Payday Loans in West Covina, California
Incidents happen, and we often end up in a spot where we must pay for some surprise costs. Think about submitting an application for a paycheck advance loan in West Covina, California, to see if you are eligible.
The loan process is quick and straightforward. To qualify, you have to meet a few straightforward criteria.
What is a Payday Loan? What Can It Pay For?
A payday advance loan is where the borrower will be extended a small sum of money on a short-term agreement. This is deemed to be an unsecured personal loan due to the fact that no collateral is required.
When unexpected expenses come up, for example past due rent or utility bills, car bills, health or vet payments, and so on, individuals frequently seek out cash advance loans.
Paycheck Advance Loan Criteria In West Covina, California
In West Covina, CA, cash advance loan borrowers need to meet several stipulations to qualify for a loan.
The borrower is required to:
- Prove that they reside in West Covina, CA
- Must be at least 18
- Have a steady income that they can provide proof of being at least $1,000/month
- Provide active contact information including phone number and email address
- Give their social security number
If a borrower does not abide by the above rules, they will immediately be denied a paycheck advance loan. Make sure you possess the documents needed when submitting your application.
Laws and Regulations Concerning Paycheck Advance Loans in West Covina, CA
The State of California has deemed paycheck advance lending legal. Still, they have put forth the following rules and laws for the cash advance lending market:
- An individual money lender can't extend a loan in excess of $600. Borrowers are not allowed to possess 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 California, borrowers are unable to rollover their loans.
- The fees and charges vary for each lender. The service costs charged by the lender on each loan or transaction do not fall under interest. The service fees apply to each $100 borrowed and can vary between 11-15%.
- An interest rate is required to be mutually decided upon. APR can be as high as 369%.
Will Cash Advance Lenders in West Covina, California, Perform Credit Checks? What If I Have Poor/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 bad credit, you might still be approved for a loan given that you can show that you can repay the loan. Lenders are generally unconcerned about your credit history if you provide proof of income and a strategy to repay the loan.
Lenders will rely on a soft credit inquiry, which will have no impact on your credit score. This is simply to get a feel of your credit history and general information.
A hard credit inquiry, dissimilarly, needs your permission. These credit inquiries are performed for a variety of purposes, including mortgages, credit cards, and more.
You might still qualify for a payday advance loan with less than great credit in West Covina, California, provided that you can prove you will repay the loan.
Therefore, when you request a loan, albeit in person or online, ensure that you have your income information easily accessible and any other documents verifying that you can repay the loan. The more proof you have, the better chance you are to be approved.
When Will I See My Deposit in West Covina, CA?
When you get your loan truly relies on your lender as some lenders advertise same-day payday advance 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 give the borrower their lump sum on the next business day. Businesses often close for holidays and weekends. Because of this, if you apply on a Friday, you might not see your cash until Monday.
If you're wanting a same-day paycheck advance loan in West Covina, California, you will need to be sure that you're applying by 10:30 am. All same-day deposits 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 get your deposit on the day that you apply.
One more consideration that you should be aware of is despite if the money lender approves your application and posts the deposit to your bank account, occasionally the bank won't release that deposit 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 funds earlier.
Overall, it's wise to prepare ahead of time to get cash on the following business day. That way, you're not surprised if you cannot get it on the same day.
Consider Borrowing From Us
If you possess less than great credit or no credit and are wanting to secure a payday advance loan, think about applying through us, as you usually have a higher chance of approval.
We partner with over one hundred different lenders who provide their services online. Most 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 nearest cash advance loan storefront to you and apply in person to boost the chances of receiving your loan on the same business 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. Infrequently, lenders may require proof of address, so bring a utility bill to the store as well.
To find the nearest cash advance loan storefront, please navigate to the list below and find your city.
Payday Loan Direct Lender Companies in West Covina, CA
Below you will find a list of payday loan companies offering their services in West Covina, California. If you can't find a lender near your location in West Covina, 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 West Covina, 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.