Fresno Payday Loans: Subprime Report
A Guide to Getting The Help (and the Loan) You Need


There are lots of reasons why people can find themselves in financial trouble, but there are also tons of resources out there that people can use to get themselves back on track. If you’re living in Fresno and feeling the pinch of tight or non-existent finances, there are people and organizations out there waiting to help.

Borrowing Money in Fresno

Sometimes all you need to solve the problem in front of you is the money to pay the bill. But where are you going to get that cash? If you’re not careful, you could end up getting a loan from a predatory lender.(1) These are lenders who take advantage of people who are in desperate situations and need quick cash. You will often encounter a predatory lender in the form of a payday loan, a car title loan or a loan from a pawn shop. Before you sign on the dotted line, it’s a good idea to learn The Truth about Payday, Pawnshop, and Car Title Loans.(2)

Payday Loans in Fresno
Places that advertise quick cash could have long, lingering consequences.

Payday loans are small loans, often not more than a few hundred dollars, that come with very short repayment terms. Normally, you won’t have longer than 30 days to repay the loan. The name “payday loans” comes from the idea that the person taking out the loan will pay it off once they receive their next paycheck. In Fresno, a person can borrow up to $300 with a payday loan, including a maximum 15% fee.(3)

A 15% fee on a $300 principal would add up to an APR of 460%. That sounds like a lot. And it is. But there are lots of payday loans with APRs that are far higher. Now, since an APR is calculated on an annual basis — it’s what you would pay on the loan over the course of one year — it might seem like the APR doesn’t really factor in. You don’t need to worry about the APR on a loan with two-week payment terms right? Wrong.

You may have heard of something called “a cycle of debt.” This is the cycle that occurs when a person doesn’t have enough money to pay back their loan on the due-date. The lender then offers to “rollover” their loan. This means that the lender extends the expiration date in return for charging an additional fee and collecting more interest. In some situations, lenders will even offer to make the borrower a new loan in order to pay off their old one. What makes it a cycle is that the borrower oftentimes will still struggle to repay. So the lender will then extend the expiration date again and charge yet another fee. Pretty soon the borrower ends up owing far more money than they could ever hope to pay off on time. They find themselves trapped in a cycle of debt.

Luckily, rolling over a loan is prohibited under California law. But this doesn’t mean that you are entirely safe from predatory lending practices. If you have a complaint against a payday lender in Fresno or would like to get more information, contact the California Department of Business Oversight at (916) 327-7585 or the Consumer Financial Protection Bureau at (855) 411-2372.

Personal Installment Loans in Fresno
A safe, strategic decision that could benefit you for years to come.

If you are looking for emergency cash, you don’t have to put up your car as collateral or take out a short-term, high-interest payday loan. Instead, you can get a safe, reliable and reasonable loan from OppLoans. Our personal installment loans won’t hit you with exorbitant hidden fees and are geared towards your ability to repay. If you want to apply, you can fill out our easy online application today. If you’re approved, those funds can be transferred to your bank account as early as the next business day.

OppLoans always strives to deliver fast, flexible, fair and five-star service:

  • Fast: Apply online and find out if you’re approved in minutes. Once approved you can get your cash as early as the next business day.
  • Flexible: We offer longer terms, larger loans, and affordable, fixed payments. Your monthly payment will be the same throughout the life of the loan.
  • Five-Star: Customers rate us 4.9 out of 5 stars for our friendly service. We also provide discounts for credit education.

OppLoans offers personal installment loans that range from $1,000-$10,000. Our competitive interest rates are 75%-125% lower than other lenders. You don’t have to go to a sketchy payday lending store or hand over the title your car or hock your mom’s jewelry. You can apply for an OppLoan today, from the safety and (somewhat Cheeto-stained) comfort of your own couch. If you are someone living on a tight budget, a loan from OppLoans comes with longer repayment periods and fixed monthly payments. The amount you pay each month will never change.

More Resources:

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References

  1. Nasso, Bridget. “Military Veterans Targeted in Lending Scam in San Diego.” NBC San Diego. Accessed January 28, 2016. https://www.nbcsandiego.com/news/local/MIlitary-Veterans-Targeted-in-Lending-Scams-San-Diego-291314631.html
  2. Lee, Jenna. “The Truth About Payday, Pawnshop and Car Title Loans.” Us News & World Report. Accessed January 26, 2016. https://money.usnews.com/money/blogs/my-money/2014/05/22/the-truth-about-payday-pawnshop-and-car-title-loans
  3. “What You Need to Know About Payday Loans.” State of California, Business, Consumer Services and Housing Agency, Department of Business Oversight. Accessed January 26, 2016. https://www.dbo.ca.gov/forms/CDDTL/CDDTL-001-Payday_Loan_Trifold_PDF-FINAL-(Rev.08-13).pdf
  4. Buck, Claudia. “State urges California consumers to be wary of auto-title loans.” Sacramento Bee. Accessed January 26, 2016. https://www.sacbee.com/news/business/article4457825.html
  5. Otterson, Joe. “Paramount Lawsuit Claims PAs “Forced” to Poop in Their Cars.” TheWrap.com. Accessed January 29, 2016. https://www.thewrap.com/paramount-lawsuit-claims-pas-forced-to-poop-in-their-cars/
  6. “Financial Code Section 21200-21209.” Official California Legislative Information. Accessed January 26, 2015 https://www.leginfo.ca.gov/cgi-bin/displaycode?section=fin&group=21001-22000&file=21200-21209
  7. “Tips for buying and selling at a pawnshop.” Blogging for Change. Money Management International. Accessed January 26, 2015. https://www.moneymanagement.org/Community/Blogs/Blogging-for-Change/2011/July/Tips-for-buying-and-selling-at-a-pawn-shop.aspx
  8. Scinto, Madeleine. “An Inside Look At America’s Growing Dependence On Pawnshops.” Business Insider. Accessed January 26, 2015. https://www.businessinsider.com/get-an-insider-peak-into-how-pawn-shops-work-2011-12

*OppLoans is not affiliated with any of the programs, services or organizations referenced on this page.