California Payday Loans
California is home to sunny beaches, perfect weather, beautiful people, and Hollywood.
With those kinds of advantages, it’s no wonder that real estate prices in
the state are some of the highest in the country. Of the Forbes Magazine’s
10 Most Overpriced Places List, three were in California and much of the Bay Area
is reported to be more expensive even than New York. Further, the rising rents are
only compounded by the increasing utility bills in a state where power is getting
more expensive. Some years ago, CNN reported that poorer sections of California
society were moving into cheap motels due to the unaffordable rents in the state.
The state’s Department of Finance and the Public Policy Institute of California
suggest that the demographics of California are suffering a shift due to the high
cost of living and increasing numbers of Californians are moving out of the state.
The need for emergency cash in California would seem to be higher than many other
states due to the nature of life here. The state has a susceptibility to earthquakes,
a natural disaster that can wreak havoc on the best laid financial plans. After
an earthquake, many bills need to be paid and insurance companies are often swamped
with claims, making them slower than ever to respond. There is no replacement for
ready cash in such emergencies.
Further, expensive utilities mean that a heat wave will cost you dearly when the
bill comes in, especially if you have a large family or are expecting houseguests
that month. House prices in the Golden State are amongst the highest in the nation
and your mortgage payments are sure to reflect that. With all your money wrapped
up in hefty mortgage payments, sky high rents and utility bills, there is often
no emergency money during the month for any unexpected events.
According to a study in 2005, California had a whopping 2,300 payday lenders and
growing. A number of these loan centers are situated around military bases in this
army hub state, which has its fair share of protesters against the payday loan industry.
The maximum annual percentage rate in California is currently 459%.