If you live in California and need cash for short-term financial needs, applying for a quick loan is one of the options available. According to California law, the maximum repayment period is 31 days and the maximum loan term is also 31 days. It is not possible to renew a loan in California, but you can get a second payday loan after a 1-day cooling-off period. However, it is important to note that lenders may not always approve a second loan.
Payday loans are also known as cash advances, payday advance loans, and quick cash loans. They are intended to meet short-term cash needs and must be repaid on the next payday. The annual percentage rate (“APR”) will vary depending on the length of the loan. It is important to note that renewals are not allowed, there are no cooling-off periods between two consecutive loans, and only one outstanding loan is allowed at any given time.
When looking for an online payday loan in California, it is important to understand the terms and guidelines. CashinaMoment and FaaastCash are two companies that offer payday loans in California. Customers applying for payday loans or installment loans may need to submit additional documentation due to state law and qualification criteria. If you fail to make payments or violate your loan agreement, you may be taken to court.