Regulator Details

California Department of Corporations

Financial Services Division
1515 K Street, Suite 200
Sacramento, CA 95814
Phone: (866) 275-2677

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California Payday Loan Laws

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Credit Type FICO® Score
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Fair 620+
Good 680+
Great 720+
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California Payday Loan Laws Details

The data provided here is for general informational purposes and should not be used as legal reference. If you have questions regarding California payday loan laws contact the California Department of Corporations.

Payday loans are legal in California (see California Payday Loans or California Installment Loans to compare fees and requirements for individual lenders).

Feature Specification
Amount (max) $300
Rates or Fees (max) 15% of check
Term Limitations Max: 31 days
General Loan Terms

In California, no (cannot charge fee for extension) rollovers are permitted. There is no cooling period specified between loans. California lender particiation in repayment plans is voluntary however if a repayment plan is granted no fees may be charged in conjunction with payment plan.

For example, in California the rates and fees on a 14 day, $100 loan are:

Terms Amount
Loan Amount $100
Fees $17.65
APR 459%
Sample Loan Terms

California also defines regulations around collections. If available, the table below lists the fees lenders are permitted to charge if the loan is not repaid and/or whether a lender can threaten use of or use criminal action if a borrower is unable to repay a loan.

Feature Specification
Collection Fees $15 NSF fee
Criminal Action Prohibited
Regulations on Collections
Finally, a more detailed excerpt from California's statutes on finance charges is listed below. In general the tables above summarize this.

A fee for a deferred deposit transaction shall not exceed 15 percent of the face amount of the check. Any person who violates any provision of §670 of the John Warner National Defense Authorization Act for Fiscal Year 2007 (Public Law 109-364) or any provision of §232 of Title 32 of the Code of Federal Regulations, as published on August 31, 2007, in Volume 72 of the Federal Register, violates this division.

Citation: Cal. Fin. Code Sections 23000 to 23106 and Civil Code 1789.30 et seq.