California Laws Protect You:

California Laws Protect You:

California Laws Protect You:

In California, all payday lenders whether a storefront or online must be licensed by the Department of Business Oversight if they are going to do business in the state. You can visit the Department’s  website to verify a lender’s  license. www.dbo.ca.gov

A payday lender may only make you one loan (which cannot exceed $300), and may only charge a maximum fee of 15% of the total amount of the check (up to $45). Additional fee restrictions apply for military service members.

Payday lenders must post their California license and a fee schedule at every location.

A payday lender cannot make you a new loan to pay off an existing loan.

A payday lender cannot make you a new loan while an existing loan is outstanding, even if the combined balance of the existing loan and the new loan does not exceed $300.

If your check bounces, the payday lender may charge only one bounced check fee (up to $15). (Be aware – your bank may charge you additional fees for insufficient funds.)

Additional fees cannot be charged if you request an extension of time or payment plan. However, the payday lender is not legally required to grant your request.

By law, the contract for a payday loan must be provided to you in the language you primarily used to negotiate with the lender.

A payday lender cannot threaten to prosecute you in criminal court for insufficient funds.

You may also have other legal protection under California law. If you need help or suspect violations of the law, please contact the Department of Business Oversight. Toll free 1-866-275-2677

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