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California State Information. Legal Status: Legal. Citation: Cal. Fin. Code §§ 23000 to 23106. Loan Terms: Maximum Loan Amount: $300 Loan Term: Max: 31 days
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SFGate.com has an update on AB377, a proposal to increase the maximum California payday loan limit from $300 to $500. We like this. $300 does not go far today.
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A key provision of AB 377, authored by Asm. Tony Mendoza (D-Los Angeles), would raise the payday loan limit from $300 to $500 on the industry's assertion that $300 is Business loan home equity
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SB 515 would bar payday lenders in California from making more than six loans a year to any borrower and extend the minimum term of a loan to 30 days from 15.
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California law limits a single payday loan to a maximum of $300 with interest of 15%. Someone who borrowed $200 for two weeks would owe $230 when their Get loan right now
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