank know that you plan to receive a payday advance loan, so they might make an exception in releasing the money earlier.
On the whole, it's best to prepare ahead of time to receive your deposit on the following business day. That way, you're not out of luck if you cannot receive it on the same day.
Think About Borrowing From Us
If you have less than great credit or no credit and are wanting to secure a paycheck advance loan, consider applying with us, as you most likely have a better chance of approval.
We partner with hundreds of different lenders who provide their services online. Often you will get your money on the next business day so make sure that you plan correctly.
However, you can always find the closest payday advance loan storefront to you and apply in person to increase the chances of receiving your money on the same day. When requesting a loan in person, make sure that you have your government ID or driver's license; a passport will work as well. Sometimes, lenders may request proof of address, so take along a utility bill to the store as well.
To locate the nearest payday loan storefront, please refer to the list below and search for your city.
Payday Loan Direct Lender Companies in Merced, CA
Below you will find a list of payday loan companies offering their services in Merced, California. If you can't find a lender near your location in Merced, 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 Merced, 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.