Requirements for a California Installment Loan
You must meet these criteria to qualify for installment loans online in Bakersfield, California.
- Be at least 18 years old
- Have a valid government-issued ID
- Provide proof of steady income or employment, like bank statements or payslips
- Have an active checking account
- A resident of Bakersfield, CA
NOTE: Specific lenders may ask for additional requirements.
Installment Loans in California Briefly Defined
Bakersfield follows state laws regarding installment loans and short-term loans. This section will discuss a few pertinent state regulations.
Maximum Amount You Can Get From California Installment Loans
You can borrow between $2,500 and $10,000 with installment loans.
The money you can borrow with an installment loan in Bakersfield, CA, will vary based on several different factors.
California Installment Loan Interest Rates
Most loans from state-licensed lenders are capped at 36%, regardless of loan type.
Borrowers should note that interest rates for installment loans in Bakersfield, California, depend on different factors like the following:
- Your credit score
- Whether the loan is secured or unsecured
- Lender’s policies
Can You Get an Installment Loan With Bad Credit
Yes! Bad credit isn’t an obstacle to accessible finances in Bakersfield.
Many lenders will consider factors apart from your credit score, such as income and ability to repay the loan. This means a poor credit score does not automatically disqualify you from accessing loans.
How to Get an Installment Loan With Our Third-Party Lenders
Prospective borrowers can start the inquiry process with us.
First, complete an inquiry form on our website. This will provide the necessary personal and financial information to our network of third-party lenders in Bakersfield, CA.
Take your time comparing factors like the APR, fees, and payment terms. Choose the best option for you.
Once you’ve decided and you’re approved, you could receive the funds in as little as 1-2 business days!
Installment Loan Laws in California
In California, borrowers can prepay their installment loans at any time without penalty. However, lenders may charge a prepayment penalty if more than 20% of the loan is repaid within a year.
There are exceptions for natural disasters, property sales, personal loans under $5,000 with a term of less than five years, and if the lender fails to disclose the repayment terms.
Conclusion
Installment loans in Bakersfield can help when times are tight, offering quick access to needed funds.
Start the inquiry process to get the cash you need, today.
FAQs
Below are some common questions about installment loans in Bakersfield, CA.
If you’re in a tight financial situation but don’t know where to go for loans, many different financial institutions offer them.
You can get installment loans at the following places:
Banks
Credit unions
Online lenders
Failing to reimburse an installment loan can result in late payments, damage to your credit score, and potential legal action. It’s crucial to communicate with your lender if you face repayment difficulties.
Installment loans will be visible on your credit report for 6-7 years after the last sign of activity, which will typically be your last payment.
Endeavor to pay off your loan soon so you won’t have to deal with a hit to your credit report.