Los Angeles California Economic Troubles
We all know that these are troubling financial times for the U.S. Economy. But certain states have seem to have a worse economy than the national average like California. It has been well documented that California is a red state, and a perfect example for the state of California is Los Angeles CA. Los Angeles is a place a lot of U.S. citizens and foreigners dream off visiting. Once you enter Los Angeles you might be surprised by what you find.
California has an alarming 12% unemployment rate; compared to the national average of 9.6%. There are eight counties in California that top 20% unemployment rates. Starting to get the bleak picture. Los Angeles has a scary unemployment rate of 14.5%, that seems to be getting worse day by day. Even former Los Angeles Mayor Richard Riodan forecasted that L.A. would be bankrupt by 2014. Maybe if you read it again it will start to sink in: Los Angeles possibly becoming bankrupt by 2014. The great state of California has definitely fallen on some seriously hard times. There are a number of factors, but I believe that first and most pressing priority is illegal immigrants. Per the L.A. Times, 40% of all of the workers in the cities 10 million people are illegal aliens who are working and not paying taxes. Imagine if L.A. would be able to increase its financial intake by 40%. That would be a huge start in turning the Los Angeles CA financial misery around. The FBI has reported that over half of all new gang members in Los Angeles are illegal aliens. The Mexican Drug cartel has had a huge influence over multiple cities in the United States, but they seem to have had a their biggest influence on California and particularly the city of Los Angeles. Per the L.A. Times, a horrific number of 75% of L.A.'s most wanted criminals are illegal aliens. Think about all of the extra money from the tax payers due for police work, housing in jail and prisons, etc...
Cali and L.A.'s financial economy can be fixed, but if you look at the statistics they have to start with illegal immigration first. There are a lot of payday loans businesses that are available to the L.A. citizens for help as an option.
California Payday Laws
So the legality of payday loans are often questioned. However the term Payday loan or the idea of short term, high risk loans is not an illegal concept and they have a place in use upon consumers. They are needed just as much as a standard mortgage loan. However often times the legality of the loan, comes down to the fact that the rates of the repayment of the payday loans is often so high, it just seems like they should be illegal. Some states in the United States have alot of laws governing the protection of consumers while using payday loans. Payday loans are not illegal in any state, however states like georgia, make it very difficult for companies in these states to make a practical business of this type of loan, so often times residents in these states, have a hard time getting a payday loan when they need it.
In the state of California, there really is no restrictions on the Payday Loan industry, making it alot easier to get a loan if ones needed. However there is alot of competition trying to compete for this business, so some would see this as a good thing. Because the competition is so great, there is a better chance the competitors will try to win over the competition by offering the lowest repayment terms possible.
Are Payday Loans Right for You
Has a sudden emergency popped up recently and you need fast cash and you've always heard about the payday loan industry on television, but not sure if you should really get a loan? Or has some other unforeseen situation come up where you think you might need to get a payday loan? When selecting if you should get a quick loan or not, a lot of questions about your specific situation should be asked, and getting this type of loan is not a decision that should be taken lightly upon. Generally there are two type of people that are generally looking for a payday cash advance and only one group should actually consider it as a possible option.
Group #1:
This group of people generally consist of the worst in debt people in society. They generally do stuff, such as buying things they want, based on impulse or addiction. Maybe they have a shopping addiction and they think they need 200 pairs of shoes, or they just can't say no when they have the ability to get money (usually through way of credit card or payday loan) and they want something with it. A prime example that can be used is alot of today's kids are growing up with their parents giving them everything and they are learning they can get whatever they want without any real consequences. The big problem with this kind of lifestyle is that, they see something they want and then borrow money often times to buy whatever it was and when they do that they feel like they are getting the item for free and not realizing that they still need to payback and usually with interest. This group of individual definitely should not get a payday loan. Alot of people hear how evil payday loans are, because they make people like this pay alot of money in interest, but generally they individuals shouldn't of gotten the loan in the first place.
Group #2:
This segment of the population are me in immediate need for a payday loan. Something has recently happened that has stuck them in a tough situation where they don't have many other options for getting the cash they need in a tight squeeze. A good example is the single mom who relies on a car that suddenly breaks down, who doesn't have friends or family at all or atleast ones that have the ability to financially support this mother. The mother would be faced with the possible option of charging everything on her credit card, but often times, the rates for interest on credit cards can be in the thousands of a percent, and therefore would hurt alot worst than a payday loan.
All-in-all, making a decision to get a payday loan shouldn't be something you make a rash decision about and instead, you should carefully consider all your other options before you do.
We Serve these large cities in California:
Los Angeles, San Diego, San Jose, San Francisco, Fresno, Long Beach, Sacramento, Oakland, Santa Ana, Anaheim, Bakersfield, Riverside, Stockton, Chula Vista, Fremont, Irvine, Modesto, Glendale, San Bernardino, Huntington Beach, Oxnard, Fontana, Moreno Valley, Oceanside, Rancho Cucamonga, Santa Clarita, Garden Grove, Ontario, Pomona, Santa Rosa, Salinas, Hayward, Palmdale, Pasadena, Corona, Torrance, Escondido, Lancaster, Elk Grove, Orange, Sunnyvale, Fullerton, Thousand Oaks, Simi Valley, El Monte, Visalia, Concord, Vallejo, Englewood, Santa Clara