To better serve borrowers, a cash advance is available with a quick turnaround time, often with cash available within two days of being approved for a loan. Many borrowers also prefer payday loans because they are open to a wide range of borrowers. Unlike other loans, a payday loan uses the borrower’s stable monthly income as collateral. This means that even borrowers with less than perfect credit can still get the money they need.
Clearly, the power of these loans is unparalleled, but borrowers should be aware of the rules and laws that may influence their access to these loans. Each state has specific policies regarding the operation of payday lending facilities, so borrowers should know what legislation is in effect in their state. For borrowers looking for a cash advance in Bakersfield, California, there are a few relevant pieces of information to remember.
The first major factor regarding a cash advance in Bakersfield is the total loan amount. No payday loan in California can exceed 300 dollars. This limit is designed to help prevent borrowers from overextending themselves. Other stipulations require that a loan does not exceed more than three percent of the total check amount, which may limit borrowers even further.
In addition to regulating the amount, California payday loan law dictates the fees and charges associated with these loans. When applying for a cash advance in Bakersfield, California, it is important to understand that lenders cannot use finance rates that exceed 15 percent of the check’s amount. Therefore, for a two week loan of 100 dollars, the finance fee cannot exceed 17.65 dollars. The APR on a similar loan will therefore equal 459 percent.
While the average payday loan lasts from ten to fourteen days, a cash advance in Bakersfield cannot exceed 31 days. California law also disallows rollovers, which means that borrowers cannot extend their loan for another pay period. These stipulations are important to gauge in order to ensure that borrowers have the funds to pay back the loan in full and on time. Borrowers are further protected under California law since payday lenders are not allowed to take criminal action against borrowers in regards to their payday loan.
With these flexible regulations, it is easy to find a cash advance in Bakersfield. There are a number of payday lending chains that operate in California, many of which have offices in Bakersfield. For the utmost convenience, borrowers can also turn to online lenders, completing the application process without ever leaving home.
No matter what one chooses, finding a cash advance in Bakersfield is easy and convenient. For your next money crisis, consider a payday loan solution.