Looking for an Unsecured Personal Loan in California?
It takes a lot of money to produce a movie nowadays. So much so that production studios no longer finance their films internally. In fact, it takes four or five studios and film financing companies to complete a modern-day movie. The same goes for personal financing. It takes a lot of money to buy the things we enjoy in life, and that’s only after we pay for the things required to keep us and our families alive. If you are finding yourself in a situation where it is difficult to simply survive, let us help you. Our Loan Discovery Program can help you through a tough time.
Even the technology companies of Silicon Valley required financing for their start-up phases. They couldn’t have gotten as big and as powerful in the industry as they have without that little bit of financial boost they’d received. You can benefit from a financial boost just as the tech giants did. Use an unsecured personal loan to get back on your feet. Build yourself and your family up to be as strong as the tech companies. If you have been denied for a personal loan before, do not let that deter you from seeking the financial help you need. Loans Now works with your situation, not just your credit score and history.
Unsecured Loans for People with Bad or No Credit
People with bad credit or no credit need a boost, probably more so than those who have maintained healthy credit scores. That’s because people with bad credit are constantly fighting against the issues that caused the decline in their credit, sometimes almost 10 years after the fact. Those with no credit can’t even get started because no one will give them the opportunity to establish a healthy credit history. Loans Now works with both situations, and here are some of the ways a personal loan from us can help you:
- Creates a credit history that the reporting agencies can use to generate a credit score
- Regular payments over time improve your credit score
- Paying the principal reduces your debt-to-income ratio, raising your credit score
- Improved credit scores lead to higher loan amounts for future needs
- Higher credit scores mean better loan terms
To further understand the process of taking out a personal loan, we provide you with information on how the process works. Once you have decided that a personal loan can help you with your current needs, as well as give your credit the boost it needs, then you will need to check your credit score and fill out the Loan Discovery questionnaire. This is your first step to resolving the issues you are struggling with.
California is Trapped
The average household income in California is close to $68,000, but that is not even half of the amount that is needed to live in most of the cities. While this annual earning would be enough to live well-off in states such as Mississippi or Arkansas, the higher cost of living experienced by people in California tends to lead residents to struggle to survive. The basics are barely covered by this annual income, and there is no discretionary income that could be used to make life a little more enjoyable. And payday lenders have picked up on this disparity!
One out of every 20 people living in California has fallen for the quick fix of payday loans. While these predatory loans can help cover an unexpected expense, the finance charges on them are so high that Californians are having to take out a second loan to cover the lack of funds caused by the first. This is keeping the people in the state trapped in a cycle of debt that they seemingly cannot escape from. They are so ensnared in the cycle that Californians are spending nearly $3 billion each year in payday loans. Do not fall for the quick fix. Let us help you out of your situation so you can move on from debt.
California Laws and Regulations for Bad Credit Personal Loans
The Constitution of the State of California protects the people of the state from usurious lending by restricting the interest rates charged to borrowers (there is little legislation protecting them from payday loans, however). Absent any form of written agreement upon the loan, the state sets the interest rate at 7%. This means that if you and your lender do not discuss or agree on the annual finance charge, and if you are issued the requested loan amount, then this will be the rate you are legally required to pay. If there is an interest rate in the loan contract, then it cannot exceed 10% of the principal amount.
Personal loans in California can be used for personal reasons, reasons pertaining to your family, or for household reasons. However, loans issued to repair, remodel, or purchase a house have an alternative method of calculating the interest rate. If you are looking to remodel or build onto your home, know that the finance charge could be 5% of the borrowed amount plus the prevailing market rate on the 25th day of the month, either prior or current depending on the loan execution date. Because of this, you need to consider your financing options carefully for home improvements.
Loans Now: Core Policies & Procedures
- Never collect or share sensitive customer information: SSN, DOB, Address.
- Never collect up-front payment to process a customer’s loan application / or fund a loan. Loans Now will NEVER ask you to send us money in any form.
- Introduce customers to our Loan Discovery Process. A one-on-one loan service strategy that fits every customer’s unique needs with the right lender for them
California Personal Loan for Bad Credit Lending Regulator
The Department of Business Oversight is responsible for monitoring and regulating the consumer finance industry in California. The superintendent and the Division of Financial Institutions within the department are responsible for overseeing banks, credit unions, and lending institutions throughout the state, and to ensure these organizations operate within the parameters set by the state constitution and other legislation. The state does not allow for online submission of complaints, but it does supply a complaint form online should consumers need to print one and mail it off.
- Loan Discovery Process
- Credit Scores Reviewed to 450
- 2, 3, 5 & 7 Year Terms
- Loan Amounts $500 - 70K