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Right now, people throughout the Golden State are searching for installment loans to meet their needs. While we offer a free loan request service for people living in most U.S. states, we do not currently work with those living within the state of California. You can read on for general information about borrowing money in the Golden State.
Installment loans are unsecured and secured, short-term personal loans that are paid back over a period of time, usually over the course of several months. This is different from other short-term loans repaid in a single lump sum. The monthly payments go towards the interest on the loan and as well as the principal (the money borrowed). Some lenders offer an APR beginning at 4.84 percent. The actual APR you receive depends on the lender and your current situation.
People in California take out installment loans for a variety of reasons, including:
With almost 40 million residents, California is the most populous state in the nation.
California also has the largest economy in the nation, making up over 14 percent of the entire US GDP. In fact, if California were its own country, its economy would rank sixth in the entire world, beating out countries like France, Italy, India, Canada, and Turkey.
Tourism is one of the biggest industries in the state. California has National Parks, hundreds of miles of coasts and world-famous tourist attractions like Disneyland and the San Diego Zoo. In 2016, the state attracted over 260 million visitors. Tourism spending in California was over $126 billion in 2016 and travel spending directly supported 1,096,000 jobs.
Imports and exports account for a large piece of the Golden State’s economy. Trade and international commerce account for a fourth of California’s economy. The state’s top exports are computers and electronic products.
Another important industry is agriculture. California’s farmers and ranchers create over $40 billion in revenue each year.
As mentioned above, the cost of housing in California is one of the highest in the US. The average California home costs almost $450,000, more than twice the national average. Renting is also costly as well with Californians spending over $1,250 per month on rent, nearly 50 percent more than the national average.
When searching for personal installment loans, being cautious can keep you from being scammed. Below are some red flags which may indicate a scam:
Borrowing money can be a big deal for some people. If you live in the Golden State and are planning to take out a personal installment loan, there are some things to consider. First, familiarize yourself with the application process to gauge whether or not you are eligible for a loan. Next, review the lender’s terms and conditions to make sure you understand your responsibility when taking out a loan.
The California Department of Business Oversight offers information about consumer loans. Visit the website to educate yourself and learn more.