$300 Payday Loans in Los Angeles, CA
Yes, you can get a $300 payday loan in Los Angeles, California, but $300 is the maximum check face value allowed by state law. Because the lender deducts up to a 15% fee from that $300 check, you walk away with $255 in cash.
Can you get a $300 payday loan in Los Angeles?
Yes, payday loans are legal in Los Angeles under the California Deferred Deposit Transaction Law, which is enforced by the California Department of Financial Protection and Innovation (CA DFPI). However, California strictly caps the face value of a deferred deposit check at $300, and lenders can charge up to 15% of the check's face value. That means if you write a $300 check, the lender keeps up to $45 as the fee and gives you $255 in cash. In a city of 2,384,216 residents where U.S. Census Bureau figures show a median household income of $74,153 and a median rent of $1,781, a $255 to $300 shortfall before rent is due is a common reason residents look for short-term credit.
Los Angeles has 41 licensed loan offices operated by 6 loan companies, 48 pawn shops, and 14 credit unions headquartered within the city. See the office list and facts box below, or visit our California and Los Angeles pages to compare local options. Your CU Partner is not a lender or broker and does not make loan decisions.
Step by step: how to get a $300 payday loan in Los Angeles
State-licensed deferred deposit originators in Los Angeles follow strict rules on check amounts, disclosures, and repayment periods.
- Confirm the lender's CA DFPI license. Check the office table on this page or search nmlsconsumeraccess.org to make sure the storefront or website holds an active California deferred deposit license.
- Prepare your identification and banking records. You must be at least 18 years old and provide a government photo ID, proof of income, and an active checking account with a personal check or electronic debit access.
- Review the Truth in Lending Act disclosure box. Under federal Regulation Z and California law, the lender must show you the exact dollar fee, the amount financed (the cash you actually receive), the due date between 7 days and 31 days, and the APR before you sign.
- Write the postdated check or sign the ACH authorization. You provide a check or electronic debit authorization for up to $300, which the lender agrees to hold until your agreed payoff date.
- Collect your funds and plan for payoff without rollovers. You receive your cash immediately at a counter or by bank transfer online, and the lender deposits your check or debits your account when the 7-to-31-day term ends.
What a $300 payday loan really costs
Under the typical national fee of $15 per $100, borrowing $300 for two weeks costs $45 in fees and carries a 390% APR (about 391% nationally). Under California's specific $300 check face-value cap and 15% fee limit, a $45 fee on a $300 check gives you only $255 in usable cash, which pushes the typical APR in California to about 460% for a two-week term.
California law prohibits rollovers, meaning a lender cannot charge you a new fee to extend an existing payday loan, nor can they give you a new payday loan while one is still open. If you cannot repay on time, you can ask about a no-fee payment plan or use federal Regulation E to revoke a preauthorized ACH debit by notifying your bank at least 3 business days in advance, though the principal balance remains owed.
Cheaper or safer options in Los Angeles
If you need the full $300 in cash and want more than a few weeks to pay it back, compare these regulated alternatives in Los Angeles.
- Credit union PAL. Los Angeles is home to 14 headquartered credit unions. An NCUA PAL lets eligible members borrow $200 to $2,000 for 1 to 12 months at a maximum 28% APR with an application fee up to $20. A $300 PAL repaid over 12 months costs $28.95 per month, and your total cost including a $20 fee is $67 over a full year.
- California Financing Law installment loan. Licensed installment lenders under the California Financing Law can lend full dollar amounts over multiple months. State rules cap the max APR at 45% for a $500 loan and 31% for a $2,000 loan, with an origination fee for loans under $2,500 limited to 5% of principal or $50, whichever is less (and up to a $75 administrative fee for loans of $2,500 to $9,999).
- Credit card advance or wage app. A typical credit card cash advance charges about a 5% fee ($10 minimum) and roughly 30% APR starting immediately, while cash advance apps offer paycheck advances with optional express fees or monthly membership charges.
Payday and installment rules in California
The California Deferred Deposit Transaction Law sets the minimum borrowing age at 18, caps checks at $300, limits loan durations to between 7 days and 31 days, caps fees at 15% of the check face value, and bans rollovers. Multi-payment consumer loans are regulated separately under the California Financing Law by the CA DFPI.
Active-duty military personnel and their dependents receive a 36% Military APR cap under the federal Military Lending Act. You cannot be arrested or jailed for failing to repay a payday loan, and a lender cannot threaten criminal charges when a check bounces. If a lender breaks these rules, file a complaint with the CA DFPI or the CFPB at consumerfinance.gov.