$300 Fast Payday Loans and Cash Advance Loans are still available in Calfornia, after narrowly escaping death, according to a Los Angeles Times article on payday loans April 15, 2008.
Assemblyman Dave Jones (D-Sacramento) wrote a bill to cap interest at 36% a year.  But industry executives and lobbyists said that a 36% rate — a fraction of the 459% now allowed by state law would put even the largest California payday loan companies and cash advance lenders out of business.
Committee members agreed, with some saying that the short-term, unsecured personal payday cash advance loans fill a legitimate need for working people who live from paycheck to paycheck and sometimes need cash fast.
Fast payday loans can also help customers avoid very large overdraft fees from their banks and over limit fees and late payment fees from their credit card companies. Those with worse credit tend to have even higher bank and credit card fees, and tend to accrue them more often. Because of this, payday loans and cash advance loan lenders offer a legitimate alternative, as payday loan fees, when paid back on time, are often notably lower than the fees they would have received from their other financial lenders.
Assemblywoman Lois Wolk (D-Davis) said “At the moment, there is no alternative to the products that meet the same needs that payday lending provides.”
With a valid ID, proof of income and a personal checking account, California customers can borrow up to $300, which translates to $255 after a $45 fee. That fee equates to 17.6% interest for the two-week period, or 459% on an annual basis. Other states allow borrowers to borrow $500, 1000 or even $2000 in payday loans and quick online cash advance loans.
After Oregon legislators capped interest rates at 36% last July, more than two-thirds of the 320 payday outlets there closed shop within two months, state officials said. Thomson said Monday that about 80% of the storefront outlets eventually disappeared.
There are some reports of bank fees increasing for lower and middle income customers in states where payday loans have become illegal.
Lower and middle income individuals are likely to at least occasionally have times in which they are short on cash. There are times the most intelligent way to handle it may be with a pay day loan or cash advance.
The bottom line? If you are looking for a fast online cash advance, or a payday loan with no credit check, no fax and no teletrack- in short, if you need quick cash and you have bad credit but a full time job, in most states, you can get a quick or instant emergency payday loan. But you need to be careful about having the money to pay them back, or else you can get into a downward spiral of debt. This can also occur with bank overdraft fees.
Page topic: $300 payday loans in California still legal online and  thru local cash advance stores, as new bill was voted down.
I don’t know what the problem is with people and the payday loan industry. It is what it is. These loans were originally meant for small businesses and they worked when they first came out. Then came greed. The payday loan industry isn’t corrupt. Again, it is the banks that back these companies that made it so easy for lenders to push these loans on everybody. Even those who could not afford it.