Legal Status: Legal
Citation: Cal. Fin. Code §§ 23000 to 23106
California State Licensed Online Lenders:
CashCentral, CashNetUSA, CheckCity, ChecknGo, SpeedyCash, AvantCredit
Maximum Loan Amount: $300
Maximum Finance Charges: $17.65 per $100 borrowed
Licensing Requirements: Online lenders must be licensed in California.
Loan Term: Max: 31 days
Maximum Finance Rate and Fees: 15% of check
Finance Charge for 14-day $100 loan: $17.65
APR for 14-day $100 loan: 459%
Collection Fees: $15 NSF fee
Criminal Action: Prohibited
Regulator: California Department Of Corporations
Address: Financial Services Division, 151 K Street, Suite 200 Sacramento CA 95814
California Department of Business Oversight
Financial Services Licensee Database
Consumer Services – File a Complaint
Questions Regarding California Deferred Deposit Transaction Law
Predatory Lending Fact Sheet
The table below will display a representation of different loans with an annual interest rate of 35%*. Interest rates are set after assessing each customer's credit worthiness through traditional credit checks.
|Borrowed Amount||Loan Period||Monthly Payments||Total Payable Amount|
* The interest rate displayed in the examples table above is only representative. Not all customers will be eligible for a loan with the lowest interest rate. The APR and loan amount is determined by several factors such as: credit history, employment history, even state law.