Eureka! The Best California Payday Loans
Read About or Apply for Payday Loans in CA
All too often, we are given advice from a variety of sources (whether it be friends, family or national news outlets), and though the intentions may be upright and noble, without a proper education on a particular subject, we can sometimes be mislead or misdirected. One subject of much conjecture, debate and misunderstanding is the consumer cash advance. In California, payday loans have become a point of considerable contention for many, who unfortunately have not been truthfully informed on the topic. Many people had formed the opinion that companies that are involved in offering cash advances are predatory lenders who will stop at nothing to make a quick profit. Although the industry did have somewhat shaky beginnings, through the years, there has been a maturation in operators and in government regulation.
What is now a billion dollar industry in California, started out like most commercial endeavors, slowing growing from sporadic independent operators. Prior to the mid-90’s, California payday loans where an unregulated portion of the operation of check cashing businesses. At that time, interest rates and fees were determined solely by the individual businesses - with consumers having very few options in terms of cheaper borrowing. That was, of course, until the majority leader of the California State Assembly, Senator Charles M. Calderon (D)
California Payday Loan State Laws
Authored Senate Bill 1959. SB 1959 provided specific rules and regulations for companies that supplied or planned to supply cash advances anywhere in the state.
With the new bill becoming a law in 1997, consumers found themselves finally being protected from the predatory lending conduct that was being practiced my a mish mash of pawn shops and check cashers, who’d just happened upon a new cash-flow stream & were milking their customers to the best of their ability. The new law determined that cash advances made to consumers were to be limited to no larger than $300, and carry fees limited to 15% - or $45 for the maximum loan amount. Borrowers were also limited to only one advance at a time, and were not allowed to obtain a second loan to pay off the first loan - this provides consumers with a sort of protection from themselves - in the very real sense that some borrowers might get themselves into an endless cycle of inter-connected loans. Under the law enacted in 1997, California payday loans originators were also directed to provide terms of up to 30 days for consumers to repay their loan and the associated fee obligations.
The truth about California Cash Advances
Contrary to what many have been falsely lead to believe, today’s cash advance industry in California has become a viable and legitimate alternative source of finance for millions of borrowers; in 2007, over eleven million payday advances were made in the state. Some media outlets and detractors would have consumers believe that the average person who goes after an advance is someone who lives well below the poverty line, is minority and has no real assets - this misconception is outdated and overstated. The truth is that nearly half of all of California payday loans are made to homeowners, who are gainfully employed, but simply find themselves facing unexpected expenses that call for a quick cash infusion. For these people, the rumors of exorbitant fees and unfair practices are simply not true.
Some reports blur the lines of creativity and truth with statements that improperly calculate the interest rates of cash advances. These reports show that the APR or (annual percentage rate) for the average cash advance is somewhere between 400% and 460% (depending on who’s doing the reporting on any given day). The simple truth is that a payday advance is typically made for only up to two weeks; the time that it normally takes for a person to obtain their next paycheck. Of course, you can come up with a huge interest rate calculation on any short-term loan if you take it out of its proper context and terminology. Ever borrowed or loaned out ten bucks to a friend or relative, who promised to pay you back in a couple of weeks with two or three dollars on top of it - just to show their appreciation? Well, if you have, you’ve been party to a loan that some would say was at up to 800% APR. Annual percentage rates are out of place when attached to any short-term financing, especially when the loan is for less than a month.
Increased consumer protection
In 2003, to provide enhanced protection to the consumer, Senate Bill 898 (authored by Senator Persata) would become the Deferred Deposit Transaction law as it was passed in the state of California. This new and improved law would create more stringent regulation for the industry, requiring all businesses offering California payday loans to be licensed and registered with the state. This registration process would become the primary method of qualifying companies prior to allowing them to enter in the industry. Cash advance lenders must provide full disclosure to the state - with reporting responsibilities to the state’s Department of Corporations. With rules and regulations firmly in place to protect the consumer, the industry has grown into a legitimate financial service segment that caters to an underserved client base.
California's Broad Consumer Base
California payday loans operations are offering up a valuable service to a broad consumer base, who utilize services like these to bridge financial gaps. Where it not for the availability of such finances; many families (who some have claimed are victims of the industry) would be left with little or no alternatives to save their transportation, living quarters, etc. On a yearly basis, this industry contributes over one billion dollars to the state’s economy, and creates & maintains jobs. Before taking the opinion of an uninformed person, who’s trying to sound knowledgeable on the topic, take a few minutes and review the state’s legislation - it’s been developed to create the best possible borrowing conditions for you, the consumer.
Connecting You With California Payday Loan Companies
Consumers can now apply online with California payday loan companies serving in the short term financial markets. If you are interested in getting cash advance loans online, you can submit the online web form and California payday loan companies will review and approve your requests for cash advances. *No credit check cash loans are also offered via the online presence. If you need to apply for any of the bad credit cash loans, those are also available using the online processes.
Bad Credit Cash Loans are Really Not Bad
If you have bad credit cash loans as part of your credit history, no problem. Bad credit cash loans are handled online just like any of the other payday advance loan types in the market. Bad credit cash loans, like the *no credit check cash advances, are approved not based on your credit history, but based on your ability to repay the loans given your monthly regular income. The loan amounts you can request for these loans are variable, but usually you can request between $100 to $1500 depending on the loan and your financial circumstances.
Varied Loan Services in CA
Often times we find ourselves in need of cash as fast as possible, so our California 1 Hour Loan service would better suit our CA customers. Another service we offer is our California Refund Anticipation Loans. A California Refund Anticipation Loan would best be used by those who can't get approved for other short term loan options because they have previously or recently defaulted on a short term loan and can therefore only qualify by providing collateral when applying for loans in CA. Another reason people choose Refund Anticipation Loans is due to the low rates. However, an Refund Anticipation Loan in CA requires that you have title to an automobile that is paid off or has a significant amount of equity built up. Yet another provided loan service in California is the Line of Credit. A Line of Credit in California is a flexible installment loan that allows those in CA to borrow against an approved loan amount, as needed, or to re-borrow money once it has been paid back, simply by submitting a request. As you can see, Green Leaf Loan Group provides many loan services for those in CA. If any of these other available Loan Services in CA interest you then select the desired option from the Loan Services listing on the right to find out more.
*No Credit Check Cash Loans Make Funds Available Fast
The ability to offer *no credit check cash loans has significantly shortened the online loan process. The application review process does not include performing a credit check on you. The determination in approving the loan only based on the information you provided in the application and your ability to repay the loan. A traditional credit check can take days to perform. This is what really slows down the traditional credit lender offering the long term personal loans or credit products. The evaluation of your credit score plays a key role in that traditional long term lending process. Not so here in the short term financial market with lenders offering *no credit check cash loans. By not using the traditional method of credit evaluation, California payday loan companies process cash advance loans and *no credit check cash loans within 24 hours of granting online approval. Bad credit cash loans are also possible under these same credit policies. So if your credit history is bad, good or nonexistent, you may still qualify to apply for *no credit check cash loans online.
California payday loan companies have fast tracked their loan review, approval and funding processes to quicken their ability to approve and issue cash advance and payday loans quickly online. From the application to funding, the entire process is handled over the web. Loan approvals are based on the information you submitted in your online application. Funds are electronically deposited as quickly as possible into your bank account after receiving approval from one of the California payday loan companies. The entire payday loan experience can take as little as 24 hours from submission of your application to online funding.