It is important to note when discussing the rates and fees of your California payday loans that CaliforniaPayday.com is not an actual payday loan lender. Instead, we provide an easy, convenient way to find the best deals on payday loans available without forcing you to drive across town to find a lender. When you apply, we use the information supplied in your application to connect you with the a lender ready to give you the best rates and fees possible.
Full Disclosure
When it comes to rates and fees, the most important thing for you to remember is that you need to get all the information necessary to feel comfortable wit the loans that you are taking out. Each company has to give you all of their rates and fully disclose any fees. This is a result of the Truth in Lending Act, which requires that there be no hidden costs or fees for the borrower in any loan that is taken out.
Since CaliforniaPayday.com is not itself a California payday loans lender, the rates and fees associated with your loan are not dictated by the website. The individual lender you elect to do business with will be the one deciding what will be charged. You will be able to view all rates and fees prior to signing anything. With California payday loans, you can always view the terms of your loan free of charge and without any application to continue with the loan process.
Interest Rates
Interest rates change from business to business. These fluctuations mean that it can be very difficult to provide users with an accurate calculation of what rates and fees will be attached to any specific loan. In general, the rates of California payday loans will be higher overall than those of standard loans taken out of a bank. This occurs because California payday loans are accessible to as many people as possible, but lack much collateral. In order to stay financially viable businesses, lenders are thus forced to recoup the loss by charging higher rates.
Misconceptions
One huge misconception about California payday loans is that your credit will affect whether or not you will be able to get one of these loans. That could not be further from the truth. You credit is never checked during this process. This benefits you in multiple ways. One is that you do not have to pay for a credit check. The other is that your credit is not harmed at all by a credit check being run. The final reason is that your credit score is not out there for people to see.
Rather than being judged on your past (when you may have been unemployed or had a medical hardship) your California payday loans are only based on your current status, like how much you make at your job and your monthly expenses, like rent.
Payday loans meant to help you dig yourself out of debt. It is very easy to be short on cash (electric bills, overdraft fees, etc.) and have to wait on your next paycheck. This ensures that you have plenty of cash from California payday loans right when you need it the most.