The total population of Los Angeles, California is 3,985,520. Female rates – 2,006,710 (50.51%), male – 1,966,568 (49.49%). The average household income in Los Angeles is $96,416. A poverty rate is equal to 16.89% (15.34% – male poverty rate, 18.41% – female poverty rate). The average rate of issued payday loans in Los Angeles, CA is 57%. The median rental cost is $1,523 per month. The median house value is $670,700. The median age in Los Angeles is 35. 37.0% is the rate of home ownership. The highest rate of high school graduation is among white people with a rate of 95.69%. 41.74% of Los Angeles residents speak only English, while 58.26% speak other languages. 39.1% the overall marriage rate.
What are payday loans Los Angeles, California?
Payday loans Los Angeles, California are a convenient solution to financial problems. However, they are fraught with a lot of pitfalls associated with a large overpayment and a high burden on the family budget.
First, decide whether your situation is really so critical that you need to borrow money to solve it.
Secondly, evaluate your capabilities: the money borrowed needs to be paid back, and even with interest. Will you be able to repay the loan on time without much harm to the future budget?
So, money is still needed, you may issue payday loans in Los Angeles, CA. This is a common and simple way to solve a temporary financial problem.
What are advantages of short-term loans?
Short-term payday loans have a lot of advantages, thanks to which they are widely popular with citizens who need a small amount of money for a short period. The main advantage of payday loans in Los Angeles, California is the convenience of the application. Most payday lenders currently offer the opportunity to apply by phone or via the Internet. At the same time, funds are deposited directly to the card.
The second advantage lies in the high speed of issuing such a loan. The review of the application takes no more than an hour, which allows you to get the necessary amount right on the day of application. The rate of applications’ approval reaches 95%. Most online lenders do not require a guarantee or deposit.
When contacting banks, many people face a problem: people who work informally are usually denied a loan. However, MFIs do not require official confirmation of income, the provision of statements and certificates, a pension certificate, as well as other documentary sources.
Availability – one of the main advantages
Any categories of citizens can get a payday loan in Los Angeles, CA, regardless of the presence or absence of a permanent income. The main term is reaching the age of majority, having citizenship and an US ID. When applying for a short-term loan for the first time, in addition to an ID, they may request the provision of a second document (SSN, driver’s license, TIN). In case of repeated requests, only an ID is needed.
Another advantage of quick cash advance is that a loan can be issued by a person with a bad or completely spoiled credit history. Some people even use small loans to improve it so that they can easily get a bank loan in the future.
You took out a payday loan LA. What should be remembered?
Do not forget that a small loan works for you only if you took it out for a short period of time. The faster you pay it off, the less money from your budget you will lose.
Interest payment and penalty
Now the law also regulates the activities of payday lenders. In particular, it introduces restrictions on the maximum amount of the penalty. The maximum amount of the penalty is a double overpayment and cannot be increased by agreement of the parties. This does not allow MFOs to collect bonded interest for delinquency, as a result of which earlier the amount of debt could increase 10-15 times.
It is extremely important for consumers to consolidate at the legislative level the prohibition of changing the interest rate on a loan, the procedure for calculating it, the procedure for paying interest in the direction of worsening conditions for the consumer. Since a very common problem is a misunderstanding of the full cost of the loan and penalties in case of delay, which could triple or even increase a person’s debt tenfold and, as a result, a person cannot repay it.
From now on, a mandatory term for dealing a consumer loan agreement is the consumer’s consent to access his credit history, and to collect, store, use and distribute information this loan through the credit history bureau. If the consumer does not provide such consent, the lender must refuse to conclude the contract and carry out the credit operation.
Another innovation is the establishment of the obligation for the lender to transfer information on all consumer loans free of charge to at least one credit history bureau.
When you repay the debt, do not forget to save the payment documents (check, receipt or cash bill). Remember that the loan is considered repaid at the moment when the funds are credited to the account or to the cash desk of the MFO. Ask the lender for a certificate that you have repaid the loan (part of the loan debt).