San Francisco Payday Loans Market
San Francisco is a major city in the Northern California, the USA. It is placed on the northernmost end of the San Francisco Peninsula in the San Francisco Bay. Its unique geographic location on the west coast of the continent gave the city a good start and contributed to its evolution into the city it is today. San Francisco is one of America’s biggest tourist destinations and a centerpoint of a variety of economic activities. It boasts a well-developed banking sector and quite a number of payday loan lending organizations.
Their work is strictly regulated by the Californian law. However, those who fully abide by the local legislation are doing well. Payday loan services are increasingly popular both in California and nationwide. This is because it takes much less time for a borrower to settle it with a payday loan lender, because lenders provide online services. Second, they welcome all categories of people, including those who have bad credit records. On the other hand, they charge much higher interest rates. Generally, those who address lawful firms are less likely to get in trouble. The most reputed lenders include ACE Cash Express, Check’n Go, Check Into Cash and Advance America.
SF Payday Law Information
According to the local law, payday lenders in San Francisco can grant a maximum of $300 for 31 days. They are not allowed to charge more than 15% per $100. In case a loan needs to be extended, lenders are not allowed to charge additional fees either. The annual percentage rate should not exceed 460%. Rollovers are forbidden, as is trying to cover a current loan by taking another one. According to the state law, all payday lenders must be licensed by the Department of Business Oversight. Lawmakers are doing their uttermost to secure potential borrowers against all types of fraud and criminal abuse.
A Look into the Past of San Francisco
Founded in 1776 by a group of Spanish explorers, Yena Buena (that was the would-be city’s name when under Mexican rule) continued to be a small settlement and served as a port and naval base during war years. It began to get economic boosts in the mid-1800s, during the California Gold Rush times. The banking sector actually pioneered in the region (along with the military), as major banks (Wells Fargo, the Bank of California) took a standing here. The trend continued throughout the rest of the city’s history. The current rise in the payday loan industry is nothing less than a logic sequel to the story.
Population and Home Ownership
Today, the municipal population of San Francisco is 884,363; the urban figure reaches 3,603,760. The ethnic composition has changed greatly since the mid-1900s: non-Hispanic whites are giving up to Hispanic, Asian, Afro-American and other ethnic/racial groups: their share has dropped from around 92% in the 1940s down to less than 42% today. As of 2010, the population was represented by European whites (41.9%), Asians (33.3%), Hispanic/Latinos (15.1%), African Americans (6.1%), Native Americans (0.5%) and Pacific Islanders (0.4%).
The median age is 38.3 years old, 70.4% of the population are involved in labor with the unemployment rate reaching 5.4%, mean family size being 3.15, family dual income averaging $60,000 and individual income – $45,229. The median household income is $96,265.
The real estate market is quite so dynamic, living space is not affordable for most San Francisco residents. Medium home price is $1.3 million, which is higher than the rest of the United States. Medium rent size is $2435, rent burden reaches 22.7%.
The growing rent and a decline in manufacturing have caused financial problems for part of the population. This has fueled the city’s payday loan lending sector. Introduction of online payday loan options has made these services even more attractive.
San Francisco has a status of a global city. Although the manufacturing sector has declined, the city boasts a rapidly growing service sector with booming banking and payday loan lending services, as well as high-tech and tourism spheres (Apple, Facebook, Google and Twitter tech offices are located here). San Francisco county is the highest-income region in the entire nation.