Payday Loans in Los Angeles
Los Angeles is a major city located in Southern California, the USA. Being the second most populous one in the United States, it concentrates a good share of political, financial and business life both inside and outside the nation. It is home to thousands of organizations, both major and minor, which deal in areas concerning a scope of financial and business matters – banks, industrial enterprises, trade- and business centers, payday lenders, pawnshops, etc.
Los Angeles offers a range of venues for those who are facing a financial emergency: there one can find several legally operating payday loan lending organizations. They offer quick loans, which could help one bridge a financial gap between the current day and the next paycheck. The best-known ones include Continental Currency Services, Ace Cash Express, Speedy Cash, Check into Cash, Advance America, Check’n Go, PLS. Some of these have expanded into networks with about 20 offices distributed around the city, as well as nearby cities (Anaheim, Fullerton, Pamona, Pasadena, Ontario, etc.) It is quite so possible to get a loan without having to attend an office: major payday loan lenders provide loans online.
Los Angeles Payday Loans Legal Aspects
Although payday loans are a legal practice in Los-Angeles, the law of California tends to be a little restrictive on lenders and borrowers. Lenders are not allowed to grant more than $300 and for longer than 31 days. Charges should not exceed 15% per $100, the APR cap is 460%.
The local law does not allow rollovers or any rough actions against borrowers who fail to pay on time. Borrowers are not allowed to discharge an existing debt by taking another loan. This appears to be part of the effort to secure residents against continuous indebtedness. Generally, payday loan lenders are less tough on clients with poor credit histories than banks. The whole procedure takes several minutes or even moments for those who use an online service.
Los Angeles Geo and History
Located in Southern California, on the Pacific coast, Los Angeles is the seat of the Los Angeles county that encompasses scores of towns and cities and several islands. The city sprawls between the coast and a range of low mountains, actually being a group of settlements loosely connected to the downtown area.
Los Angeles was founded in 1781, when several Mexican families arrived and settled in the area. At that time, the would-be city of Los Angeles was but a small bunch of brick homes. It was named El Pueblo de la Reyna de Los Angeles (the Spanish for “The Town of the Queen of the Angels”) and later the Сuidad des Los Angeles (the Spanish for “The City of Angels”). The area was under the Spanish/Mexican rule until 1848, when the city and the rest of Southern California became part of the United States. The city itself was incorporated as the seat for the County of Los Angeles in 1850.
The Gold Rush was the first major economic boost for the area, as it attracted hundreds of residents to the Antelope Valley and areas north of the town. The inflow of settlers continued through the Civil War and afterward, resulting in a boom of the mining industry and extraction/shipment of gold and other high-value metals (silver and copper). By the time of incorporation, Los Angeles became a melting pot of cultures brought in by Indians, Spaniards, Mexicans, African Americans, English, French, Germans, Chinese.
The immigration continued through the 20th century and contributed to the city’s economic growth (railroad building, oil industry, agriculture, irrigation, etc.) and its extremely diverse culture represented by more than 100 nationalities. The introduction of television in the 1950s fueled the developing movie industry and paved the way for what now is the biggest symbol of the entertainment industry – Hollywood. As the region’s economy grew, major banking institutions would arrive and settle here to provide loans for thriving businesses.
Los Angeles Today: Population and Housing
Today’s Los Angeles population is approaching 4 million (municipal) and 13 million (urban) residents. The city is renowned for its ethnic diversity. Largely, it resulted from the 1960s immigration policies, which welcomed all skilled and educated U.S. residents regardless of race or ethnicity. The continuing immigration, both legal and illegal, from inside the country, as well as from Mexico, Central and Latin America (high birth rate areas) resulted in Hispanic/Latino population outnumbering the non-Hispanic white population (50% to 30%). The African American population accounts for 9%, Asian – for 11%.
Along from Hispanic, West European and African American groups, today’s Los Angeles population is presented by Japanese, Chinese, Vietnamese, Korean, Russian, Iranian, Philippine, Thai, Iranian, Arab, Cambodian, and many other communities.
Today’s Los Angeles is witnessing racial resegregation, as the number of whites continues to decrease, while the Latino and Asian populations are booming. It is expected that in areas like Covina, for example, the Latino population will prevail in the foreseeable future. This happens because Latinos and Asians demonstrate a much higher birth rate and a more pronounced community spirit.
Right now, the median age of the Los Angeles’s population is around 35 years old. Labor force participation reaches 66% with an unemployment rate of 8.1. The median family dual income is around $54,000 at the same time the median individual income value is $25,302.
The proportion of low-, medium- and high-income population tends to be roughly equal:
- 20% of the population have a yearly income of $20,000 or lower;
- 27% – $20,000 to 50,000;
- about 26% of the population get paid $50,000 to $100,000
- and about 27% boast an income of $100,000 or higher.
Given the fact that payday loans are mostly the choice of low- and medium-income people (47% of the Los Angeles population), payday lenders are in for a treat in Los Angeles. That’s why there are quite a plethora of such companies in the city and the rest of the state.
Los Angeles boasts a dynamic and competitive housing and real estate market compared to many U.S. cities. Over the period between 2017 and 2018 home prices grew substantially (in some areas by 8% or so). By now the growth has tapered and averages 3%. In June 2019, the average home price in the City of Los Angeles was $618,000. With a median rent size of $2085 and rent burden (a percentage of the median renter’s household income) of 27% – among the highest in the United States – up to 36.8% of residents own a home.
Business in Los Angeles
Until the 1990s, lots of other companies representing different spheres of economy, such as technology, aerospace, petroleum, had branch offices or were headquartered in and around Los Angeles. The 1990s recession contributed to a shift toward retail, entertainment, finance, banking, lending (particularly payday lending), accommodation, restaurant, education, government, and other non-manufacturing businesses.
Los Angeles and the rest of California are home to a lot of businesses representing a variety of spheres. For example, Wells Fargo (San Francisco) is a top financial service with a staff of around 259,000 employees. The Walt Disney Company (Burbank), Paramount Pictures and Twentieth Century Fox Film Corp (the City of Los Angeles) are large and world-renowned media groups. The Los Angeles United School District is a major public educational center with a staff of more than 37,000 employees. Californian authorities impose sales and use taxes that are among the highest in the United States. This makes it hard for minor companies to withstand financial burdens.