Should you find yourself facing an unexpected financial emergency, taking out a cash advance in Santa Clarita, California may be the answer you’re looking for. While there are many small loan products available, the most popular and easily obtained are payday loans. These loans have a short repayment period, usually two weeks, which is what adds to their appeal. However, there are several issues you need to be aware of when taking a cash advance in Santa Clarita.
A good credit score is not necessary for a payday loan, which explains their recent surge in popularity. Due to the small amount, you will normally only be asked for a valid piece of photo identification, a recent pay stub, and a bank statement for your open checking account. You will also be asked to write a check to act as collateral for the loan, so be sure to take a checkbook along. If you fail to repay the lender, they can cash the check, causing you overdraft fees. This is only done is cases where you do not repay the loan yourself, so be sure you can handle the bank fees in case this happens.
In Santa Clarita, you have 31 days to repay your loan. If you fail to do so, the lender can then cash the check you wrote as collateral, causing an overdraft and bank fees. By placing limits on how much you can borrow, the law is in place to help you be better able to repay the loan as agreed. If for any reason you are unable to pay, be sure to contact your lender immediately to see if a payment arrangement can be made.
Another unscrupulous lending practice to be aware of in rollovers. A rollover, in loan parlance, mean that the original loan, along with all of its attendant fees and interest, is paid off in full by a second loan. The second loan then garners its own interest and fees. This will cause the balance of the amount rolled to climb ever-higher. This is illegal in the state of California, so be wary when taking a cash advance in Santa Clarita.
Be diligent against there nefarious lending practices. If you are being taken advantage of, don’t hesitate to turn the lender in. While they may attempt to threaten you into silence, be aware that you cannot be prosecuted due to the illegal actions of the lender.