San Diego is a coastal Southern California city. The current total population of San Diego, CA is 1,429,650. There are 1,137,117 adults, (187,912 of whom are seniors). The rate of females – 49.46%, the rate of males is 50.54%. The median age is 34. The average household income is $108,864. The poverty rate is 11.81%. The rate of issued payday loans in San Diego, California is 56%. The median rental cost $1,770 a month. The median house value is $629,500. 47.5% is the percentage of home ownership in this location. 60.48% of San Diego residents speak only English.
What are payday loans in San Diego, California?
Traditionally, payday loans in San Diego, California belong to a lending product in the amount of up to $5,000 for a period of up to 30 days. Then how do payday loans differ from ordinary loans? First of all, the interest rate — it is much higher for payday loans. Traditional loans are issued by banks, payday loans — by payday lenders. These institutions have different status, and their activities are regulated by different laws.
In this regard, banks choose more carefully who to give a loan to: they demand to confirm income, study credit history. MFIs provide loans more readily, including to those who will definitely be refused in banks.
The risk that the money will not be repaid in time is high, but it is compensated with huge rates. In addition, payday lenders may even benefit from the client delaying payments.
Payday loans San Diego, CA: online and offline
Payday loans are issued both online and in the office. It is a very convenient opportunity to get a loan online nowadays, but do not forget about scammers. Among the sites promising to issuing loans, you can find many offers from scammers. Therefore, carefully check who you give your passport data to.
We advise you to contact a trusted website. This may be a large financial marketplace where you can find the best deals on loans, credit cards and payday loans. Our referral service offers only proven organizations with the best terms exactly for your request. The service helps to save time, money and nerves (as much as possible).
Principles of loan issuance in San Diego, California
Payday lenders work on the following principle:
- Issue loans to citizens and small businesses.
The companies are located both in large cities and in lower populated areas, where there is only one bank branch, or none at all. It is much easier and faster to issue a small loan, and often it is almost the only opportunity to get urgently needed money.
- Lend small amounts for a short period of time.
Of course, if you wish, you can borrow bigger amounts – the regulations of organizations allow this. But, as a rule, the volume does not exceed two salaries, and the return period is about several months.
- Set an increased interest rate.
The interest rates are several times higher than the bank’s indicators. Often this is 1% per day, which makes up 365% per annum.
- Do not strictly assess the client’s solvency.
For this reason, it is very easy to take extra funds out. It is not necessary to prove your income, as in banks.
Payday lending advantages
- A payday loan San Diego, CA can be issued online and at any time. Most MFOs work around the clock and money is also deposited at any time. The payment is made to a personal account or credit card, so the presence of the borrower is not required;
- A large number of documents are not required to apply for a loan. All you need is an ID. The presence and confirmation of income is also optional;
- Quick review and application. The application is processed much faster than in a bank and the money is credited to the borrower’s account immediately after approval. The whole procedure generally takes no more than 10-15 minutes;
- Very high chances of approval. If the amount is not very large, in most cases, the organization approves a quick, small loan;
- Availability. If a person has a bad credit history or there is no permanent source of income, banks refuse to issue a loan. Such indicators are not an obstacle to issuing a loan for a payday lender, since they treat customers more loyally.
- Microfinance organizations have a lot of advantages, so they are very popular among the population. However, do not forget that such organizations have their own pitfalls, which people most often overlook, getting into unpleasant situations because of this.
The most convenient way to get a loan on the card
The lending procedure includes several simple steps. To get money to the card, it is enough to follow a few simple steps:
- Go to the official page of the company and log in to your personal account. To enter your personal account, you need to specify a phone number and wait for confirmation.
- After completing the registration, you need to fill out a questionnaire with personal information. At this stage, it is enough to provide ID data.
- Then you should upload copies of the documents for verification (if asked).
- Specify the bank card to which the transfers will be made in the future.
- After completing all the steps, you can receive funds to the card within a few minutes. The standard procedure for reviewing an application takes no more than 15 minutes. After the application is approved, a loan agreement with all the conditions will be sent to your email. The funds will be credited to the card within a few minutes.