Merced (CA) Payday Loans Cooling Off
Payday loans in Merced, California does not have a cooling off period. Incidentally, a cooling off period is a specified interval within which the borrower can renege on the approved and signed (by debtor) contract of loan. It goes without saying that any amount received must be returned in full. The usual time frame is 48 hours.
Why Did California Not Include the Same?
Far be it for the author to go into the wisdom of legislators. But some experts believe that a cooling off period is unnecessary. This is because a payday loan is a contract between consenting adults. Once both parties agree to the contract, the same is binding.
