Fast Online Payday Loan [ EL CAJON ]
Possible types of loans:
- $100, $200, $300, $400, $500, $600, $700, $800, $900, 1000 dollars are emergency payday loans in El Cajon 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 – El Cajon, 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 El Cajon, 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 :: El Cajon California Direct Lenders (list of offline stores and agencies nearby)
| Company | Address | Phone |
|---|---|---|
| OneMain Financial | 2856 Fletcher Pkwy, El Cajon, CA 92020 | +1 619-463-2495 |
| ACE Cash Express | 1175 Avocado Ave #104, El Cajon, CA 92020 | +1 619-441-9172 |
| Speedy Cash | 380 Broadway Ste 103, El Cajon, CA 92021 | +1 619-447-4547 |
| Checkmate | 1103 Broadway, El Cajon, CA 92021 | +1 619-401-1667 |
| Advance America | 534 N 2nd St, El Cajon, CA 92021 | +1 619-593-8104 |
| Moneytree | 303 N 2nd St, El Cajon, CA 92021 | +1 619-440-8000 |
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About Small Payday Loans in El Cajon California
Financial emergencies can happen to anyone, and when they arise between paychecks, many El Cajon residents consider short-term options like payday loans. While they offer quick access to cash, it is vital to understand the specific rules that govern them in California. The state has its own set of regulations, known as the California Deferred Deposit Transaction Law, which differ significantly from laws in other states.
This guide outlines the minimum requirements to qualify and the crucial terms you must know before considering a payday loan from a lender in El Cajon.
Minimum Requirements for a Payday Loan in El Cajon, CA
The eligibility criteria for a payday loan are standardized across California. To qualify for a payday loan (legally referred to as a “deferred deposit transaction”) from a licensed lender in El Cajon, you will typically need to meet the following conditions:
- Age and Identity: You must be at least 18 years old. You will need to provide a valid, government-issued photo identification card, such as a California driver’s license or state ID card, to prove your age and identity.
- Proof of Income: You must have a verifiable source of income. This is the lender’s primary assurance that you can repay the loan. Acceptable proof includes recent pay stubs, bank statements showing direct deposits, or documentation for benefits like Social Security or pensions.
- Active Checking Account: You need an active personal checking account in your name. The lender will require your account and routing numbers. This account is used to deposit the loan funds and to electronically withdraw the repayment amount on the due date.
- Contact Information: You must provide valid and current contact details, including a residential address, phone number, and often an email address.
- Social Security Number: You will be required to provide your Social Security Number for identification and verification purposes.
It is important to note that most licensed payday lenders in California do not perform a traditional credit check through the major bureaus (Experian, Equifax, TransUnion). Their decision is primarily based on your income and banking history.
Terms of Short-Term Loans in El Cajon, California, USA
The terms for payday loans in El Cajon are strictly defined by California state law. These regulations cap the loan amount, fees, and set rules for repayment.
- Maximum Loan Amount: The maximum amount you can borrow is $300. Lenders are not permitted to offer a deferred deposit loan for more than this amount. It is not based on a percentage of your income.
- Finance Charges and Fees: California law sets the maximum fees a lender can charge.
- Lenders can charge a fee of up to 15% of the total amount of the check for cashing it. For example, on a $300 loan, the maximum fee would be $45 (15% of $300).
- This means for a $300 loan, you would receive $300 in cash and would owe $345 when the loan comes due.
- While the flat fee may seem small, it’s critical to understand the Annual Percentage Rate (APR). For a typical two-week $300 loan with a $45 fee, the APR is approximately 460%, which is an extremely high cost of borrowing.
- Loan Term: The minimum loan term is not set by law, but the maximum term is 31 days. The loan must be structured to be repaid in a single payment; installment payments are not permitted for this specific loan type under the deferred deposit law.
- Right to Cancel: You have the right to cancel the loan at no cost by the end of the next business day by returning the full principal amount to the lender.
- No Rollovers: California law prohibits “rollovers.” This means a lender cannot extend a new loan to you to pay off an existing one on the same day the existing loan is due. You must pay off the existing loan in full before taking out a new one. This is a key consumer protection designed to prevent borrowers from becoming trapped in a cycle of debt.
