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California Payday loan laws. California Payday loan legislation. California has specific payday advance laws. The permitted fee is 15 % of the face amount of the payday loan amount. The permitted time period is a maximum of 31 days.
The maximum amount of the payday loan allowable is $300.00. Rollovers are prohibited.
For a thorough discussion of the payday loan industry and access to our payday loan training materials, we recommend you proceed to PaydayManual.com
California car title loans appeal to consumers with poor credit ratings and few borrowing options. Car title lending has been around for years, and California officials report there’s been a spike in recent years.
“The market is growing by leaps and bounds,” Tom Dresslar, spokesman for the state Department of Business Oversight, said Friday.
"The number of auto-title loans jumped 140 percent in the last three years, from 38,148 to 91,505 between 2011 and 2013, the DBO said. At the same time, the amount of principal on those loans grew 150 percent, from $133.9 million in 2011 to $334.8 million in 2013."
For example, Shanell White in California, is suing an auto title loan company that she says excessively charged her more than $11,000 in interest, payments and penalties over three years – on a $3,900 loan against her aging Lexus SUV. The case, filed last summer in Sacramento Superior Court against Wilshire Commercial Capital of Los Angeles, is in arbitration.
California Payday Loan Laws & Legislation State Information
Legal Status: Legal
Where to Complain, Get Information: