Payday Loans in Santa Cruz, California
Incidents happen, and we often find ourselves in a spot where we must pay for some unforeseen expenses. Consider submitting an application for a payday loan in Santa Cruz, California, to see if you qualify.
The loan request process is fast and straightforward. To qualify, loan borrowers have to meet a couple of basic requirements.
What is a Payday Loan? What Can It Be Used For?
A payday loan is where the borrower will receive a small sum of money on a short-term agreement. This is thought of as an unsecured personal loan due to the fact that no collateral is needed.
When unexpected bills come up, such as missed rent or utility bills, vehicle fixes, medical or vet expenditures, and so forth, individuals often seek out payday loans.
Payday Advance Loan Criteria In Santa Cruz, California
In Santa Cruz, California, payday advance loan borrowers are required to meet several stipulations to qualify for a loan.
The borrower is required to:
- Show proof that they are a resident of Santa Cruz, California
- Must be 18 years of age
- Receive a steady stream of income that they can prove that's at least $1,000/month
- Provide active contact information like phone number and email address
- Provide their SSN
If a borrower does not satisfy the above rules, they will immediately be denied a payday advance loan. Ensure that you have the documents required when applying for a loan.
Laws and Rules Regarding Paycheck Advance Loans in Santa Cruz, California
California has ruled paycheck advance lending legal. However, they have enacted the below rules and laws for the paycheck advance lending industry:
- A single money lender can't offer a loan in excess of $600. Borrowers cannot possess more than two unpaid 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 the State of California, borrowers may not rollover their loans.
- The fees and charges vary for each lender. The service fees enacted by lenders on each loan or transaction do not fall under interest. The service fees apply to each $100 loaned and can range 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 Santa Cruz, California, Complete Credit Checks? What If I Have Dismal/No Credit History At All?
Yes, the lenders we work with will run a credit check on you, but, even if you have no credit or poor credit, you might still be approved for a loan as long as you can prove that you can repay the loan. Lenders are usually unconcerned about your credit if you have proof of income and a plan to repay the loan.
Lenders will conduct a soft credit inquiry, which will have no impact on your credit score. This is only to get a feel of your credit history and general information.
A hard credit check, on the other hand, needs your permission. These credit checks are used for a plethora of purposes, including mortgages, credit cards, and more.
You can still be approved for a payday advance loan with less than great credit in Santa Cruz, CA, if you have proof of repayment.
Therefore, when you apply for a loan, albeit in person or online, make sure that you have your income information at hand and any other documents verifying that you can repay the loan. The more evidence you show, the more likely you are to be approved.
When Will I Get My Money in Santa Cruz, California?
When you receive your deposit really relies on the lender as some lenders provide same-day payday loans, which means you will see your payday advance loan on the same day you submit your application, as long as you're approved.
Most of the time, however, lenders will send the borrower their lump sum on the following business day. Businesses generally close for holidays and weekends. Because of this, if you apply on a Friday, you may not see your money until Monday.
If you're wanting a same-day paycheck advance loan in Santa Cruz, California, you will need to ensure you're applying by 10:30 am. All same-day funds going out that day will be approved by that cut-off. However, you should apply earlier than that if able, as it will increase the likelihood that you receive your deposit on the day that you submit your application.
One additional consideration that you should be aware of is even if the lender approves your application and posts the credit to your checking account, occasionally the bank won't release that deposit right away. It's important to let your bank know that you plan to receive a payday 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 money on the next business day. That way, you're not out of luck if you cannot receive it on the same day.
Think About Working With PaydayLoanRadar
If you possess poor credit or no credit and are searching to secure a payday advance loan, think about applying with us, as you most likely have a better chance of approval.
We partner with over one hundred different lenders who offer their services online. Much of the time you will see your deposit on the following business day so make sure that you plan appropriately.
However, you can always find the closest paycheck advance loan store to you and apply in person to strengthen the chances of seeing your funds on the same day. When applying in person, make sure that you have your government ID or driver's license; a passport is sufficient. Infrequently, lenders may require proof of address, so take along a utility bill to the store as well.
To find the nearest payday advance loan storefront, please navigate to the list below and locate your city.
Payday Loan Direct Lender Companies in Santa Cruz, CA
Below you will find a list of payday loan companies offering their services in Santa Cruz, California. If you can't find a lender near your location in Santa Cruz, 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 Santa Cruz, 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.