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Cash Advance in Los Angeles

Obtaining a cash advance in Los Angeles follows many of the same steps in other cities in California or across the nation. Also called payday loans, cash advance transactions are subject to specific laws outlining restrictions and requirements in 30 states in America.

Los Angeles

Common Basic Requirements
Most cash advance issuers have a few loan restrictions. Local laws can limit other aspects, but consumers wanting a cash advance in Los Angeles must: Have had a job for at least 90 days, be at least 18 years of age and legally capable of entering into a contract. Have valid California or valid military identification. Have net pay—after taxes and deductions—of at least $1000 per month; and have a current and valid home address, phone number, and email address. Have a valid checking account.

Common Procedures
Whether applying for a cash advance in Los Angeles or somewhere else in the country, the procedures are very similar, online or offline: Complete the application: Name, address, telephone number, email address, age, income, and employer are often required. Lender Review: A loan consultant reviews the application and verifies the information provided if needed. Payment: Usually within two to three business days, sometimes the next business day, approved loans are ready for issue via either a cash payout or direct deposit into a checking account.

California Legal Limitations
To protect those wanting a cash advance in Los Angeles and other California cities, the state limits the interest amount cash advance loan issuers can charge, but they also limit the duration of a cash advance loan.

California lenders must not charge more than 15% of the loan amount in interest. Some lenders may charge a tiered fee for lesser amounts, but most loans are from $100 to $1,500.00, causing interest charges of $3.00 per $100 loaned.

Though most lenders arrange a shorter term loan of approximately two weeks, a cash advance in Los Angeles or other California cities cannot extend beyond thirty days. In extreme circumstances, lenders in other states may agree to a second contract, adding the original loan amount plus the original interest into a new loan base amount. California lenders, however, are prohibited from entering a second agreement if there is a cash advance loan open with that lender. The prohibition protects the consumer from uphill climbs out of debt.

For example, an original loan of $150 accrues $4.50 interest; the original loan amount to be remitted would be $154.50. Carried over into a new loan, the new original amount would be $154.50 plus 3% of that new balance or $4.64. The new loan balance to be paid would equal $159.14. Rolled into a third loan, the new loan figures are even higher. If the lender offers a renegotiated contract, the lender is definitely breaking the law and subject to a fine up to $2000.

With proper precautions regarding amount, interest, and duration, payday loans in California can provide emergency money, shopping money, or just pocket money for those who qualify, regardless of a good or bad credit history. A qualifying earnings statement is all the credit that’s needed.