Installment Loans in California – Only Accurate Details

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American citizens from time to time need some extra finances to cover unexpected costs. However, not every person considers the idea of borrowing money from an online lender, even if his situation needs to be solved immediately. Others find installment loans to be a perfect solution to their financial difficulties, like paying for big purchases or covering medical bills.

If you make thorough investigation of the lender’s terms and rates, the possibility of getting of good installment loan becomes very high. Before deciding whether to apply for an installment loan or not and which lender to choose, analyze all available offers and terms. It is essential especially for applicants with bad or no credit history.

California Installment Loans for bad Credit

Applicants with bad or no credit should consider installment loans, because it is one of the most reasonable types of loan. As a rule, lenders will not approve a borrower with bad credit. However, installment loans are an exception. Probably, it is the best option available for bad credit applicants, if you plan a wedding celebration or want to repair your car.

You can expect instant approval from a lender right after the moment you have applied for an installment loan. All you need to do is to fill in an online application form. The duration of approval process depends on a lender. Usually, it takes up to couple business days. You can get an installment loan after providing some personal information.  The information usually includes details about valid ID, proof of steady source of income and a bank account.

Californian installment loan Laws

Fair Access to Credit Act limits installment loan lenders from charging more than 36% on credits of $2,500 to $5,000. Earlier, there was no interest rate cap on loans over $2,500.  The Department of Business Oversight in California discovered that more than a half of the loans took annual percentage rates of 100% or more.

Rate Caps/Limit on Charges

Interest rates are limited to 36% plus the federal funds rate. Any excessive charges are illegal. Anything above an “administrative fee”, provided for by the law is prohibited. Such administrative fees are capped at $75 for loans of more than $2,500 (the cap for loans of $2,500 or less is 5) and also is subject to frequency limitations.It means that, it is not chargeable on a loan refinancing unless one year has passed since the borrower paid any previous administrative fee.

Obligatory Minimum/Maximum Terms

The minimum installment loan term is regulated at 3 months. Maximum installment loan terms are also regulated, the loans of up to $3,000 but less than $10,000, except for secured loans, will have a maximum term of 60 months.

An Installment loan in California includes two types of loans. Those loans with amount of money less than $5,000 and an installment loans, no matter what is the amount, designed to be used essentially for personal, family, or household expenses.

Minimum Loan Amount $1000
Maximum Loan Amount $5000
Minimum Loan Term 90 days
Maximum Loan Term 36 months
Maximum APR 36%
Collateral None
Credit Score Requirements Available for Bad credit

California Installment Loan Legal Alternatives

California lending companies offer numerous loan options for instant financing of any urgent expenses. Depending on the loan amount and repayment terms, you can choose the one to your convenience:

FAQ

Can I Get an installment loans without credit check in CA?

There are some lenders in California State, who are ready to approve you for an installment loan without hard credit check. They perform a soft inquiry to understand whether you are able to repay the loan fully and on time. However, these lenders secure themselves by higher APR or other fees. A debtor from California, especially the one who has bad or no credit and wants to avoid hard credit check, can apply and get a guaranteed online installment loans with no credit check.

How fast can I get an Installment Loan Online in California?

If you are looking for instant cash advance in California State, Installment Loans are at your disposal. They represent a reliable source of instant cash and they seem to be your only way to get fast and affordable credit from online direct lender. The process of applying is always easy and quick. Verification takes only a few minutes. The funds can be transferred into your bank account within few business days if you ask for California Installment Loan online now.

How many monthly payments do I have to pay?

The terms of the contract, the laws of your state and the type of loan itself determine the length of your repayment term and the number of payments. It usually ranges from a 6 to 18 month loan term, with one payment every month.

How can I use an Installment Loan?

One of the advantages of an installment loan is its flexibility. You can apply for an installment loan to finance a big purchase, such as a car or a home. This type of loan is usually used for a different purchases. They can be used to pay for:

  1. A car.
  2. A home.
  3. Debt consolidation.
  4. A wedding.
  5. Home remodeling projects.
  6. Emergency expenses.

Before applying for any type of loan, shop through all lenders in your state, analyze their offers and choose the most suitable option, which will meet your requirements and financial situation.

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