How much can I get from a payday loan?
The maximum amount for all payday loans in California is $300. That means the customer can receive up to $255 in cash after the $45 loan fee is deducted from the total amount. Please note that the exact amount an individual can qualify for may be less than $300, based on their monthly net income.
Do I need good credit to get a payday loan?
No. Cashback Loans’s qualification process is primarily based upon the customer’s application, bank information, and ability to pay.
How long does it take for my payday loan to arrive in my bank account?
After all documents are signed electronically and received, Cashback Loans will instruct the bank to release the payday loan funds into your bank account. The actual time of deposit will vary based upon the time all documents are received and approved. Typically, if all documents are received before 10:30 AM Pacific Time on business days, the funds will be deposited to your bank account that same afternoon. Otherwise, the funds will usually be deposited on the next business day. In-store applications are processed within the store and you can receive cash in hand within a few minutes.
What happens if I do not have the funds in my bank account to cover my check on the scheduled deposit date?
You can buy back your check at any of our locations before the deposit date of your check. Otherwise, the check will be deposited, as scheduled, on the agreed upon date. Checks that are returned by the bank will result in a $15 returned check fee.
Does Cashback Loans follow the Fair Debt Collection Practice Act?
Yes, our collections practices are consumer oriented and follow the Fair Debt Collection Practice Act.
Is this loan reported on my credit?
No, this loan is not reported on your credit.
What is the APR for a payday loan?
The typical APR for a two week payday loan is 460%
What happens if I am late or unable to make a payment on my payday loan?
You will be charged a one time fee of $15 for a returned check. One of our friendly customer service representatives will contact you to set up a date for you to come in. Once you pay off your loan, you will be in good standing with our company.
What is your payday loan renewal policy?
There is no renewal policy, the loan must be paid before a new loan request can be fulfilled. The fees are the same for first or second loan and fully disclosed.
Are you in compliance with state and local regulations regarding short term loans?
Cashback is fully compliant with all State and Local Laws. At this time we are only licensed in the State of California and are unable to provide short-term loans in other states.