Find the Best Payday Lenders in San Diego, CA

Payday lending is illegal and unavailable to consumers in some states. Payday loans usually have very high interest rates and carry risk. As with any loan, consumers should have a clear understanding of the fees, terms and conditions of any payday loan before borrowing.

How to get a payday loan in San Diego

Payday loans offer the advantage of a faster application process and payout than traditional loans. There is less paperwork to complete, and in some cases cash is available the same day. Payday loans do not require collateral. You can use the cash for whatever you need, whereas some other types of loans must be used for a specific purpose.

Payday loans are legal up to $300 in California. The Department of Business Oversight provides information on the laws. Lenders can charge a maximum fee of 15 percent of the total. Lenders cannot charge more than $15 for a returned check, and a payday loan cannot exceed 31 days.

You can get a payday loan in San Diego with bad credit as long as you prove that you can pay back the loan in the time allotted, for example, by showing proof of employment. Some lenders do not perform credit checks.

California law prohibits prosecution, so you will not go to jail for not paying back a payday loan. However, lenders can take action by sending your unpaid loan to a collections agency.

Typical requirements for payday loans in San Diego include:

• At least 18 years of age
• Proof of income/employment
• Active bank account
• Valid ID
• Social security number
• Active email address and/or phone number

Payday lender rates are generally in line with the maximum amount allowed. On a $300 loan amount, the maximum fee a lender can charge is $45 (that means cash in hand will be $255). Low-interest rate payday loans charge slightly less than the maximum amount. Online payday loans allow applicants to send documents electronically and can be a convenient option for busy San Diegans.

Alternatives to payday loans in San Diego

Before taking out a loan on your paycheck, consider some payday loan alternatives. Family or friends might be able to loan you money. If you can put aside even a small portion of your paycheck each month in a dedicated savings account, this can add up to an emergency fund.

If you are a member of a credit union, ask about payday alternative loans (PALs) in amounts of $200 to $1,000. A credit card cash advance might be another option that will cost less than a payday loan if you can pay it off before interest accrues.