Lancaster (CA) Payday Loan Basics
Read this article before, taking out payday loans in Lancaster, California. The same will discuss the basics. Limitations as to loan terms will also be discussed.
What does the Law Say?
The controlling law is the California Financial Code & 23000 to 23106. The same provides for the following:
- Maximum loanable amount is $300
- Maximum number of loans at a time is one
- Maximum payment period (loan term) is 31 days
- Maximum finance charge is 15% of the check
What the Law Does Not Provide
There is no rollover period. There is no cooling off period. There is no mandated repayment plan. The lender cannot file a criminal complaint based on the payday loan.
