Payday Loans in Bakersfield, CA Near You

While lenders reserve the right to do credit checks, this is often a soft search that does not affect your credit rating, and applying online often means you can reach multiple lenders with one loan request.

Our directory of payday lenders in Bakersfield can help you find the solution that's best for you. And, while you won't know the exact interest rate or terms before going through the application process, we only link to direct lenders who are legally licensed to issue payday loans in Bakersfield, so you know you'll be getting a competitive rate and everything is above board.

As long as you are over the age of 18, a resident of Bakersfield, have a bank account in your name, and are in full-time employment, you are eligible to apply for a payday loan. What's more, if you are approved by a lender you could see the money in your account in as fast as one working day!

Is payday lending legal in Bakersfield, CA?

All cities in California fall under the state's payday lending regulations, meaning payday loans are completely legal in Bakersfield. However, there are some restrictions and protections to ensure borrowers don't get into financial trouble.

Payday loan terms are only available on loans up to $300 – amounts higher than this fall under installment loan regulations, though lenders often combine applications to make the process easier.

This means you have to repay loans up to $300 within 31 days, in one lump sum, which should give you enough time to get your next pay check. The finance charge or interest will never exceed more than 15% per $100, which translates to an APR of around 460%.

Borrowers are only permitted to take out one payday loan at a time but are free to apply for another one as soon as they've made the repayment. Lenders are not permitted to extend, renew or rollover existing payday loans beyond the maximum 31 days. If you fail to make the repayment you can only be charged a further $15, though your credit score will almost certainly be impacted.

Payday loan alternatives in Bakersfield

Payday loans are designed for the specific situation of not being able to cover your outgoings for that month. They can be viewed as an advance on your wages, just not from your employer.

With that in mind, you shouldn't consider a payday loan if you are in a different kind of financial predicament or cannot make the repayment when you next get paid.

For example, if you need to borrow more than $300, then an installment loan repaid over a longer period of time is a better solution.

Likewise, payday loans are designed for those that don't have access to savings, credit cards, or who have been rejected by the banks and larger lenders due to a poor credit history. If you can get funds via these traditional methods, it will likely be cheaper in the long run than a payday loan.