California Rates & Terms
Fees and Charges
The charges and fees to be charged on those deferred deposit transactions will depend upon the amount borrowed and loan term. An example of all charges and fees that would be charged on an one-hundred-dollar ($100) and a two-hundred-dollar ($200) deferred deposit transaction, payable in 14 days and 30 days, respectively, giving the corresponding annual percentage rate is shown below.
(Cost of Loan)
(Total of Payments)
Typically your loan will be due on your next payday that is 8 or more days away but no more than 31. Net Pay Advance allows customers to extend their due date up to three days from their original due date if necessary.
California Law Protects You
In California, all short-term lenders – whether a storefront or online – must be licensed by the Department of Financial Protection and Innovation if they are going to do business in the state. Visit the Department’s website to verify a lender’s license.
• A short-term lender may only make you one loan (which cannot exceed $255), and may only charge a maximum fee of 17.65% of the total amount borrowed (up to $45).
• Short-term lenders must post their California license and a fee schedule at every location.
• A short-term lender cannot make you a new loan to pay off an existing loan.
• A short-term lender cannot make you a new loan while an existing loan is outstanding, even if the combined balance of the existing loan and the new loan does not exceed $300.
• If your check bounces, the short-term lender may charge only one bounced check fee(up to $15). (Be aware! –your bank may charge you additional fees for insufficient funds.)
• Additional fees cannot be charged if you request an extension of time or payment plan. However, the short-term lender is not legally required to grant your request.
• By law, the contract for a short-term loan must be provided to you in the language you primarily used to negotiate with the lender.
• A short-term lender cannot threaten to prosecute you in criminal court for insufficient funds.
You may also have other legal protection under California law. For additional information, please contact the Department of Financial of Protection and Innovation.
Governing Law for California
The loan agreement is governed by applicable state and federal laws and regulations.
Loans to Military Members and Their Dependents
Federal law prohibits lenders from making loans to active duty military personnel and their dependents which carry an APR above 36%.
Net Pay Advance cannot use the criminal process against a consumer to collect on any deferred deposit transaction. California law only allows each consumer to have one loan with Net Pay Advance at a time.