San Jose is the third-largest city in the state of California. Nowadays, the population of San Jose, California totals 1,003,120. There are 803,272 adults, (133,412 of whom are seniors). 42.31% of San Jose residents speak only English. The average household income is $142,635. The poverty rate counts 8.27%. As the poverty rate if not huge, the rate of issued payday loans should be low but it’s still over 50%. The median rental cost is app. $2,232 a month. The median house value is $925,800. The median age in San Jose is 36. 56.6% counts the number of home ownership.
What is the essence of payday loans San Jose, California?
Currently, payday loans San Jose, California are successfully used by almost everyone. They are gradually turning into one of the most popular types of loans. All thanks to the fact that it is very easy and simple to take out a loan on the card – you can do it in a matter of minutes, you do not have to collect a lot of papers, certificates, wait for confirmation or approval of the bank.
A payday loan is a small amount of money that a payday lender issues to a borrower at a fixed interest rate for a short time.
Simple and clear terms of loan issuance
Requirements for borrowers: Payday loans San Jose, CA are issued to citizens of the United States aged 18 to 65 who have permanent registration (residence permit). To submit an online application, you only need a passport (the usual registration procedure), and a registered bank card of any of the US banks.
- loans in the amount of up to $300;
- period from 7 to 30 days;
- the interest rate under the loan agreement is 1% per day.
With each subsequent appeal, the conditions for issuing a payday loan San Jose, California become more attractive: the amount and term of use of the loan increases, the interest rate decreases.
If necessary, the loan agreement can be extended. The prolongation procedure takes place free of charge. It is enough just to pay interest for the actual term of loan use.
Why and how is it better to take out a payday loan?
Relatively small amounts may be urgently needed in a variety of situations in life. For example:
- urgent need to repair a house, apartment, office space;
- the need to repair a car or working equipment;
- quick financial assistance for small businesses;
- the need for treatment.
- significant events in life. Weddings, anniversaries, the birth of a child and so on.
Before applying, as well as during the loan processing process, try to ask the company’s specialists all the questions you have, calculate a detailed payment schedule for the loan and try to adhere to it. By following simple rules, you will be able to get only benefits from payday loans San Jose, California.
Advantages and cash advance
The popularity of the online lending service is due to the advantages of such loans over bank loans:
- they are issued without leaving the house;
- available in 24/7 mode;
- the money is deposited within 5-15 minutes;
- low requirements for the borrower;
- you need a passport for registration;
- the funds are transferred to a card, an account, an electronic wallet;
- there is no binding to the location of the MFO;
- the presence of stop factors is not a hindrance, you can get it even if the banks refused;
- minimum age limit (on average 18-75 years old).
Rating of payday lenders: how to choose the best one?
Today, there are a large number of offers on the microcredit market of the United States, among which it is difficult to choose a profitable one. Not all lenders are equally honest with customers, some are misleading, provide poor-quality service. Therefore, you should trust proven and reliable microfinance organizations.
Loan selection criteria:
- interest rate;
- application review period;
- repayment terms;
- availability of additional commissions, penalties for delay;
- the possibility of prolongation.
To choose a service, it is recommended to use the services of special credit portals, they have collected lenders that issue urgent loans. Here you can compare the terms of lending and apply for an urgent loan in San Jose, California.
The difference between a payday loan and a bank loan?
The main difference is that loans are issued by banks, when payday loans are issued by legal entities with the appropriate license. The bank issuing the loan is a large financial institution that “works” with money in general. The bank is interested in a person’s income, his credit history, and guarantors. MFOs are lending services with other characteristics. The consumer is given a small amount at a large percentage that needs to be returned. Microfinance organizations only care about their current solvency.
The bank solves problems with debtors through the legal system (bailiffs) in order not to spoil the reputation and not to go beyond the law. Payday lenders solve problems with debtors in any available way, including through collectors. Profit in this case is more important than reputation.
The bank has strict requirements for borrowers, while microfinance organizations are not afraid to take risks and give money to those who may not return it. At the same time, banks have the right to lend any amount, while microfinance organizations are legally limited to a certain amount.