One of the most popular types of cash advances is the payday loan.
When it comes to taking a payday loans in Anaheim, borrowers should be aware of the terms and conditions involved. Ask for everything in writing and read through the contract before signing for the loan. In particular, borrowers should be aware of when the loan is due and any late penalties.
Borrowers write a check to the lender. The lender holds onto the check until the loan comes due. Borrowers can then redeem the check or the lender can cash it. It is illegal for lenders to keep the check for another pay period and ask borrowers to pay a finance charge for doing so.
California law states that a payday loan’s charge cannot be more than 15% of the check’s face value or more than $17.65 per each $100 loaned.
If borrowers know they will not be able to repay their loan on time, they should contact the lender immediately. Most lenders will be willing to work out repayment terms. Failure to do so can result in a late fee or other penalty.
Like any other line of work, the loan industry is full of upstanding professionals. However there can be a few bad apples. If a borrower is ever threatened by a lender, report it to the authorities.
Although taking a cash advance in Anaheim should not be a regular habit, it can help people who are having a difficult time with bills and debts. Like any other financial tool, it’s important to use a payday loan responsibly. A payday loans in Anaheim cannot solve every money problem, but it can help people avoid bank overdrafts and late bill payments.