Home: Payday Loans: California
Payday Loan Information
In a payday loan transaction, the borrower provides to the lender items such as a paycheck stub, photo identification and a recent bank statement. The borrower writes a check to the lender for the amount of the loan and the lender's fee. Under California law, the lender's fee cannot exceed 15 percent of the loan amount and the total face value of the check may not be more than $300. The lender agrees to hold the check until the customer's next payday, up to 30 days. At that time, the borrower may redeem the check with cash, allow the lender to deposit the check or roll over the loan by paying another fee. California related complaints can be filed here.
However, Quik is based in Utah state and is governed by Utah payday laws. When California residents take a payday loan from Quik, it is govened by Utah laws. Read Quik's terms and conditions before applying for the loan.
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