How Much Does a Payday Loan Cost in California?

Author · Modified on 20 January, 2023

California Loans cost different amounts depending on the amount of money you want to borrow, the length of your payday loan and the rate that your lender offers you.

With Dime Alley, you can get a California Loan in the form of a Payday Loan, Installment Loan or Cash Advance and repay your loan in as soon as 1 month or as long as 60 months-time.

However, remember that Loans in California are short-term loans designed to cover emergency bills or expenses, not for long-term purposes.

If you choose to take out a payday loan with Dime Alley, we never take any fees from you as the borrower.


1000 california loan
$1000 California Payday Loan cost breakdown


How Much Do Loans Cost in California?


Ultimately it depends on the amount you decide to borrow, the length of time you choose to borrow for, as well as other factors such as your credit and income.

Typically, candidates with stronger credit will be offered a better rate as lenders see their chances of paying the loan back in full and on-time as higher than candidates with poorer credit.

However, no matter your credit score, you can apply for a California Loan with Dime Alley – our panel of lenders work with a variety of borrowers with differing credit scores and histories.


$500 California Loan Cost


The cost of a $500 payday loan is $546 after two weeks and $592 after four weeks, and they get more expensive the longer you hold them. For that reason, whilst they are useful for emergencies due to their fast nature, they should not be used for long-term purposes.

Additionally, most loan applications are automated, and so applications are often completed and funded with 1 hour or the same day of applying.


$1000 Loan Cost in California


$1000 Payday Loans cost $1100 after 1 month, $1206.33 after 3 months and $1377.66 after 6 months.

The APR for a payday loans can be anywhere from 36% to 500% depending on the state you live in and your personal criteria, such as credit score and residential status which can impact the rate you are charged.

In California, the APR is typically around 400%.


When Will I Need to Repay My California Loan?


Ultimately it is up to you and your lender, but typically you can repay over 1 month to 60 months (or equal to 5 years) – this will depend on whether you prefer the payday loan option which may be just a few weeks or months, or the longer installment option which can be several years to stretch out your repayments.

Payments are usually made in equal monthly installments from the bank account you choose and you always have the option to repay early if you would like to do so.


How Many Payday Loans Can I Have At Once in California?


With California payday loans, lenders can offer a loan (called a “deferred deposit transaction”) of up to $300 for a term of up to 31 days.

However, a borrower can have only one payday loan outstanding at any given time.


How Much Can I Borrow in California?


With Dime Alley, you could find California loans ranging from $100 to $35,000 – with the amount you can borrow based on factors like your monthly income, credit status and affordability.

Other things come into play too, including your residence (homeowners are often preferred), age and whether you have any other similar loans open too.


What If I Cannot Repay My California Loan?


If you realize you will be unable to meet a scheduled payday loan repayment, you should make sure to contact your lender immediately. Your lender will try to find an arrangement that makes it possible for you to repay the loan. You may be able to agree to a payment schedule that would be more affordable.

Failing to repay your debts can lead to late fees, damage to your credit record, and threatened legal action. If you have declared collateral in your loan contract, you could lose assets.

Therefore, it is important to remember when you first apply that you should never take out more money in the first place that you know that you will be able to afford to pay back when the repayment is due.

A payday loan is a financial product that should only be used a short-term fix for an unexpected bill, or just to tide you over before the next payday.

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