You don’t have to leave your home to get a payday loan in Sacramento, simply apply online and get the cash you need fast from a direct payday loan lender.
There are over 200 payday lenders to serve the residents of Sacramento. But why take the time to visit a payday loan store when you can get payday loans in Sacramento online.
Online payday lenders offer the same amount of cash with the same terms as in-person payday loan lenders in Sacramento — but without the hassle.
Payday loans in Sacramento require only an income and bank account and are often made to people who have bad credit or no credit history at all. They can be an expensive type of loan but in many instances, people don’t have other options when quick cash is needed.
Online payday lender in Sacramento
Online payday loans in Sacramento may go through a direct payday lender, which makes its own decisions about loans, or brokers, who sell your loan to the highest bidder. Avoid the added costs and fraud risks of a payday loan broker by choosing a direct payday loan lender like Check Into Cash.
Check Into Cash is a direct online payday lender that confirms your income and checking account information online in a matter of minutes. You can have cash in your checking account by the next morning with an electronic transfer.
In exchange, the lender will ask permission to electronically withdraw money from your bank account when the loan is due; typically after your next payday, but sometimes in one month.
How much can I borrow?
A payday loan is a small dollar, short-term advance. The amount you can borrow varies by your state’s laws. Most states that allow payday lending cap the amounts somewhere between $300 and $1,000.
Check Into Cash offers payday loans up to $300 in Sacramento. In exchange for the cash, Check Into Cash charges a fee. This fee, along with the original amount borrowed, is typically due on your next payday, but sometimes in one month. Under California law, the maximum payday loan in Sacramento is $300 and the maximum fee a payday lender can charge is 15% (up to a maximum of $45).
What do I need to qualify for a payday loan?
To qualify for a payday loan you typically need an active bank account, current state-issued identification and proof of income. Check Into Cash specifically requires:
- Have an active checking account open for at least 90 days
- Be at least 21 years of age
- Be a citizen or permanent resident of the United States
- Have a current home/cell and work phone number
- Have a valid email address
How much does a payday loan cost?
The typical cost of a loan from a payday lender in Sacramento is typically $45 for a borrowed amount of $300. For a two-week loan, that’s effectively a 391% APR. Online payday lenders tend to charge higher rates. If the loan isn’t repaid in full on the first payday, a new finance charge is added. Within a few months, borrowers can end up owing more in interest than the original loan amount.
Can I get a loan if I have bad credit?
Yes! Most payday lenders don’t extensively use a borrower’s credit scores to determine approval beyond a basic credit check. Even if you’ve had bad credit in the past, if you meet basic requirements like an income and a checking account, you could still get the money you need.
Payday loans are not reported to a borrower’s credit reports. Unlike installment loans that can help build credit, payday loans will not help your credit scores. However, if you don’t pay the loan, the payday lender may report the default to the credit bureaus or sell the debt to a collections agency which can damage your credit scores.
What if I need more than a payday loan in Sacramento offers?
One thing you can’t control is emergencies. When you need cash for an emergency, a payday loan in Sacramento may not be sufficient because California lending laws dictate payday loans cannot exceed $300.
When you need more than $300 consider a loan for bad credit. The costs will be higher but you’ll have the opportunity to repay an installment loan up to 5 years in addition to building credit with on-time payments.
It’s easy to get trapped in a cycle of debt with payday loans. Because of the fee structure, payday loans are risky. According to research from the Pew Charitable Trusts, payday loans are packaged as two-week, flat-fee products but in reality have unaffordable lump-sum repayment requirements that can leave borrowers in debt for an average of five months when the debt is not immediately repaid.
The best use of a payday loan is to use it once, pay it off and start building an emergency fund with an online high interest savings account. Put your savings on automatic so you won’t have to think about it. Pay yourself first rather than repaying a lender when emergencies arise.