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What people use personal loans for
A personal loan is a lump sum repaid in fixed monthly payments. People use one for a larger cost they want to spread out, such as a car repair, a move, medical bills or several higher-rate debts rolled into one payment. The examples below show what larger and smaller amounts can cost within California limits.
What personal loans can cost
These examples show how cost adds up. They are illustrative, not a quote. Your lender sets the actual rate and terms.
Representative example
- Amount borrowed
- $3,000
- Annual percentage rate (APR)
- 29.99%
- Repayment
- 13 monthly payments
- Payment
- $273.13
- Finance charge
- $550.69
- Total of payments
- $3,550.69
Example: a $3,000 installment loan at 29.99% APR repaid in 13 monthly payments of $273.13 costs $3,550.69 in total, including a finance charge of $550.69. Illustration only; your lender will disclose your actual APR, payment schedule and total cost before you accept a loan.
What California law allows
| Product | Status | APR cap | Amount | Term | License | Law |
|---|---|---|---|---|---|---|
| Installment and personal loans[1][2][3] | Allowed | 36% APR | Up to $9,999.99 | 1 year to 1840 days | California Finance Lenders Law | Cal. Fin. Code Section 22000 et seq.; AB 539, Fair Access to Credit Act |
| Verified against the statute and regulator on September 23, 2026. Laws change; confirm with the regulator before you borrow. | ||||||
Bars place each APR cap on a 0 to 400% scale; the pin marks the cap. A striped bar means the statute sets no numeric cap.
The rules in full
Installment and personal loans
- Rate cap
- Under the California Financing Law (CFL) as amended by AB 539 (Fair Access to Credit Act, effective Jan 1, 2020), consumer installment loans of $2,500 to $9,999.99 are capped at 36% simple annual interest plus the federal funds rate, exclusive of a permitted administrative fee (up to $75). Loans of $2,500 or more but under $10,000 must have a minimum 12-month term and a maximum term of 60 months and 15 days (Cal. Fin. Code 22334). Loans of $10,000 or more made under a CFL license are not subject to this rate cap. Loans under $2,500 are governed by separate CFL small-loan tiers.
- Fees
- Administrative fee (Cal. Fin. Code 22305): up to $75 for loans over $2,500; for loans of $2,500 or less, the lesser of 5% of principal or $50. The fee is outside the 36% plus federal funds rate cap.
- License
- California Finance Lenders Law (CFL) license issued by the Department of Financial Protection and Innovation (DFPI).
Full detail for every loan type: California lending laws.
Help in California
Money snapshot for California
Other options in California
Worth checking whatever your credit: these can cost less than a high-rate loan.
- Emergency loans in California: allowed under California law; see its limits and license rules.
- Installment loans in California: allowed under California law; see its limits and license rules.
- Payday loans in California: allowed under California law; see its limits and license rules.
- Title loans in California: allowed under California law; see its limits and license rules.
- Credit union payday alternative loans (PALs). Federal credit unions may offer small loans of up to $2,000 with terms of up to 12 months and an APR no higher than 28%, under NCUA rules (12 CFR 701.21). You usually need to be a member.
- Nonprofit credit counseling. A counselor accredited by the National Foundation for Credit Counseling can help you build a budget or a debt management plan.
- Ask your creditor for a payment plan. Utilities, hospitals and many lenders offer hardship or extended payment plans if you ask before you miss a payment.
- Local assistance. Call 211, or visit 211.org, for emergency help with rent, utilities and food in California.
Personal loans in nearby states
Sources
- leginfo.legislature.ca.gov. Cal. Fin. Code Section 22000 et seq.. Retrieved September 23, 2026.
- lexology.com/library/detail.aspx. Retrieved September 23, 2026.
- dfpi.ca.gov. California Department of Financial Protection and Innovation (DFPI). Retrieved September 23, 2026.
- National Low Income Housing Coalition. Out of Reach 2026: California. Retrieved September 23, 2026.
- U.S. Census Bureau, Population Division. Vintage 2024 National and State Population Estimates. Retrieved September 23, 2026.
- U.S. Bureau of Labor Statistics. Local Area Unemployment Statistics (LAUS), All States, Seasonally Adjusted. Retrieved September 23, 2026.
Important disclosures
Illustrative range for installment loans in California: APRs from 5.99% to 35.99%, where the state APR cap is 36%. This range is not a quote; each lender sets its own rates. Your APR depends on your credit, income, state and the lender.
- BadCreditMD is not a lender or broker and does not make loans or credit decisions. When you submit a request, a lending network partner shares it with third-party lenders, and those lenders or the partner may pay us a fee for each referral. The lenders decide whether to offer you a loan.
- There is no fee to use BadCreditMD. Lenders or our lending network partner may pay us.
- Lenders set their own rates, fees and terms. Offers depend on your credit, income, state of residence and each lender's criteria.
- Our service is not available in all states, and not every loan type is available in every state.
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- Submitting a request does not mean you will be approved or funded, or that you will receive any particular amount or rate.
- Short-term loans are costly and are not a long-term financial solution. Borrow only what you can repay on time.
- BadCreditMD publishes general information about loans and state rules. It is not legal or financial advice.
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- Questions about a lender licensed in California? Contact the California Department of Financial Protection and Innovation (DFPI) or file a state complaint.
- You can submit a complaint about any lender to the Consumer Financial Protection Bureau at consumerfinance.gov/complaint.