How Does A Payday Loan Work?

You can lend between $2,500 to $20,000 cash. The value takes into consideration the year, make, model, mileage, condition of the vehicle and your financial ability to repay your loan in the time and manner provided in your loan contract.

Our rates are very competitive and can vary depending on your loan conditions.

Minimum period for repayment is 36 months to a maximum of 48 months. There is no penalty for paying of your loan early.

No, Prestamo Efectivo does not charge a pre-payment penalty. In fact, we encourage our customers to pay off their title loans sooner if possible.

No, Prestamo Efectivo does not require you to be currently employed to get a title loan. But you do need to have some type of income (unemployment, disability, retirement income, etc).

We can loan you money even if you have no credit, bad credit or a prior repossession.

The reason we can give loans to those with bad credit is because you will be using your vehicle to secure the loan.

If you bring all the required documentation it takes 30 minutes to complete the process. We are the easiest title loan place to deal with, we do not have red tape like other companies, so you will receive your cash loan the same-day, in less than 1 hour.

PLEASE PROVIDE THE FOLLOWING:

• ID
• Proof of Residence (bill; cable, internet, phone, etc within 40 day of loan )
• Proof of Income ( last 2 check subs or last 2 months of bank statements)
• 2-4 Personal References

As a courtesy, payment coupons are sent to you. If you have any questions, regarding your payment options, please call our Customer Service at (916) 573-4949.

Our payment options are:

In person: – we accept cash, personal check, money order or cashier’s check at our office location. We are open from 9am to 5pm, Monday to Friday.

By Mail: Payments may be made by personal check, money order or cashier’s check. Please be sure to put your account number or social security number on your check or money order.

Make payments payable to:Cash Loan 888, LLC. Mail your check to our office at 1455 Response Road, #120-B, Sacramento, CA 95815. Please be sure to allow up to 5 days for the postal service to deliver to our office so you are not late on your payment.

Please contact us immediately if your payment will be late.  Be mindful that if you mail your loan payment to be sure to always allow at least 5 days delivery time, so you payment does not arrive late to our office.  The specifics of late payments are written in the title loan contract.  It is important to note that the vehicle can be repossessed at any time that the consumer isn’t following the requirements written in the contract, such as a lapse in insurance or late payment.

Repossession means that a  local repossession agency will take the vehicle that you used for your loan (under a contract as collateral). California title loan repossession laws  state that the lender, Cash Loan 888, has the right to repossess your vehicle as soon as payment is one day late. We do not have to give you any prior notice that it will be taken.

Title loan regulations in California provide that the repossessor has the right to take the vehicle whether or not the previous owner is present. If they are present and give the agency the amount owed right then, the agency is required to forward it to the lender and cannot take the car. The borrower also has the right to an itemized receipt.

The repossession agency must inform the owner that their vehicle has been repossessed, but they have up to 48 hours to do so, or 72 hours if it’s a weekend. It must be either in person or by mail. The mail would have to be sent out within the 48 or 72 hours, but it doesn’t mean the consumer will have it by then due to the length of time it takes for mail to be delivered.

Rights After the Vehicle is Repossessed

In addition to the required notification within 48 hours, the notice must include the name and number of both the repossession agency and the legal owner. The borrower must be given an inventory of their personal effects that were left in the vehicle when it was taken. Information must be given about where the vehicle is being kept and how to get the vehicle back after repossession.

The repossession agency must keep the personal effects of the borrow for at least 60 days before it can be discarded or sold. This does not include anything extra that was added to the car during the ownership of the vehicle, such as a new radio system. The repossession agency may charge a fee daily for the 60 days, and they must keep the inventory of the personal effects and when/to whom they were distributed.

Selling the Car

The lender must inform the borrower of their intent to sell the car with at least 15 days notice, and the notice must be sent via first-class or certified mail. The Notice of Intent to Sell must be served to the borrower within 60 days of the repossession, and the consumer has the right to ask that the sale is put on hold for ten days.

If the car is sold for a higher amount than the amount owed on loan, they must return the extra money to the borrower within 45 days. If the amount it was sold for doesn’t cover the remaining loan balance, the borrower is required to pay the rest of the loan off. This must go through court, as the lender must serve a Complaint. The borrower has the right to answer and defend them in court.

Yes, at this time we are only licensed to only operate in the State of California.

We are licensed with the Department of Corporations State of California Finance Lender and Brokers. All loans are made pursuant to License #60DBO 76585 in strict accordance with California state and federal law.

You must be 18 years old with a valid government-issued ID and have a clear car or motorcycle title to be eligible for a car title loan or motorcycle title loan in the state of California. You will need to bring the car or motorcycle associated with the clear car or motorcycle title to the store for an appraisal when you come into our Efectivo Prestamo location to get your money. You’ll also need to bring proof of income, proof of current residency, and your current vehicle registration. In California, a credit check is required for a car or motorcycle title loan; however, Efectivo Prestamo® welcomes all credit good or bad, so we can get you the cash you need when you need it most.

Minimum loan amount in California is $2,600.

Yes. We are licensed with the Department of Corporations State of California Finance Lender and Brokers. All loans are made pursuant to CA LENDER LICENSE # 60DBO 76585 and CA DEFERRED DEPOSIT LICENSE # 10DBO-92038 in strict accordance with California state and federal law.

For more detailed information please read our Legal Info.

The DBO provides protection to consumers and services to businesses engaged in financial transactions. To learn more go the California Department of Business Oversight (DBO) website. The Department oversees the operations of state-licensed financial institutions, including banks, credit unions, money transmitters, issuers of payment instruments and travelers checks, and premium finance companies.

DBO also provides information and resources on a variety of financial topics to provide consumers with tools and information to operate safely in the financial marketplace.

Yes, to learn valuable information to help you improve your credit, please refer to Freddie Mac Credit Education Program, an online course offered at no-cost to you.