Payday Loans in San Francisco: Subprime Report
A Guide to Getting The Help (and The Loan) You Need
Life isn’t as smooth as Steph Curry’s shooting stroke. There are bumps and hitches and utter disasters along the way that would leave anyone scrambling. In times of emergency, it can be hard to know where to turn. Luckily, there are tons of places in San Francisco where help is readily available, whether it’s a personal loan, a hot meal or a 12-step meeting.
Borrowing Money in San Francisco
Some people like to say they “left their heart in San Francisco.” Well what if they want their heart back? Getting it back isn’t going to be cheap. In fact, It’s probably going to be pretty expensive. (Also, are they sure they want it back? Do they know where that heart’s been?) When emergency expenses arise and you don’t have a lot of savings, it can feel like the only place to turn to is a payday store or a title lender. But taking out one of these loans could make you the victim of a predatory lender.(1) These are lenders that take advantage of people in desperate situations, using high interest rates and short repayment terms to trap them in a cycle of debt. Before you sign off on a loan that could make your situation worse, it’s a good idea to learn The Truth about Payday, Pawnshop, and Car Title Loans.(2)
Payday Loans in San Francisco
These loans can get you cash on the quick but you’ll have to really (really) pay for it.
A payday loan is a high-interest, short-term loan that is rarely for more than a few hundred dollars. In fact, in San Francisco they can only be a maximum of $300. This is due to California state law, which also caps the fees and interest rates at 15%.(3) That might not seem like very high interest, but it helps to know that the terms on these loans are rarely longer than 30 days.
The name “payday loans” originated with the idea that the borrower would pay the loan back after their next payday. This sounds nice, but a 30-day loan with a 15% interest rate would add up to annual percentage rate (APR) of 190%. And a 14-day loan with with 15% interest would have an APR of 390%. That’s not very nice at all.
It’s the combination of these high APRs and the short repayment terms that can trap borrowers into a cycle of debt. Oftentimes, if a borrower can’t repay the debt on time, the lender will offer to “rollover” the loan. This means extending the due date in return for charging the borrower additional interest and fees. When this occurs, it leaves the borrower with even more money owed on the loan. Plus, with the short repayment terms, they don’t have a lot of time to come up with the extra cash. This leads to the borrower being unable to pay again and the lender rolling over the loan again and the borrower being left with little time and even more money owed again. Luckily, California state law bans rollovers.
Still, even though a payday lender in San Francisco won’t be rolling over any loans, this doesn’t mean that borrowers are entirely free from predatory lending practices. If you would like to get more information or have a complaint against a payday lender in San Francisco, 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 San Francisco
Get a loan based on what’s right for you.
It can be tempting in an emergency to just pay the costs now and worry about it later. But if this means visiting a payday lender or taking out a title loan out on your car, it could end up creating even more emergencies down the line. Instead of trading short-term needs for long-term security, why not take care of both with a safe, strategic loan from OppLoans. Our personal installment loans don’t come with any exorbitant or hidden fees and are geared to fit within a tight budget. To apply, all you have to do is fill out an application online. If you’re approved, your funds can be 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.
A personal installment loan from OppLoans can range from $1,000-$10,000 and our interest rates are 75%-125% lower than our competitors. Our loans come with fixed rates and longer repayment periods, which means that your monthly payments will be affordable and will never 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
- 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
- “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
*OppLoans is not affiliated with any of the programs, services or organizations referenced on this page.