Payday Loans in Torrance, California
Life happens, and we usually end up in a place where we must pay for some unexpected expenses. Consider applying for a payday loan in Torrance, California, to see if you qualify.
The loan application process is fast and simple. To qualify, loan borrowers have to satisfy a few straightforward criteria.
What is a Payday Advance Loan? What Can It Pay For?
A payday loan is where the borrower will get a petite sum of cash on a short-term agreement. This is deemed to be an unsecured personal loan as no collateral is needed.
When unexpected bills arise, for example missed rent or utility expenditures, car fixes, health or vet costs, and so forth, people frequently turn to cash advance loans.
Payday Loan Stipulations In Torrance, CA
In Torrance, CA, payday advance loan borrowers need to satisfy several requirements to qualify for a loan.
The borrower is required to:
- Prove that they are a resident of Torrance, CA
- Must be 18 or older
- Have a steady income that they can prove that's at least $1,000/month
- Give current contact information including phone number and email address
- Provide their SSN
If a borrower does not meet the above criteria, they will immediately be denied a cash advance loan. Ensure that you can provide the documentation needed when submitting your application.
Laws and Rules Concerning Payday Loans in Torrance, California
The State of California has ruled payday advance lending legal. Although, they have created the following rules and laws for the payday lending industry:
- An individual money lender cannot extend a loan greater than $600. Borrowers cannot possess more than two unpaid loans from different lenders. There is no smallest loan amount.
- The minimum loan term is not set, the maximum loan term length is 31 days. In the State of California, borrowers are not allowed to rollover their loans.
- The fees and charges change for each loan lender. The service fees enacted by lenders on a loan are not considered interest. The service fees apply to every $100 borrowed and can vary from 11% up to 15%.
- An interest rate is required to be mutually decided upon. APR can be as much as 369%.
Will Payday Lenders in Torrance, CA, Perform Credit Checks? What If I Have Dismal/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 might still be eligible for a loan given that you can prove that you can pay back the loan. Lenders are generally unconcerned about your credit history if you possess proof of income and a strategy to pay back the loan.
Lenders will perform a soft credit pull, which will have no impact on your credit score. This is simply to get a look at your credit history and general information.
A hard credit inquiry, dissimilarly, needs your permission. These credit inquiries are used for various purposes, including mortgages, credit cards, and more.
You can still qualify for a paycheck advance loan with imperfect credit in Torrance, California, as long as you can prove you will repay the loan.
So, when you request a loan, albeit in person or online, ensure that you have your income information available and any other documents showing that you can pay back the loan. The more proof you have, the more likely you are to be approved.
When Will I See My Cash in Torrance, CA?
When you get your loan actually depends on the lender as some lenders offer same-day payday advance loans, which means you will get your cash advance loan on the same day you apply, as long as you get an approval.
Most of the time, however, lenders will give the borrower their lump sum on the next business day. Businesses often close for holidays and weekends. So, if you submit your application on a Friday, you may not get your funds until Monday.
If you're looking for a same-day cash advance loan in Torrance, CA, you will need to be sure that you're applying by 10:30 am. Any and 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 increase the likelihood that you get your loan on the same day that you apply.
One additional consideration that you should be aware of is even if the money lender grants your loan request and posts the funds to your checking account, occasionally the bank won't release that funds at that time. It's paramount that you let your bank know that you plan to get a cash advance loan, so they could possibly make an exception in releasing the money earlier.
On the whole, it's best to prepare in advance to receive money on the following business day. That way, you're not left in the lurch if you cannot get it on the same day.
Think About Working With Us
If you have bad credit or no credit and are needing to get a cash advance loan, think about applying with us, as you usually have a higher chance of approval.
We work with hundreds of different lenders who offer their services online. Frequently you will see your funds on the next business day so make sure that you plan correctly.
However, you can always locate the nearest cash advance loan store to you and apply in person to boost the chances of receiving your money on the same business day. When applying in person, ensure that you have your government ID or driver's license; a passport is sufficient. Infrequently, lenders may request proof of address, so bring a utility bill to the store too.
To locate the nearest payday advance loan store, please refer to the list below and search for your city.
Payday Loan Direct Lender Companies in Torrance, CA
Below you will find a list of payday loan companies offering their services in Torrance, California. If you can't find a lender near your location in Torrance, 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 Torrance, 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.