California Installment Loans (Bad Credit Accepted)
In California, installment loans are just one of many lending solutions for those that need cash fast. This variety ranges between $1000 and $5,000 with a maximum term of 60 months (around 5 years).
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California installment loans are available to all legal residents of the state, whether you’re living in Los Angeles, San Jose, or everywhere in-between.
What’s more, even those with bad credit stand a good chance of being approved by an online lender in our helpful directory of legal loan providers in the state.
As the name suggests, installment loans are repaid in convenient monthly installments, giving you that much-needed breathing room over payday loans.
Apply with a lender from our list today and you could see the cash in your account in as fast as one working day if you’re approved.
California installment loans and the law
For the most part lending laws are dealt with at the state level meaning California has its own regulations as it pertains to installment loans. As long as the provider is licensed in the state, it is fully legal to lend to Californian residents in lending stores or online.
All installment loans must be available from between 6 and 60 months to allow the borrower the most flexible solution for their needs. Repayments must equal and fixed, meaning you’ll know exactly how much you need to pay each month, the interest included, and when payment is due.
Furthermore, interest cannot exceed 35.89% APR, with a 5% origination fee (the upfront charge for taking out the loan.
Why an installment loan?
There are many reasons why Californians often turn to installment loans. They’re small enough not to be life-changing but not so small that you have to adhere to payday loan terms. That means there’s plenty of breathing room to repay the loan in monthly installments instead of one lump sum.
Maybe you need to renovate your home, fix a car or purchase a second-hand vehicle, start a business, or simply make a large purchase upfront. Regardless of the reason for requiring a loan, you do not have to tell the lender, though it’s wise not to use it to refinance existing debt, as this will usually just spiral out of control.
Installment loans offer a great everyday middle ground between payday loans and the much larger personal loans.
Quick installment loan facts
- Apply with bad credit and still stand a good chance of being approved.
- No guarantor required, sign in your own name even if you’ve had a checkered credit history.
- No collateral required, meaning items of value cannot be seized if you fail to repay.
- No restrictions on what the loan can be spent on. Go traveling or buy a 4K TV, it’s up to you.
- No prepayment penalty – if you decide to repay in full, you can do so without incurring extra charges.
Can I get an installment loan online in California?
Yes, although 67% of installment loan customers still go to storefront lenders to borrow money a growing number are turning to the internet for a faster and easier solution.
And, there are now many installment loan providers in California that will accept applications over the web.
Our directory lists only legally licensed installment loan providers based in California and we can help you get started today.
Either click through or provide some basic details and we’ll pass it through the network of lenders to streamline the process – you could be connected in a matter of minutes!
The OpenLoansCa tool is 100% free to use and we never pass on or sell your data to third parties. All info is protected by industry-standard encryption technology and we do not store your information once you’re directed to a lender’s page.
Why online installment loans?
In the age of the smartphone, applying online simply makes sense. Why waste time standing in line to then convince a clerk to let you fill out a stack of paperwork only to be told days later whether you’ve been approved?
By applying online you could connect with a lender in a matter of minutes, and if approved (which you’ll usually know on screen), you’ll only have to attach your digital statements and documents. And, that’s if they ask you to at all.
Once everything is complete and you’ve looked over the terms and conditions, digitally sign the agreement, and the cash could be in your account in as fast as one business day. That’s ideal if you’re in a real financial emergency and need money fast.
Installment loan requirements
Not everyone is eligible for an online installment loan in California, but they have far easier requirements than banks or traditional lenders. If you meet the following list you’re ready to get started right now:
- Are a legal resident of the US state of California.
- Have a valid social security number.
- Are at least 18 years of age as lenders will not issue loans to minors.
- Earn at least $1,000 per month from employment, self-employment, insurance payouts, or some other stable and verifiable source, to ensure you can make repayments.
- Have a valid checking account or savings account (that accepts checking facilities) in your name.
- Are happy for the loan to be deposited into your bank account and repayments automatically taken as per the repayment schedule.
- Are prepared to share your phone, email address, and other contact info as part of the application process.
- Are not currently deployed in combat or are on reserve in the Air Force, Army, Coast Guard, Marine Corps, or Navy, and are likely to be called within 30 days of being issued the loan.
- Can prove your identity with multiple documents even if not asked to upon application.
If you meet these terms then you are eligible to apply for an installment loan of between $1000 and $5000 in California with a maximum term of 60 months.
Installment loan guidance
All of the lenders in our directory have been vetted to ensure they meet California lending laws; however, it is still wise to be on the lookout for misleading language or false promises.
Reputable lenders will never guarantee approval, promise no credit check, or give you an instant response.
While applying online is fast and easy and there is less stringent checking than banks. You may still face a credit check. Nonetheless, having bad credit is not an automatic disqualifier, it just means the lender will take a strong look at your employment status, income level, and other application data before making their decision.
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