Online Payday Loans Wichita KS USA

California, a state of Disneyland, that is situated in the pacific area of the USA is famous for its agricultural operations. It’s a city of 39.78 million people who work in various sectors but among them, nearly 12.8% of netizens live under poverty. Not only under poverty but people with an average salary also face various financial issues as life is so unpredictable and emergencies can occur at any time and anywhere. So, around 23 million of the population borrow 1 payday loan per year on average to fulfill their urgent requirements and by analyzing this survey, there was a bill passed by the state to make these small-term loans less stressful.

Recently, a friend of mine who is residing in California, he got some financial problems due to his salary issue as the COVID-19 has affected the lives and jobs of the people in the US. Moreover, in such a pandemic, it’s very embarrassing to ask some money from friends and family. So, I suggested him to go for payday loans which are legal in the city, too with proper rules & security. And he opted to apply online after a great search and comparison among the lenders, he chose who gave him the best price in the market. So, he borrowed $250 for 14 days and had returned the payment after getting the salary.

According to the state law of California, there are some rules & regulations for payday loans :

• The maximum limit that you can borrow is no more than $300, that’s it.
• The APR (annual percentage rate) in California is nearly 460% and the finance charges of 15% on $100.
• The maximum time you can get for the repayment is 31 days.
• Rollovers or refinancing of loans is not allowed as per the state law.
• The lender from whom you are borrowing the cash must be authorized.
• If talk about the loan-related transactions, then it must be on a legit agreement in which the details about cost, term, extra charges must be there.
• The language of the agreement must be that which is understandable to both.

In California, as per the laws, there can’t be criminal action against the borrower who failed to refund money on time. Despite the charges of 15% of the loan amount can be charged from the borrower as an NSF (non-sufficient funds). In fact, you are not supposed to borrow another loan to repay the first one as this practice is not at all allowed in California. Moreover, state laws are also made for lenders that they should not offer loans to the people who are still under the debt of other loans.

Let’s know more about the payday loans to get some awareness to become smart enough and no lender can trap you:

These small-dollar loans are specially meant for those with poor credit history and got rejected from banks. To apply this, you don’t need to do any faxing or to deal with a lot of paperwork and heavy documentation and that’s why it’s an instant loan that can be used in some really urgent scenario of life. But of course, all these leniencies will not be free of cost as it’s a big risk to the lenders so they charge a huge amount of interest that is nearly 460% in California.

For instance; if you borrow $100 then the interest would be around $15-$20 but actually the rates vary from lender to lender along with the state laws.

However, the following are the basic needs that are mandatory to apply for payday loans in California:

• The proof of your age that you’re above 18 which is the legal age.
• Citizenship of America and must be residing in California.
• Evidence of your stable earnings and employment details.
• Email id & phone number
• A valid and working checking account for the loan related transactions.
• Government id card for the verification purpose & to get the details of the borrower.

Payday loans in California are the small ailment for people who left with no option and need a small amount urgently. The limit of the borrowed amount is set by the state so that there would be fewer chances of getting trapped into the debt.