Payday loans are available in San Diego; anyone can qualify with a quick credit check and proof of income verification. Cal Payday Loans works with online lenders in CA and many of these companies has offices in Southern California. That means you can apply online with us or meet with a direct lender near you. There’s no fee to apply online and most customers can be approved in one business day. The fees are high for a payday advance with interest rates over 50%. However, those costs are the same throughout California and not specific to San Diego.
Requirements to qualify for payday loans in San Diego
Most people who apply for online payday loans in the San Diego area have bad credit and likely won’t be approved for an installment loan. The good news is that a payday advance company will probably not be too worried about your bad credit, and they mostly want to make sure you can repay the loan. A California lender must do their due diligence in qualifying you for a cash loan, but it will often be much less paperwork and time than a typical installment loan. Other requirements include proof of income and residency, and while we won’t check your credit, we’ll still look to see if you’re in bankruptcy proceedings or in default with other payday loan companies.
How much will I pay in fees from a San Diego Payday Loan Company?
Now, let’s look at the cost of a payday loan. The fees for most online payday lenders in California will range from the low of a few dollars up to loan amounts with APRs that far exceed 100%. We’ve seen fees as high as $50 for 14 days. So, what does it mean to you? It means your cost will be high if you don’t pay off the loan before it comes due. If you have your details, an online payday loan will tell you that you can expect to pay from $7 up to $50 to borrow $200 for four days.
At that rate, you can expect that your interest fees will grow each day the loan is outstanding. Remember, all payday loans in San Diego should be taken out from authorized lenders, which means you have protection if the loan becomes past due. There are also city-wide municipal codes and laws for companies to follow. You also want to ensure there’s no prepayment penalty if the option arises to pay off the full amount early.
Consider other short term lending options in San Diego
Lending fees are like the interest on a credit card or a department store charge. So, up to a specific limit, you borrow money. Financing a new car is one thing. You can do it without a problem. Most people, however, cannot afford to continue making the high interest payments on a San Diego payday loan. They propose getting approved for financing, but ultimately, the cash advance becomes more of a burden if it rolls over month after month.
Let’s consider a more strenuous example that assumes someone who faces a cash crunch and needs at least $1,000 for bills. If you work at two jobs somewhere in California and an unforeseen expense comes up, are your funds about to be gone because of a cash emergency that’s out of your control? Reach out to credit counseling organizations in San Diego and see if you can build out a budget and put off taking out a payday advance.