California Payday Loan Laws Details
The data provided here is for general informational purposes and should not be used as legal reference. If you have questions regarding California payday loan laws contact the California Department of Corporations.
Payday loans are legal in California (see California Payday Loans or California Installment Loans to compare fees and requirements for individual lenders).
| Feature | Specification |
|---|---|
| Amount (max) | $300 |
| Rates or Fees (max) | 15% of check |
| Term Limitations | Max: 31 days |
In California, no (cannot charge fee for extension) rollovers are permitted. There is no cooling period specified between loans. California lender particiation in repayment plans is voluntary however if a repayment plan is granted no fees may be charged in conjunction with payment plan.
For example, in California the rates and fees on a 14 day, $100 loan are:
| Terms | Amount |
|---|---|
| Loan Amount | $100 |
| Fees | $17.65 |
| APR | 459% |
California also defines regulations around collections. If available, the table below lists the fees lenders are permitted to charge if the loan is not repaid and/or whether a lender can threaten use of or use criminal action if a borrower is unable to repay a loan.
| Feature | Specification |
|---|---|
| Collection Fees | $15 NSF fee |
| Criminal Action | Prohibited |
A fee for a deferred deposit transaction shall not exceed 15 percent of the face amount of the check. Any person who violates any provision of §670 of the John Warner National Defense Authorization Act for Fiscal Year 2007 (Public Law 109-364) or any provision of §232 of Title 32 of the Code of Federal Regulations, as published on August 31, 2007, in Volume 72 of the Federal Register, violates this division.