Reliable Payday Loan Bond Service
Surety Bond Service You Can Count On
Since 1985, Lesron Surety Bonds has been the premiere name in Southern California surety bonds. We help businesses of all sizes get the permits they need to operate and make sure that consumers stay protected. For 36 years, we have been the surety bond company that contractors and real estate developers have turned to when they need fast, secure, surety bonds. We are proud to be adding payday loan bonds to our repertoire of surety bond service.
How to Apply for Payday Loan Bonds
The application process for payday loan bonds is fairly simple. In most cases, you start by selecting the amount of the bond you need. In California, payday loan brokers and financial lenders are required to secure a bond of $25,000 before they can even begin conducting business. Once you select the loan amount, you will then select the desired effective date of the loan, select your specific type of business, and provide your business license number. You may be asked to verify the information submitted with documentation on your business and your status as the owner. Finally, you will be provided with a quote for your loan.
What Is a Payday Loan Bond?
A payday loan bond works the same way a surety bond does. A surety bond for contractors assures customers that they will be protected in case the project isn’t completed, doesn’t follow local codes, or the contractor is dishonest in any aspect of their work. A payday loan bond does the same thing for the consumer, but with payday loan companies. A payday loan bond will protect whoever is borrowing from a lender from unscrupulous business practices.
Who Needs a Payday Loan Bond?
Generally speaking, only payday loan companies would need a payday loan bond. In the state of California, you are required to have a payday loan bond before you can give out a private loan. If you are operating a personal loan company, you will need this type of bond to operate. Sometimes, payday loan bonds may be referred to as a finance lender or broker bond. Loans can run from $25,000 to $1,000,000. If you are a contractor or real estate developer, a payday loan bond is not for you. They are reserved mainly for those who provide short-term, private, payday loans directly to consumers who need help between paychecks.
Choosing the Right Bond
At Lesron Surety Bonds, we want to make sure you get the perfect bond for your business. We will assist you every step of the way and provide you with flexible options that suit your specific needs. Reach more customers and help more people with our payday loan surety bond service.