Temecula is a city in Riverside County, California, United States, located in the state’s southwest corner. It is a part of the Los Angeles metropolitan region. With the Temecula Valley Wine Country, the city is a tourist and resort attraction.
As the economy of the city is mainly based on tourism, it was affected by the pandemic situation and virus spread. As a result, Temeculans now find it hard to make both ends meet and try to find different sources of income. Thus, if you are having financial difficulties in Temecula and require a quick loan, payday loans are fast and easy ways to cover unexpected expenses.
Lenders in Temecula are better equipped to address the needs of the customers. For example, when people apply for a payday loan, online lenders are able to tailor a loan to their specific needs and provide them with the best option.
How to Obtain a Payday Loan in Temecula
Payday loans, often called cash advances, are short-term, small sums with higher interest rates. These loans are usually borrowed on a post-dated check or an account withdrawal permission applicable on the borrower's next payday. A source of income, a bank account, and proper identification are the most basic prerequisites for a payday loan. Besides, borrowers must be 18 years old or older.
A payday loan request can be approved in a matter of minutes. Simply fill out an online application form, submit it and wait for the lender’s decision. If your request is approved, the money is transferred into your active bank account within one business day. Note that you cannot take large amounts as a payday loan: cash advances range from $100 to $2500.
The majority of payday loans are due only for a few weeks. When the loan is due, the borrower can either pay it off or allow the lender to cash the post-dated check or make another withdrawal from their account.
About State Caps
It is not a secret that payday loans come with high-interest rates. For every $100 borrowed, payday lenders often charge $15-$20 in interest. Payday loan rates may range from 391 percent to more than 521 percent when calculated based on the annual percentage rate.
The states regulate the interest rate on loans, according to the Center for Responsible Lending. While the majority of states allow higher rates, fifteen states have laws limiting the APR on short-term loans to 36 percent or less. Moreover, if you have a lot of outstanding debt or are unable to complete your current payments on time, your state may ban you from getting a loan.
Bad Credit Payday Loans in Temecula
The most beneficial aspect of payday loans is that they do not require credit history verification or a hard pull. Thus, people with lower credit scores or no credit history at all are still eligible for payday loans. However, at the same time, payday lenders rarely record your payment history to credit bureaus, so the loan won't help you establish credit.
Remember!
Payday loans are sometimes a lifesaver, but they can also lead borrowers to a cycle of debts. Thus start creating emergency savings when your immediate cash emergency has passed. If you can save a few hundred dollars over time, you'll be repaying yourself rather than the lender in the event of an emergency.