Page last reviewed: 20 July 2018
- Loan calculator – compare 25 companies in California;
- Legal information – consumer rights and obligations of lenders;
- Payday loan help – what to do if you are in trouble;
- Cities – detailed review of payday lenders in biggest cities in California;
Payday loans calculator
Important features of California payday lending laws:
- A payday lender may only make you one loan (which cannot exceed $300), and may only charge a maximum fee of 15% of the total amount of the check (up to $45). As a result you can receive no more than $255. Additional fee restrictions apply for military servicemembers.
- A payday lender cannot make you a new loan to pay off an existing loan.
- A payday lender cannot make you a new loan while an existing loan is outstanding, even if the combined balance of the existing loan and the new loan does not exceed $300.
- If your check bounces, the payday lender may charge only one bounced check fee (up to $15). (Be aware – your bank may charge you additional fees for insufficient funds.)
- Additional fees cannot be charged if you request an extension of time or payment plan. However, the payday lender is not legally required to grant your request.
- A payday lender cannot threaten to prosecute you in criminal court for insufficient funds.
Summary of consumer rights could be found here.
Payday loan help
If you need help or suspect violations of the law, please contact the Department of Business Oversight.
Also you can visit the National Foundation for Credit Counseling (NFCC) or call Toll-Free 1-800-388-2227 for assistance with credit problems and creditors.
For detailed review of payday lenders in each city, please click the link: