Beaumont is a settlement in Riverside County, California, that sits above the San Gorgonio Pass. People lured to the stunning mountain vistas, fresh air, and plenty of apple orchards stayed in the region when it was established in the mid-1800s as a station along the Southern Pacific Railroad. It has a population of 54,937 people, with a 6.5 percent unemployment rate, which is much higher than the national average. However, the employment market is expected to increase by 45.5 percent in the future. Furthermore, in the event of a financial emergency, you have a variety of choices in the city, one of which is a payday loan.
To help individuals, Beaumont has permitted payday loans in certain instances and set a $300 limit on payday loans accessible in the state. These short-term loans have a 31-day payback duration and a 460 percent annual percentage rate (APR), with a maximum financing charge of 15% for every $100 borrowed. There are no additional costs associated with extending a loan. There are no repossessions allowed, no cooling-off periods between loans, and only one current loan is allowed. Additionally, a $15 charge for insufficient cash is allowed; unlawful actions are prohibited in all circumstances.