Payday Loans in Sacramento, California
Life happens, and we usually wind up in a place where we have to cover some unforeseen costs. Think about applying for a payday advance loan in Sacramento, CA, to see if you meet the requirements.
The loan application process is fast and effortless. To be eligible, borrowers have to satisfy a couple of straightforward requirements.
What is a Payday Advance Loan? What Can It Be Used For?
A cash advance loan is where the borrower will get a small amount of money on a short-term contract. This is thought of as an unsecured loan because no collateral is expected.
When unforeseen expenses come up, such as missed rent or utility fees, vehicle repairs, medical or vet fees, and so forth, people commonly seek out paycheck advance loans.
Paycheck Advance Loan Criteria In Sacramento, California
In Sacramento, California, paycheck advance loan borrowers need to meet several criteria to be eligible for a loan.
The borrower is required to:
- Show proof that they live in Sacramento, CA
- Must be 18 or older
- Receive a steady stream of income that they can provide proof of being at least $1,000/month
- Provide current contact information such as cell phone number and email address
- Give their SSN
If a borrower does not meet the above criteria, they will automatically be denied a cash advance loan. Ensure that you have the documentation needed when applying.
Laws and Rules Regarding Paycheck Advance Loans in Sacramento, CA
The State of California has deemed paycheck advance lending legal. Still, they have enacted the following rules and regulations for the cash advance lending industry:
- An individual lender cannot offer a loan greater than $600. Borrowers cannot take out more than two outstanding 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 cannot rollover their loans.
- The fees and charges change for each loan lender. The service costs enacted by the lender on a loan do not fall under interest. The service fees apply to every $100 loaned and can vary between 11-15%.
- An interest rate is required to be mutually decided upon. APR can be as high as 369%.
Will Paycheck Advance Lenders in Sacramento, CA, Perform Credit Checks? What If I Have Poor/No Credit History At All?
Yes, the lenders we have a relationship with will do a credit check on you, but, even if you possess no credit or less than stellar credit, you might still be approved for a loan as long as you can prove that you are able to repay the loan. Lenders are usually unbothered by your credit if you have proof of income and a strategy to repay the loan.
Lenders will use a soft credit check, which will have no impact on your credit score. This is solely to get an idea of your credit history and general information.
A hard credit inquiry, dissimilarly, must have your permission. These credit inquiries are utilized for various purposes, such as mortgages, credit card applications, and more.
You may still qualify for a payday advance loan with imperfect credit in Sacramento, CA, as long as you can prove you will repay the loan.
So, when you apply for a loan, albeit in person or online, make sure that you have your income information easily accessible and any other documents verifying that you can pay back the loan. The more evidence you show, the better chance you are to be approved.
When Will I Receive My Funds in Sacramento, CA?
When you get your funds actually depends on your lender as some lenders advertise same-day cash advance loans, which means you will get your payday advance loan on the same day you request a loan, as long as you receive 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. So, if you apply on a Friday, you might not get your cash until Monday.
If you're looking for a same-day paycheck advance loan in Sacramento, California, you will need to be sure that you're applying by 10:30 am. All same-day payments going out that day will be approved by that cut-off. However, you should request a loan earlier than that if able, as it will boost the likelihood that you see your deposit on the same day that you submit your application.
One additional factor that you should know is despite if the money lender approves your application and posts the loan to your bank, sometimes the bank won't release that deposit immediately. It's paramount that you let your bank know that you plan to receive a payday advance loan, so they might make an exception in releasing the loan earlier.
On the whole, it's wise to prepare in advance to receive money on the next 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 possess less than great credit or no credit and are wanting to get a paycheck advance loan, think about applying with us, as you usually have a better chance of approval.
We work with over one hundred different lenders who provide their services online. Often you will see your money on the following business day so ensure that you plan correctly.
However, you can always find the closest payday loan storefront to you and apply in person to increase the chances of getting your money on the same day. When applying in person, ensure that you have your government ID or driver's license; a passport is sufficient. Occasionally, lenders may request proof of address, so bring a utility bill to the store as well.
To find the nearest payday loan storefront, please refer to the list below and search for your city.
Payday Loan Direct Lender Companies in Sacramento, CA
Below you will find a list of payday loan companies offering their services in Sacramento, California. If you can't find a lender near your location in Sacramento, 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 Sacramento, 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.