Live in California, specially in San Francisco, it is not for all pockets. Due to its economic development, its cost of living is one of the highest in the country (52% more than the national average).
This may require you to know how to get personal loans and manage your debt capacity well.
- Where to find personal loans in San Francisco (CA)
- Characteristics of personal loans in San Francisco
- Dangers of payday loans
- Brief overview of San Francisco
Where to find personal loans in San Francisco (CA)
San Francisco has become a progressive, inclusive city with a high quality of life. The influence of Silicon Valley and the rise of a new digital economy have a great impact on the purchasing power and credit culture in the area.
Regardless of whether you have a good or bad Fico / VantageScore, the options abound to get that personal loan you need. It’s all a matter of finding the right lender and the conditions that best suit you.
- Bad Credit Loans
- Loan amount: between $ 500 and $ 10,000
- Term: between 3 and 36 months
- Check Into Cash
- Loan amount: between $ 50 and $ 1,000
- Term: between 14 and 30 days
- Cash Advance
- Loan amount: between $ 100 and $ 1,500
- Term: between 1 days and 6 months
- Loan amount: between $ 100 and $ 1,000
- Term: between 15 and 31 days
- Loan amount: between $ 100 and $ 50,000
- Term: between 7 days and 6 months
- Loan amount: between $ 2,000 and $ 35,000
- Term: between 24 and 60 months
- Check City
- Loan amount: between $ 100 and $ 2,500
- Term: between 7 and 62 days
Characteristics of personal loans in San Francisco
When it comes to applying for personal loans in San Francisco, you can go to banks, credit unions, fintechs, and other companies that specialize in this highly contested category. For this you must know its basic aspects well:
- Interest rate. The most common is that they indicate the APR, which ranges from 2.49% to 35.99% (does not include payday loans).
- commissions. The most common charge for personal loans is origination, which handles administrative paperwork and can be from 1% to 6%. You can also be charged for late payment or returned payment.
- Amounts. If you need them, you can get up to $ 100,000 with some online companies. Don’t expect an exception if you are looking for more money.
- Deadlines. When it comes to personal loans that are not payday loans or title loans, they give you from 2 months to 15 years to pay.
- Return. Although this varies, most lenders offer autopay (direct account discount), online transaction, check by mail, and change the day of payment for added convenience.
On the other hand, with many alternatives, you do not have to leave home to obtain the ideal personal loan. Financial institutions and online companies have sophisticated systems to process your data, check your background and approve your application in minutes. In addition, you receive the money the same day or in 1-2 business days.
Dangers of payday loans
In San Francisco, as in so many other American cities, the payday loans are widely disseminated. They are a fast way and without many requirements to obtain money almost instantly.
The big problem with this alternative is that only 15% of those who use them have the ability to return them. The reason is very clear, the loan conditions are brutal.
These products give you an amount less than $ 1,000, you have 15 or a month to return the money and APR can be above 300%. Their popularity is due to the fact that they only require you to have an income and it does not matter how good your credit score is or if you really have a way to return the borrowed money.
Brief overview of San Francisco
The great state of California is known for being home to some of the most interesting cities in America. There is the city and county of San Francisco, which was founded in 1776 by Spanish settlers who named it after Saint Francis of Assisi.
Its later growth was due to the gold rush (1849), which also started the migration to the west.
The city of Golden Gate is considered the 16th most populous in the country with 881,500 people and the 4th with the most inhabitants in California.
If we take into account its metropolitan population density, it is the 2nd largest city in the US with 4.7 million and 9.67 million residents if we include the San José area. Only behind NY in these stats.
The well-known San Francisco is also an American economic stronghold. In 2019, its GDP was around $ 203.5 billion annually and its Median per capita income was $ 230,000.
This explains why in 2020 it had the highest wages in the nation and the most expensive rents. That is why it is ranked 2nd in the US and 8th in the world within the Global Index of Financial Centers.
We can also say that San Francisco has been a place full of historical events. For example, it was where the United Nations was founded, the “hippie” counterculture began, hosted the Sexual Revolution, witnessed the Peace Movement against the Vietnam War, and is considered the capital of advocacy for gay and lesbian rights. of the LGBTQI + collective.
In short, we recommend that you look for personal loans in San Francisco according to your financial situation. In Hispanic Business Blog there is a wide variety of alternatives that you can compare.