Fast Online Payday Loan [ MORENO VALLEY ]
Possible types of loans:
- $100, $200, $300, $400, $500, $600, $700, $800, $900, 1000 dollars are emergency payday loans in Moreno Valley California USA, which are issued for a period of 1, 2, 3 or 4 weeks (until your next salaries).
- $1500, $2000, $2500, $3000, $3500, $4000, $4500, $5000 – Moreno Valley, CA installment loans that can be taken out for terms of up to 2 years (most often 1, 6, 9, 12 or 3 months).
To get fast online cash advances (payday or personal loans, short-term loans, fast cash) with instant approval in Moreno Valley, CA, USA, use our simple 5-minute application form! The money will be credited to your bank account within 24-48 hours (or faster) after approval.
Cash Advance Near Me :: Moreno Valley California Direct Lenders (list of offline stores and agencies nearby)
| Company | Address | Phone |
|---|---|---|
| ACE Cash Express | 12210 Perris Blvd Unit B20, Moreno Valley, CA 92557 | +1 951-485-4034 |
| Advance America | 24990 Alessandro Blvd #C, Moreno Valley, CA 92553 | +1 951-243-1351 |
| Moneytree | 24440 Alessandro Blvd, Moreno Valley, CA 92553 | +1 951-243-3876 |
| Empire Jewelry & Loan | 22590 Alessandro Blvd, Moreno Valley, CA 92553 | +1 951-656-2120 |
| OneMain Financial | 23901 Sunnymead Blvd #C, Moreno Valley, CA 92553 | +1 951-485-6960 |
| Capital Car Title Loans | 14420 Elsworth St #111, Moreno Valley, CA 92553 | +1 909-219-9659 |
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About Small Payday Loans in Moreno Valley California
Facing a sudden financial shortfall can be incredibly stressful, and for residents of Moreno Valley, a payday loan might seem like a convenient quick fix. However, these products are among the most expensive forms of credit available and are heavily regulated in California. Before considering this option, it is essential to understand exactly what you are signing up for. This article breaks down the minimum requirements to qualify and the critical terms set by California state law for any short-term loan in Moreno Valley.
Minimum Requirements for a Payday Loan in Moreno Valley, CA
The baseline requirements to qualify for a payday loan in Moreno Valley are established by California state law and are consistent across the state. Individual lenders may have their own additional criteria, but you can generally expect to need the following:
- Age and Identity: You must be at least 18 years old. You will need to provide a valid, government-issued photo ID, such as a California driver’s license or state ID card, to prove your identity and age.
- Proof of Income: Lenders must verify that you have a source of funds to repay the loan. This is typically done by providing recent pay stubs, bank statements showing direct deposits, or documentation for other steady income like Social Security, disability, or pension benefits.
- Active Bank Account: You are required to have an active checking account in your name. This account is used to deposit the loan funds and, crucially, to electronically withdraw the full repayment amount on the due date.
- Contact Information: You must provide a valid phone number, address, and often an email address.
- Social Security Number: You will likely need to provide your Social Security Number for the lender to process your application and perform basic checks.
Terms of Short-Term Loans in Moreno Valley, California, USA
The terms for payday loans, known legally as “Deferred Deposit Transactions” in California, are strictly defined by the California Financial Code and the California Department of Financial Protection and Innovation (DFPI). These regulations provide specific consumer protections and cap the cost of borrowing.
- Maximum Loan Amount: The smallest amount of your next two paychecks or $300, whichever is less. You cannot borrow more than $300 in a single payday loan in California.
- Finance Charges and Fees: California law sets a strict maximum on the fees a lender can charge.
- Lenders can charge a fee of no more than 15% of the total amount of the check for the deferred deposit. For example, on a $300 loan, the maximum fee is $45.
- This means if you borrow $300, you will write a post-dated check or authorize a debit for $345, to be cashed/processed on your next payday (or up to 31 days later).
- Annual Percentage Rate (APR): While the flat fee is the most relevant figure for borrowers, the APR illustrates the extremely high cost of this credit when annualized.
- For a 14-day, $300 loan with a $45 fee, the APR is approximately 460%. This highlights the expensive nature of this type of financing.
- Loan Term: The loan term must be between a minimum of 7 days and a maximum of 31 days. It is typically set to coincide with your next expected payday.
- Right to Rescind (Cooling-Off Period): You have the right to cancel the loan agreement by 5:00 p.m. the following business day without any cost or penalty. You must return the full principal loan amount to the lender to exercise this right.
- No Rollovers: California law strictly prohibits “rollovers.” A lender cannot allow you to extend or renew a loan by paying only the fee. You must pay the full amount owed before taking out another loan from the same lender.
- Multiple Loan Limit: California law prohibits you from having more than one payday loan from the same lender at a time. Furthermore, you cannot have more than one outstanding payday loan from any lenders if the total principal exceeds $300. Lenders are required to check a statewide database to enforce this rule.
