Payday Loans in San Diego: Subprime Report
A Guide to Getting The Help (and The Loan) You Need
Problems and emergencies can come from anywhere: your car won’t start, a storm knocks a tree into your house or a debilitating disease means you can no longer work. Sometimes, the answer will be as simple as taking out a temporary loan to pay for additional expenses. But this won’t always be the case. Luckily, if you’re living in San Diego there are also lots of ways for you to get help. Problems can come from anywhere, but so can solutions.
Where to Get a Loan in San Diego
If you’re in San Diego and you need money quick because of an emergency, where can you turn? There are a lot of lenders out there that take advantage of people who are strapped for cash. These are called predatory lenders.(1) Maybe you’ve heard about them on the local news or read about efforts by your local legislators to curtail their business practices. Even if you’re in need of fast cash to pay for a mechanic, a hospital bill or vital home repairs, taking a loan from a predatory lender could make everything far worse. Predatory loans often come in the form of a title loan, a loan from a pawnshop or an auto loan.
Payday Loans in San Diego
A Costly and Dangerous Way to Borrow
Payday loans got their name because they are small loans, usually in the range of a few hundred dollars, that are meant to be repaid when the borrower receives their next paycheck: they are loans to “tide you over” until your next payday. In San Diego, the max that a person can borrow with a payday loan is $300 with a maximum 15% fee.(3) This would add up to an Annual Percentage Rate (APR) of 460% which is common for payday loans, many of which have APRs that are even higher. What a payday lender might say is that the APR for their loan doesn’t matter because, at most, you’re only paying interest and fees for 30 days. Well think again.
If you take out a payday loan and fail to pay it back by the due date, you’ll often be given the opportunity to “rollover” your loan. This means that the payday lender extends the due date in return for charging you another fee plus more interest. Now you find yourself owing even more money: the original amount you borrowed plus interest plus fees plus yet another fee. This leads to what is called a “cycle of debt”. People cannot pay their loan back on time and so they roll the loan over and end up owing even more money and cannot pay their loan back so they roll it over and so on.
Luckily, if you are taking out a payday loan in San Diego, you will not be allowed to roll the loan over as this practice is prohibited under California Law. If you have a complaint against a payday lender in San Diego and or would just like to obtain further information, contact the California Department of Business Oversight at (916) 327-7585 or the Consumer Financial Protection Bureau at (855) 411-2372.
Installment Loans in San Diego
If you find yourself in need of fast cash to cover emergency expenses or you are someone with less-than-perfect credit who is looking to take control of their finances, a personal installment loan from OppLoans can be a strategic solution. We offer personal installment loans in San Diego that can help you out of a financial jam. Fill out our fast and easy online application today. If you’re approved, you can have the funds in 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.
Our personal installment loans range from $1,000-$10,000 and our interest rates are 75%-125% lower than our competitors. Instead of turning to a payday lender, taking out a title loan or pawning your television, take out an OppLoan today. We have longer repayment periods and fixed monthly payments that are perfect for anyone working on a tight budget. With OppLoans, the amount you pay each month does not change. If you have any questions or want to apply for a loan today, check out our website: www.opploans.com.
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- 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
- “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
- 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
- “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
- “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
- 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