Most California residents hope they’ll never need an online payday loan. If they’re in a cash crunch they expect to rely on their savings or if things get really tough they plan on asking their friends or relatives for money. Sometimes though, you run out of options. When you get to this point an online payday loan may be your option. In an ideal world, you don’t need an online payday loan, but it’s good to know that a Californa payday loan is available if you need it. Here in California, we have quite a few online choices when it comes to getting a payday loan or installment loan. Even though you have many options you’ll still need to make a decision rather quickly. Let us help you make the process easier by breaking down some tips for you so you can better understand California payday loans.
Here are 10 tips that should help you find the best California payday loans:
- Shop around online to find the best deal. There are literally dozens of lenders ready and willing to offer online payday loans to qualified consumers in California. Don’t settle for the first lender that’s willing to give you a loan! Spend a few more minutes and find out the rates and terms for another online payday loan from another lender. That way you can compare the options and make the best decision for your financial situation.
- Use an online payday loan calculator to break down the interest rates. We all know payday loans carry high-interest rates. Payday loans are designed to be an emergency option for a consumer that has nowhere else to turn. That doesn’t mean you should be charged more than the going rate that’s being offered by lenders who offer online payday loans in California! Do you research, use an online calculator to crunch the numbers and then make your decision.
- Ask you friends or relatives for a referral to a company that offers online payday loans in California. People you know will usually give you the best feedback and advice when it comes to choosing a quality payday lender in California. Tap into your social network and ask people for a referral to a California lender. You’d be surprised how many people have been in your situation!
- Make sure the lender is licensed to fund California payday loans. This is very important. While online payday loans are regulated by the State of California that doesn’t mean there aren’t companies out there that aren’t licensed. If you take out a loan with an unlicensed lender you won’t have any protection by the State of California if things go bad. Also, there’s probably a reason why that lender isn’t licensed by California to offer online payday loans. Don’t take a chance. Go with a lender that’s licensed in California.
- Find out if there are any extra fees or charges. We’ve all heard the bad stories about people who take out a payday loan only to get gouged by fees and charges they didn’t know about or weren’t told about. Don’t be that person. Make sure you know exactly what the fees and interest rates are. In addition to knowing what your rates are you’ll also be able to compare those numbers to other lenders that offer payday loans in California.
- Be sure you get a copy of the online loan contract. Much like the tip above, you need to know exactly what you’re getting yourself into before you sign the loan contract. Some online direct payday lenders will try to cram all sorts of things into your loan contract with the hope that you’ll never read it. Take the extra few minutes and read your loan contract!
- Find out what other loans the company offers in addition to online payday loans. It doesn’t hurt to ask what other loan options a company may have. For example, you may be approved for a payday loan with a company only to find out they have an installment loan option that you may be better suited for. Most companies that offer online loans California will have a few other loan programs as well. You just have to ask about their installment loan or personal programs..
- Ask them if they have any promo codes or online coupons. Did you know that many direct payday lenders here in California have active promo codes or coupon codes that you can use for discounts on your payday loan fees? That’s right, most lenders will issue coupon codes for anywhere from 10%-30% off your initial payday loan fees. Before you apply for a payday loan do a search online for that lender with the keyword “coupon code” to see if anything is available. Also, we’ve mentioned some lenders with coupon codes in our Database of California Direct Payday Lenders and Installment Lenders.
- Do an online search of companies that provide California payday loans to see if they’ve had any legal issues in the past. Do this for payday lenders and installment lenders and any online company that you’re going to work with on a financial level. You can usually just type the company name into any search engine and you’ll know really quick whether they’ve had any legal issues or not.
- Make sure the company is looking out for your best interests. Obviously, this is easier said than done. Most companies are out to make money, but that doesn’t mean they should rip you off. Feel free to take your business elsewhere if a payday lender wants to offer you more money than you need or if they’re trying to get you into a loan you don’t want our need! Remember there are other choices available, such as an installment loan or even a simple cash advance from a friend. Also be sure you only borrow what you can afford. Some lenders will try to offer you a loan that’s more than what you need. We discussed this issue in our latest article, How much should I borrow with an online payday loan in California?