550 Front St #3018
San Diego, CA 92101
If a San Diego California company is offering you payday or cash advance loans, do look before you leap. A lender is not necessarily lying when he says that he can offer you a loan without even making a credit check, but that is not the only thing you have to be concerned about.
Many San Diego California lenders of payday and cash advance loans only allow first-time borrowers to borrow a minimum amount of $500. If you look hard enough, however, you may find companies that are willing to lend you $1,000 or even as much as $1,500 for your first transaction. There is a good chance that its accompanying finance charges are higher than usual. Thankfully, that is only temporary. If you borrow from the same company for a second time or subsequently, many companies are willing to offer you lower interest rates in exchange.
There are certain cases of exemption when you may persuade a lender to loan you more than the minimum amount stated for first-time buyers. You will, however, have to provide them with sufficient documents that will prove your paying ability. If you have an above average credit score, that would definitely help as well.
Access to Your Account
Remember that payday and cash advance loans in San Diego, California work just the same way they do elsewhere in the country. When you accept a loan of this type, you will also be required to grant the lending company electronic access to your account. That is tantamount to giving the company your ATM card or a blank check if you do not verify the terms and conditions that the lending company will be bound to follow.
For starters, make sure that you are on agreement of the factors below.
Interest fee - All payday and cash advance loans in San Diego, California come with fixed interest charges. You should know how much the company is charging you for interest and if there is any way you can have it reduced. Find out as well if you have the option to turn the interest rate into a variable or semi-variable rate, if you find a need to do so.
Payment - Typically speaking, a payday or cash advance loan has to be paid on the next pay day, hence its name. You are, however, given the option to postpone full payment of your loan for the following payday. You are rarely given the option to skip payment on your interest charges though. If you fail to pay this as well, they will only add it to your debt until a certain amount has been reached. Since the lending company has electronic access to your account, they have the means of obtaining full payment of the loan on a certain date or once a certain condition takes place.
A payday and cash advance loan in San Diego, California must be typically settled by the next pay date of the borrower. Whether there is a maximum length or term for such loans would depend on which company you are applying to.