Payday Loans in Santa Monica, California
Events happen, and we usually end up in a place where we must cover some unforeseen expenses. Consider applying for a payday loan in Santa Monica, CA, to see if you qualify.
The loan process is fast and effortless. To be eligible, you have to meet a couple of basic criteria.
What is a Cash Advance Loan? What Can It Be Used For?
A payday loan is where the borrower will get a petite sum of funds on a short-term contract. This is deemed to be an unsecured loan because no collateral is required.
When surprise costs present themselves, for example late rent or utility costs, car costs, medical or vet bills, and so forth, individuals commonly turn to payday advance loans.
Payday Loan Criteria In Santa Monica, CA
In Santa Monica, CA, payday advance loan borrowers need to satisfy a few criteria to be eligible for a loan.
The borrower must:
- Show proof that they live in Santa Monica, CA
- Must be 18 years old
- Have a steady income that they can provide proof of being at least $1,000/month
- Give active contact information like cell phone number and email address
- Give their social security number
If a borrower does not abide by the above requirements, they will automatically be denied a paycheck advance loan. Ensure that you have the documents required when applying.
Laws and Rules Concerning Paycheck Advance Loans in Santa Monica, California
The State of California has deemed paycheck advance lending legal. Still, they have enacted the below rules and laws for the paycheck advance lending market:
- An individual lender can't offer a loan greater than $600. Borrowers may not take out more than two active loans from different lenders. There is no smallest loan amount.
- There is no minimum loan term, the longest loan term length is 31 days. In California, borrowers cannot rollover their loans.
- The fees and charges change for each loan lender. The service fees enacted by lenders on a payday loan do not fall under interest. The service fees apply to every $100 borrowed and can vary from 11% up to 15%.
- An interest rate must be mutually agreed upon. APR can range up to 369%.
Will Cash Advance Lenders in Santa Monica, CA, 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, still, even if you have no credit or bad credit, you might still be approved for a loan given that you can prove that you can repay the loan. Lenders are usually unbothered by your credit if you offer proof of income and a plan to pay back the loan.
Lenders will conduct a soft credit pull, which will not impact your credit score. This is solely to get a look at your credit history and basic information.
A hard credit inquiry, dissimilarly, must have your permission. These credit checks are utilized for a plethora of purposes, such as mortgages, credit card applications, and more.
You might still be approved for a paycheck advance loan with less than great credit in Santa Monica, CA, as long as you have proof of repayment.
So, when you apply, albeit in person or online, ensure that you have your income information easily accessible and any other documents proving that you can pay back the loan. The more proof you show, the better chance you are to be approved.
When Will I Receive My Cash in Santa Monica, California?
When you see your deposit actually relies on your lender as some lenders provide same-day payday loans, which means you will receive your paycheck advance loan on the same day you apply, as long as you get an approval.
Most of the time, however, lenders will send the borrower their lump sum on the next business day. Businesses generally close for holidays and weekends. Because of this, if you apply on a Friday, you might not see your deposit until Monday.
If you're needing a same-day paycheck advance loan in Santa Monica, CA, you will need to be sure that you're applying by 10:30 am. All same-day loans going out that day will be approved by that time. However, you should apply earlier than that if possible, as it will boost the likelihood that you get your funds on the same day that you submit your application.
One more consideration that you should be aware of is even if the lender approves your application and posts the loan to your bank account, sometimes the bank won't release that funds immediately. It's paramount that you let your bank know that you plan to receive a cash advance loan, so they might make an exception in releasing the money earlier.
Overall, it's wise to prepare ahead of time to get your deposit on the next business day. That way, you're not left in the lurch if you cannot get it on the same day.
Consider Working With PaydayLoanRadar
If you possess bad credit or no credit and are searching to get a cash 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 offer their services online. Frequently you will see your cash on the following business day so ensure that you plan appropriately.
Although, you can always find the closest paycheck advance loan storefront to you and apply in person to boost the chances of receiving your funds on the same day. When submitting an application in person, make sure that you have your government ID or driver's license; a passport is sufficient. Sometimes, lenders may require proof of address, so bring a utility bill to the store too.
To find the nearest payday loan store, please refer to the list below and locate your city.
Payday Loan Direct Lender Companies in Santa Monica, CA
Below you will find a list of payday loan companies offering their services in Santa Monica, California. If you can't find a lender near your location in Santa Monica, 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 Monica, 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.