Oakland is a large port city in the state of California located on the San Francisco Bay. The total population of Oakland, California is 444,956. There are 340,565 adults, (56,584 of whom are seniors). The median age in Oakland is 36. The average household income is $108,297. The poverty rate is equal to 14.63%. 42% is the rate of issued payday loans in Oakland, CA. The median rental cost is up to $1,539 per month. The median house value is $730,000. 40.9% is the rate of home ownership.
What are payday loans in Oakland, Califonia?
Payday loans in Oakland, Califonia are a small loan that is provided to the borrower for a short period of time. What you need to get such a lending option? Practically nothing – just an ID. No one requires an income certificate or official employment.
For this reason, a small loan is popular among people with low solvency or a bad credit history. You may need payday loans in Oakland, CA:
- if it is not possible to take out a regular consumer loan from a bank (there is no official job, bad credit history, no collateral or guarantors).
- when you need a small amount for a short period of time.
- if there is no time to collect documents or visit the bank to apply for a loan.
In order to take out a loan, you need to contact a referral service/payday lending service. Its activities are regulated by legislation. For example, only those companies that are included in the special database can issue cash advance to the population.
To get a payday loan Oakland, California, it is enough to get an ID and fill out an applicationin were you specify the basic data, contacts and monthly income.
How payday loans work?
Let’s look at the terms for issuing such a loan in more detail.
Be prepared that in response to the simplified procedure for issuing a quick loan, you will receive an amount in debt at an increased interest rate. It can reach 1-2% per day. Such figures are associated with a high risk of the organization not repaying the borrowed funds.
Payday lenders approve applications with high speed and sometimes the procedure from submitting a questionnaire to receiving funds takes no more than an hour. The main thing is to pay off the debt properly afterwards. By the way, some lenders encourage their conscientious regular customers by increasing the size of a payday loan, which they can count on in the future.
Although it is easy and simple to issue a payday loan Oakland, California, but in case of delay, tough measures await you. Of course, no one will threaten, but you will definitely face penalties. Their size depends on the amount of the loan and the duration of the delay.
It is rare to try to ask for the extension of the quick loan agreement, but this service will cost money in the form of a commission from the original amount.
An online payday loan is a product that has both positive and negative sides. On the one hand, it is accessible to a wide range of people, on the other hand, it is a high rate. The main thing is to accurately assess your wishes and capabilities.
What should I pay attention to when issuing payday loans?
Treat the procedure consciously and be sure to take into account several factors:
- Do not take on obligations that you are not ready to fulfill. Assess the upcoming payment sensibly and compare it with your regular income. Such a loan is given to customers for a short period: on average for two to three weeks. Therefore, it will have to be paid back very soon. Think about whether you can do it on time?
- Read the loan terms thoroughly. Do not miss a single point in the contract, so as not to blame yourself later. A payday loan is a very profitable service for both the lender and the client, if you attribute consciously to filling out papers and signing them.
- Pay attention to the additional credit insurance specified in the contract. Here is the same scheme as in any bank: you are offered to secure your debt, but you can refuse this service.
Remember that the payday lender cannot provide you with a loan in foreign currency or fine you for early repayment of debt. Also, under no circumstances does the organization have the right to change the terms of the agreement unilaterally.
What can’t the lender do?
A payday lender is not entitled to:
- unilaterally change interest rates and the procedure for determining them under loan agreements, commission fees and the validity period of these agreements;
- apply penalties to the borrower-an individual who has previously notified in writing 10 days in advance of his intention to the MFO about the early full or partial repayment of the payday loan amount;
- to carry out any kind of activity on the securities market;
- to issue a payday loan Oakland, California to the borrower in the amount of more than allowed by your state regulations.
Reasons for loan denial
Before you start working on the situation and correcting it for the better, you should choose a direction. To do this, you need to understand the reasons why MFIs refuse to issue cash advance. Common cases:
#1. Bad credit history
This often happens for people who take out a loan not for the first time, and before that they often delayed payments or violated the terms of the contract. It’s more insulting to people who did not take out loans at all: they may be refused because the credit history is zero and companies cannot assess your solvency.
But there is another thing: if you often sent applications for payday loans in a short period of time, this will also affect your credit history. Banks or online lenders will look at it and think that you are in dire need of money. “So there is no money. It is better not to approve a loan,” the bank will think and refuse to issue.
False data
To get cash advance, just a valid ID is enough. When applying for an loan, lenders often ask you to indicate income — problems may also arise due to inaccurate information in this fileld. Information is rarely thoroughly checked, but if the situation is controversial, additional data may be requested.
Existing debts
Taking out a loan during an existing loan is not the best idea. Banks and MFOs may think that you have no money and you want to close one loan with another. In addition, when considering an application, they look at the available mandatory payments to find out if you can pay for everything at once.