Oakland Payday Loans: Subprime Report
A Guide to Getting The Help (and the Loan) You Need
Accidents happen. And so do emergencies. For people living on a meager income and a tight budget, one large unexpected expense can threaten their financial stability. And in Oakland, there are many people like this; according to the most recent census, over 20% of people who live in Oakland live below the poverty line. From car crashes to illnesses to the loss of a job, there are so many ways that a life can be turned upside down. Fortunately, there are organizations in Oakland and the Bay Area that can help. No matter what kinds of problems arise, there are ways for people to get back on their feet without having to break the bank.
Borrowing Money in Oakland
When people in Oakland find themselves needing some extra cash in an emergency, it can be easy to turn to a lender that they’d be better off avoiding. This is especially true for people with lower incomes or poor credit histories. For instance, taking out a title loan on their car might seem like the only possible way to pay for vital home repairs before winter sets in. Well, the problem with turning to one of these lenders is that they could turn out to be a predatory lender.
These are businesses that offer loans with mind-boggling interest rates, short repayment terms and aggressive, sometimes illegal, collections practices. Taking a loan out from one of these lenders could very well make the borrower’s financial situation far worse in the long run.
Payday Loans in Oakland
These high-interest loans could make your finances worse, not better.
A payday loan is often “secured” by the borrower writing a post-dated check to the lender. When the borrower’s next payday comes around, the lender cashes the check. This is where payday lenders got their name. But it isn’t where they got their (bad) reputation. That came from their high interest rates, short repayment terms and tendency to drive customers into a cycle of debt.
Payday loans in California are capped at $300 and the interest rates cannot be more than 15% over the term of the loan.
But since the average term for a payday loan is 14 days, that interest rate would come out to an annual percentage rate (APR) of 390%. That is far higher than a regular personal loan.
Luckily, payday lenders in Oakland are prohibited under California state law from rolling over their loans. This practice of charging additional fees and interest to extend the term of the loan is what so often drives borrowers into a cycle of debt. Still, borrowers in California are being charged incredibly high interest rates for these loans and are definitely vulnerable to predatory lending practices from payday lenders.
If you want more information or would like to lodge a complaint against a payday lender in Oakland, please 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 Oakland
These loans are safe, reliable and can set you up for a bright financial future.
If you’re someone in Oakland who’s looking to cover emergency expenses or to take control of your finances, then a payday, title or pawnshop loan is not going to be a good fit. The interest rates are too high, the terms too short and the potential costs far too great. Instead, why not try a personal installment loan from OppLoans? Our loans come with interest rates that are generally 75%-125% lower than our competitors, longer repayment terms between 6 and 36 months and fixed monthly payments that are perfect for someone living on a tight budget. 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 will never hit you with hidden fees or a prepayment penalty if you pay your loan off early. Plus, making all your payments on time will help improve your credit history and we offer discounts for credit education. To apply for a loan, all you need to do is fill out our simple, online application. If you’re approved, you can have the money in your bank account as early as the next business day.
See more local California guides below:
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*OppLoans is not affiliated with any of the programs, services or organizations referenced on this page.