CALIFORNIA FINANCIAL SERVICE PROVIDERS ASSOCIATION

Payday loan customers MUST have:

	A checking account
	A steady source of income

Payday loans are often less expensive than other short-term credit or real-life alternatives like:

	Fees and interest for bounced checks or overdraft protection.
	Skipped bills with interest, late charges, and reconnect fees.
	Missed days of work because of, for example, needed auto repairs.

The only cost for a payday loan is the fixed, up-front fee.

	Interest or late charges are not allowed by law.
	The fee is capped at $45 and loans are limited to $255
	Payday loans are regulated by the California Department of Corporations
	Customers cannot take a new loan if one is outstanding from the same lender.

The process is straightforward and transparent.

	Fills out application and is shown the terms.
	Writes a check for up to $300, which will be held uncashed.
	Receives the loan - the check amount less than one-time fee.
	Pays back the loan on the next payday or the check is cashed or deposited.

Consumers are protected if a payback problem arises.

	There is no collateral at risk.
	The law limits collection measures and damages.
	Payment plans, without additional cost, are widely available for customers who cannot pay back their loan on time.

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