Online Payday Loans California
If you need an online payday loan California and you have poor credit or no credit at all, then you do not have to worry as BridgePayday is here to help you out.
We understand that you may have an emergency that needs your immediate financial attention, and that is the reason we are dedicated to giving you a quick and secure solution via our payday loans without having to go through the stress of a credit check.
It is important to also note that these benefits mean that we operate a bit differently compared to the other lenders. Notably, the fees of our products tend to be higher than the products that cater to people with excellent credit scores.
A little higher fee means that for every $100 borrowed, we will charge $17.65 as our fee. Therefore, if you borrow up to our maximum limit of $255, you will be expected to repay a total of $300 on the loan’s due date. This means that you will end up paying $45 to use our services.
The fee you pay for the loan is a one-time fee and it does not change throughout the loan period unless you fail to repay the loan, then a returned item fee can be charged.
These fees may seem expensive to borrowers, but in the real sense, they are much cheaper compared to a bank overdraft fee that is normally accrued every time a charge is overdrawn.
This means that you are likely to have more than $100 in the bank’s overdraft fee before you come to the realization that you have been overdrawn.
What do you Use to Approve Payday Loans in California?
Despite not using the credit score to qualify our loan applicants, there are several things we look into to help us come up with the appropriate loan offer for you.
Different lenders have their own ways of approving loans from borrowers. However, there is a general guideline that most lenders follow when approving loans for their borrowers. Here are some of the guidelines that we also follow to:
- Borrowers are required to have their bank accounts in their names. The account must have been opened and been active for at least thirty days.
- The borrowers’ addresses must be in an area that we are licensed to operate.
- All borrowers must be above 18 years old.
Why it is important to choose a licensed lender in California
It is highly advisable that you only opt for lenders who are state-licensed for your online payday loans California. This is good for your personal security because lenders like BridgePayday normally service your online payday loans right from the application stage to the repayment date.
Therefore, you can rest assured that the information you share with us will remain in one place and it is not likely to be shared with any other third parties. This is why direct lending is most commonly referred to as the transfer of funds from the ultimate lender to the ultimate borrower.
Every step of the loan process isn’t normally serviced by BridgePayday, and if you need any assistance from us, you can call our customer care at any time of the day so that they may give you the assistance you need.
On the other hand, if you borrow from an indirect lender, the information you provide during the application process will be shared with a group of lenders who will have the chance of earning your business.
This means that you are likely to get a lot of communications from various lenders trying to offer their services to you.
As much as it may seem an opportunity for you to have access to more loan offers, it does not guarantee approval, and also there is the risk of having your personal details getting into the hands of fraudulent companies.
The reason why most people prefer to work with direct lenders is that they are known to be in compliance with all standards set by the federal levels and the state at large.
While looking for online payday loans California, you might come across some lenders claiming to be offering loans up to $1500. However, you should not fall for such offers because, in California, it is not legal for a payday loan to cost more than $300 including the applicable fees. This is according to the California State Legislature.
Another way of identifying a state-licensed lender in California is to take a look at their website. Genuine lenders are those that display their status by making this information available on their website.
Also, a reputable lender will avail of their company’s phone number on their website where borrowers can use to call the company in case they need help with their loans. You can also use the number provided to call the company and request information about their licenses.
How Can I Effectively Use my Payday Loan?
Getting a payday loan is very simple and quick. However, before applying fr a payday loan, you should ensure that you have a plan and that the money will be used on important things in your life.
This is very important because these short-term loans can be a bit expensive; hence the need to manage them well. Also, the California state regulations limit people to only borrowing up to $255 with a loan fee of $45, meaning that the maximum amount you have to pay for a loan should not exceed $300.
Due to this, most people have decided to borrow from different lenders in a bit to have more money to help them take care of their needs. However, this should be discouraged since there is a possibility that in time, you might not be able to repay all the loans, which could end up landing you into trouble.
Ensure that you only borrow payday loans to attend to your emergencies. You may use them to take care of emergencies such as car repairs, car payments, rent payments, and buying food.
In order to keep your expenses down, you should also consider repaying these loans on time. This will help you to avoid any late payment fees.
In case you think that you won’t be able to repay the loan on the due date, then you should ensure that you have contacted the lender on time so that they may come up with a repayment plan that will accommodate you.
You should also consider remaining loyal to one lender since this may come with several benefits. If you have a solid repayment history with BridgePayday, then you will have the chance of getting discounts on loan fees from us. This will go a long way in helping you save some money rather than getting loans from different lenders.
