All payday lenders in California must be licensed to give internet payday loans. The size of a payday loan is limited to $300. And a lender is not allowed to charge more then 15% per week on the loan.
For example: A client borrows the maximum amount of $300 the interest would be $45. This equals an annual percentage rate on a two-week loan of 460%.
Loans such as these must come due on the borrowers next pay period and cannot exceed a time limit of more then 31 days.
The lender cannot additional interest if they provide additional time for the borrow to repay the loan back. If the check from the borrower to pay back the loan comes back as insufficient funds the lender cannot change more then $15 for an NSF fee, this is in addition to any back fees the borrower may incur.
If you’re struggling to re-pay your payday loan(s) in California or any other state we can help you.
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