California is one of the largest states in the US, and if you live there or plan to move, you need to be aware of its economic opportunities.
In this section, we have dedicated ourselves to reviewing the culture of online and offline personal and loans in this state and other important data that will be very useful for your finances.
Loans in California near me
Ehe following map shows you the Google Maps search for personal loans in California, so you can use it to find a lender that will provide you with financing, near your location:
Where to contract a personal loan in California?
As in other states of the American union, in California there is no shortage of alternatives for you to get a little extra cash when needed.
The options most used by consumers of these financial products are found on various online platforms and through traditional institutions, such as banks, credit unions and savings entities.
Among the different offers of companies on the internet and banks, there is a wide catalog to choose from to apply for a personal loan. Among the most requested products are express credits, online quick loans, debt consolidation loans and credit cards.
Interesting bank loans in California
The most populous state in the United States is also one of the largest financial institutions and bank branches, and you can find one near you anywhere in its territory.
These are some of the loans offered by the banks with the largest presence in California:
What requirements do quick loans in California ask for?
The conditions to access a fast cash loan will depend on choosing the traditional or online option. In addition to demonstrating that you have a stable source of income, for these alternatives the minimum requirements will be:
- The age of majority or 21 years
- A bank account in your name
- 1 or 2 most recent pay stubs
- Official government-issued photo ID
You may need to meet other requirements, such as having a minimum credit score, although it is also possible to obtain bad credit loans or even with no credit check.
What interest rates do you have to pay?
There is a lot of controversy regarding certain financial products due to their "predatory" tactics, especially for express loans, mini-loans and quick cash loans.
While with banking you get rates that range from 4% to 13%, these options can exceed 500% APR for amounts less than $2,500 dollars.
What is the Fair Access Credit Act?
The California legislature recently passed this law to prevent lenders from taking advantage of some people in need.
Since before there was no restriction on interest rates for personal loans between $2,500 and $10,000, this changed with this new statute. Now the maximum rate corresponds to 36% APR for these amounts.
The Golden State is well known for taking steps to ensure the well-being of consumers, as in this case.
Thanks to the Department of Business Surveillance, to the fact that half of these personal loans showed interests of more than 100% or more and to the fact that it represents the category of debt with the highest growth in 2018, this historic decision was promoted.
What to consider when applying for a personal loan?
The obligatory suggestion when you want to contract an unsecured financing, such as a personal oloan, implies first knowing who you are dealing with.
This means that the lender must comply with state/federal regulations and is properly licensed to do business in the state of California.
In the same way, we invite you to use our Busconómico comparator so that you know the best loans available and do business with reliable companies. In addition to supporting you in different online resources, you can consult other sources:
- The Consumer Financial Protection Bureau (CFPB). This consumer protection bureau has a very easy-to-use website that includes a wide range of research tools and lots of information on federal laws.
- The California Department of Business Oversight (DBO). This monitoring institution has a friendly search function so you can find information about any personal credit company.
As you may have understood, contracting personal loans in California will not be very complicated for you. For this reason, in our search engine/comparator you can find many companies and banks that work in this state. They are lenders with an excellent reputation and conditions that fit your needs.
Some facts about California
Known as the Golden State for the gold rush during the 19th century, California is the 3rd largest state in the US geographically. With a population that exceeds 39 million inhabitants, it is one of the most important economies in the country. If it were an independent country, it would be the 7th with the highest GDP in the world.
Although California is known for its established agriculture, Silicon Valley, Napa wine production, and the film industry, the purchasing power of the population could be better ($30,000 on average).
According to recent statistics, it ranks 39th in economic opportunity and 49th in the nation in terms of cost of living.
The capital of this state is Sacramento, and it is also known for having highly populated cities, such as Oakland, San Diego, San Jose, San Francisco, Long Beach, Fresno and Los Angeles.
Home to the largest number of professional sports franchises (21), mostly whites and Hispanics live here and the dominant languages are both English and Spanish.