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


It’s easy to see why they call it the City of Angels. Los Angeles is a beautiful, sunny, metropolis with a diverse population and an amazing natural landscape. Los Angelinos can rest easy knowing that pretty much the entire rest of the world is jealous of the lifestyle we all think you have. You’re all celebrities and wealthy yoga instructors, right?

No? Well, in that case…

Borrowing Money in Los Angeles

If you find yourself in a situation where you need fast cash, you aren’t alone. If you need money in Los Angeles but don’t necessarily fit into any of the categories above, you still have options.

It’s important when looking into borrowing money in Los Angeles that you do some research, and learn which options are the safest. There are many lenders out there that seek to take advantage of customers. They offer fast and convenient cash which may seem appealing if you’re facing financial hardship, but can easily lead you even further into debt.

Payday Loans in Los Angeles
A Costly and Dangerous Way to Borrow

Simply put, a payday loan is a short term loan offered with very high interest rates, which is required to be paid back on your next payday. This may seem like the answer to your cash flow problems, but make sure to do your research before accepting one, as they almost always lead to a dangerous and expensive cycle of debt.

The biggest risk when taking out a payday loan is that you won’t be able to pay when it’s due. Because the interest rates are so high (usually you’ll be charged $10-$30 for every $100 borrowed) (3) it makes it difficult for most people to pay it off on time. This will lead to “rollover“, which means extending the loan and paying an additional fee to do so.(4)

Most payday lenders rely on the fact that their customers won’t be able to pay back the money. They profit from customers that can’t pay off the loan. According to this LA Times article “…22% of borrowers renewed their loans at least six times, leading to total fees that amounted to more than the initial loans.”(5)

Personal Installment Loans in Los Angeles
Longer terms, affordable rates and flexible payments.

A personal installment loan may be the answer you’re looking for in Los Angeles. With a personal installment loan you can get a fair interest rate, longer terms, and flexible payments that meet your needs. If you need cash quickly, consider a personal installment loan with OppLoans.

At OppLoans we promise to always strive for fast, flexible, fair and five-star service. Apply online and get your cash as fast as the next business day. And with our fixed payments the amount you pay each month will always be the same. In addition, OppLoans never charges prepayment, origination or application fees.

Our installment loans range from $1,000 to $10,000, and can be paid back between 6 to 36 months. We offer flexible payments that fit into your budget, and customer service that is unmatched.

If you have any questions about our terms, rates, or your eligibility, give us a call at (800) 990-9130, Monday through Friday 7am to 7pm, and Saturday 9am to 4pm central time, or feel free to email us at apply@opploans.com.

More Resources:

See more local California guides below:
Anaheim | Bakersfield | Chico | Fresno | Los Angeles | Modesto | Oakland | Redding | Riverside | Sacramento | San Diego | San Francisco | San Jose | Santa Barbara | Stockton

References:

  1. “Homelessness in Los Angeles County” Los Angeles Almanac. Accessed January 27, 2016. http://www.laalmanac.com/social/so14.htm
  2. “Background & Statistics” National Coalition for Homeless Veterans. Accessed January 27, 2016. http://nchv.org/index.php/news/media/background_and_statistics/
  3. “What is a Payday Loan?” Consumer Financial Protection Bureau. January 13, 2016. Accessed January 27, 2016. https://www.consumerfinance.gov/askcfpb/1567/what-payday-loan.html
  4. “What does it mean to renew or roll over a payday loan?” Consumer Financial Protection Bureau. January 13, 2016. Accessed January 27, 2016. https://www.consumerfinance.gov/askcfpb/1573/what-does-it-mean-renew-or-roll-over-payday-loan.html
  5. Puzzanghera, Jim. “Regulators launch major crackdown on payday lenders” March 26, 2015. Accessed January 27, 2016. https://www.latimes.com/business/la-fi-payday-lender-rules-20150326-story.html
  6. “Car Title Loans” Department of Consumer and Business Affairs. August 15, 2013. Accessed January 27, 2016. https://dcba.lacounty.gov/wps/portal/dca/main/home/yourmoney/owningacar?
    1dmy&page=dept.dca.yourmoney.detail.hidden
    &pswid=Z7_F000GOBS2O6440A0P50QJC2Q45
    &urile=wcm%3Apath%3A/dca+content/dca+site/home/your+
    money/owning+a+car/tipsheet+car+title+loans
  7. Neiger, Christopher. “Why car title loans are a bad idea” 2009. Accessed January 27, 2016. https://www.cnn.com/2008/LIVING/wayoflife/10/08/aa.car.title.loans/index.html?iref=24hours
  8. “Financial Code Section 21200-21209” Official California Legislative Information. Accessed January 27, 2016. https://www.leginfo.ca.gov/cgi-bin/displaycode?section=fin&group=21001-22000&file=21200-21209

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