When you have an emergency in San Francisco that requires fast cash, payday loans may be the first idea that comes to mind – but it shouldn’t be. California is one of many states that allow payday loans, but they could get you further into financial trouble.
Even if you have a bad credit score, there are payday loan alternatives that offer lower fees and interest rates while allowing you to build credit, among other benefits. Otherwise you might regret taking out a payday loan, where the average APR is 460% with repayment due 14 days later.
How To Get a Cash Advance in San Francisco
Applying for a cash advance in San Francisco is easy with a few options for borrowing money.
Max Advance Amount: $250
Credit Affects: None
With Instacash from MoneyLion, you can borrow up to $250 at zero percent interest. To get started, all you need to do is download MoneyLion’s free app and connect it to your primary checking account. The app will then assess how much you can borrow and let you know in minutes.
The entire application process is fast and has no fees. You only pay for optional expedited delivery of the money you borrowed. Regular delivery of Instacash proceeds is 12 to 48 hours if you’re using MoneyLion’s RoarMoney and 3 to 5 days if credited to an external bank account.
For Turbo Delivery, you pay a small fee, but the funds borrowed should instantly appear in your RoarMoney or external bank account. This charge is the only fee you’d pay for fast cash and entirely optional.
How to Qualify:
- Age 18 years old or older
- You need to have a verifiable steady income source
- Have an existing bank account with a credit balance
- Own a bank account open for more than 60 days
In-Person Payday Lender
Payday lenders are known for high interest rates and fees, here’s a breakdown on what you might pay at a payday lender in San Francisco.
Max Payday Loan Amount: Capped at $300
APR: 460% APR
Credit Affects: Most payday loan providers only report the transaction to the credit bureau when the borrower struggles to pay the loan on time.
Rather than banning payday loans from the state, California chose another approach to make cash more accessible to its citizens – capping the interest. State limits for interest on loans with a principal of less than $2,500 are between 12% to 30% APR.
Paying for a payday loan with APR rates up to 460% is a still tough pill to swallow. At these rates, you’re better off looking for other options.
How to Qualify:
- You need to be 18 years old and above
- You should be a US citizen with government-issued ID
- Prove that you’re receiving regular income or deposits
- Have a working phone number
- Own a valid savings or checking account
Same Day Loan Options in San Francisco
Designed for borrowers with bad credit or no credit, Credit Builder Loan provides accessible cash while boosting your credit score.
Credit Builder Loan
Loan Amount: You could qualify for up to $1,000
Credit Affects: The average Credit Builder Loan user can boost their credit score by 60 points in 60 days!
Monthly Membership: $19.99/ month
MoneyLion’s Credit Builder Loan allows you to take out a loan of up to $1,000 but with additional perks. Making payments on time is simple. The loan even helps you build credit because MoneyLion reports repayment history to all three credit bureaus. You can check on your progress with weekly updates on your credit score from TransUnion.
To unlock these features, you have to sign up and pay the membership fee. A portion of the loan is deposited to an interest bearing Credit Reserve Account until you pay everything in full.
How to Qualify:
- You must be 18 years and above
- Be a citizen or permanent resident of the US
- Present an active social security number
- Own a bank account capable of making direct deposits
- Borrow up to $1,000 for 12 months at a competitive rate
- Exclusive perks under the Instacash program
- Financial activity and credit score updates every week
- Build credit and see up to a 60-point increase in your credit score in 60 days
- Earn interest income through your Credit Reserve Account
Comparing Your Cash Advance Loan Options in San Francisco
Payday loans in San Francisco are not the only way to solve a short term cash problem. Here are the options.
|Instacash||Credit Builder Loan||In-Person Payday Lender|
|How Much Can You Borrow?||$250||$1,000||Capped at $300|
|Fees & Interest||– Free|
– 0% APR
|Competitive APR, $19.99/month fee||Up to 460% APR on average|
|Impacts Your Credit?||No||Yes, it builds your credit score||Yes, when you don’t pay on time|
|Availability||– Mobile Device|
– Apply any time
|– Mobile Device|
– Apply any time
|Wait Time||Instantly*||Instantly||-Instant access to a check for deposit|
|Next Steps||Sign Up||Sign Up|
Get Your Instant Cash Today
People with credit problems might resort to payday loans in San Francisco to get cash, but that’s not the only way. Alternatives like MoneyLion’s Instacash and Credit Builder Loans help you get the money you need today without the triple-digit interest rates you would be required to pay on a payday loan. MoneyLion focuses on your ability to repay the loan, not your credit history.
Besides offering access to affordable loans, MoneyLion helps you manage your finances better by offering weekly spending reports. After signing up, you can get even paid up to two days early with a RoarMoney account.