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Exacting Processes in California Low rates, personal service and fax-free applications: these are just some of the advantages of applying for one of the payday loans in California. All of us, at one time or another, find an urgent or unexpected need for extra cash and, when something occurs that needs us to use additional funds, it’s nice to know that it is possible. In the state of California the law requires the Borrower to show evidence to the Lender: these needs to be a photograph ID, a recent bank statement and a paycheck stub. Once the Lender has agreed to lend the specified sum to the Borrower, the Borrower must then write a check to the Lender for the full sum of the loan plus the additional Lender’s fee. Even the Lender’s fee is subject to California law and may not exceed 15% of the total loan amount. Moreover, the total value of the check may not be more than $300. On receipt of the Borrower’s check, the Lender agrees to hold onto the Borrower’s check for a maximum of 30 days, during which time the Borrower may redeem the value of the check by paying the Lender back in cash. As a private arrangement between Lender and Borrower, the check may either be deposited or allowed to roll over to the next month after payment by the Borrower of an additional fee to the Lender. Regardless of the need, payday loans in California will provide you with the cash you need to get back into control of the financial situation. There is no additional fee charged for applying online and, as there is no paperwork having to be sent backwards and forwards through the mail, your loan application will be approved by the following business working day. Payday Loan Transactions in California The State of California laws govern any loan agreements, including these short-term payday loans. The law of California quite categorically states that you must pay your loan in full by the date it is due. Once you have paid this loan in full, then the law of California has no objection to you applying for a further short-term loan if necessary. That said, however, if a post-dated check is returned unpaid by the loan applicant’s bank then the Lender must not threaten the Applicant with prosecution: according to the laws of California, this is not a criminal action and the Applicant cannot be prosecuted. The extent the Lender can go is to charge a $15 one-time administration charge to cover the unpaid, returned check.
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