Rates & Fees
California Deferred Deposit Transaction Law disclosure. Everything a borrower needs to know before signing. in plain English.
California statutory caps
| Parameter | Limit |
|---|---|
| Maximum face amount | $300.00 |
| Maximum cash to borrower | $255.00 |
| Maximum fee | 15% of face ($45.00 max) |
| Maximum term | 31 days |
| Rollovers and extensions | Prohibited. California law does not permit extending or refinancing an outstanding deferred deposit transaction. |
Source: California Financial Code §23035 (Deferred Deposit Transaction Law).
Worked APR example
A typical $300 face / $255 cash loan, written for a 14-day term (your next payday):
- Amount financed (cash to you): $255.00
- Finance charge (fee): $45.00
- Total of payments (what you'll repay): $300.00
- Term: 14 days
- Annual Percentage Rate (APR): 460.16%
APR formula: ($45 fee divided by $255 amount financed) multiplied by (365 days divided by 14 days) equals 460.16%. A longer term produces a lower APR. The maximum 31-day term on the same loan yields approximately 207.84% APR.
What the fee covers
The $45 fee on a maximum loan is the only charge. There is no application fee, origination fee, prepayment penalty, or late-payment fee on a California deferred deposit transaction written by Dhan Corp. Returned-check fees may apply if your bank dishonors the repayment instrument; those fees are disclosed in the loan agreement.
Right to rescind
California law gives you the right to rescind (cancel) a deferred deposit transaction by the close of the next business day after you enter the agreement, at no cost, by returning the cash you received to the originator.
Responsible borrowing
Payday loans are designed for short-term cash-flow emergencies, not long-term budget gaps. If you find yourself needing payday loans repeatedly, the California Department of Financial Protection and Innovation offers free financial-wellness resources, and the National Foundation for Credit Counseling can connect you with a non-profit credit counselor in your area.
Licensing
Dhan Corp is licensed by the California Department of Financial Protection and Innovation pursuant to the California Deferred Deposit Transaction Law. CDFPI license #214840. NMLS ID [[NMLS_ID]]. Verify at dfpi.ca.gov.