Payday Loans In California

Types of Quick Loans Available in California

There had already been a lot of installment loan companies in California and a lot of these companies are offering cash advance or sometimes called as payday loans. Many of the customers avail this type of loan because they believe that it is the easiest and fastest solution for their financial distress. However, payday loan involves a significant risk for the customer. Payday loan bears high interest rates and is considered to be an expensive means of obtaining cash. For this reason, California is implementing some law in order to protect the rights and regulate the policies and practices that payday loans lenders have in the industry.

How does payday loan California law protect the consumers?

This is to specifically help borrowers avoid unlimited roll-over and prevent their financial situation from becoming worse.

The three forms of pay day or payday-like loan in California

• Payday Loan: This is a type of unsecured loan. It generally does not need properties as collateral however it requires that the borrower must have a good job to be able to repay the loan. Most commonly it is to be repaid within two to four weeks.

• Small Consumer Loan: This is actually the cheapest and the least expensive type among the three payday-like loans. It has been created by the new law of California to give the borrowers a cheaper option for traditional payday