California Payday Loans Law

California Payday Loans Law

California State Information

Legal Status: Legal

Loan Terms:

    - Maximum Loan Amount: $255 if maximum fee charged ($300 maximum check)
    - Loan Term: Max: 31 days
    - Maximum Finance Rate and Fees: 15% of check
    - Finance Charge for 14-day $100 loan: $17.65
    - APR for 14-day $100 loan: 459%

Debt Limits:

    - Maximum Number of Outstanding Loans at One Time: One
    - Rollovers Permitted: None (cannot charge fee for extension)
    - Cooling-off Period: None
    - Repayment Plan: Voluntary (no fees may be charged in conjunction with repayment extension)

Collection Limits:

    - Collection Fees: $15 NSF fee
    - Criminal Action: Prohibited

Where to Complain, Get Information:

    - Regulator: California Department of Corporations
    - Address: Financial Services Division, 1515 K Street, Suite 200 Sacramento CA 95814
    - Phone: (866) 275-2677

These California payday loans law are basic information to assist your decision to borrow money. This information may be added or modified or canceled by California government without prior notice.

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