Payday loan laws in California

  • Status: Legal (Cal. Fin. Code §§ 23000 to 23106)
For Lenders

Lending specifications:

  • Maximum loan amount: $300
  • Loan tenure: 31 days
  • Fees and finance charges: 15% of the face amount of the check
  • Finance charge on a 14-day $100 loan: $17.65
  • APR on 14-day $100 loan: 459%

Collection restrictions:

  • Collection fees: $15 NSF fee
  • Criminal procedures: Prohibited
For Borrowers

Debt limits:

  • Maximum no. of outstanding loans at a time: Single
  • Rollovers allowed: None (cannot charge fee for extension)
  • Cooling-off phase: NA
  • Repayment plan: Voluntary (no fees may be charged in connection to the repayment plan)

Complaint cell:



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