Online Payday Loan Lenders Nearby in Sonora CA
Sonora is a small town and county seat of Tuolumne County, California, with just 4,874 of population. The City of Sonora, known as the Queen of the Southern Mines, was established in 1848 by miners emigrating from the State of Sonora, Mexico. The cost of living in Sonora is 21% lower than the California average, but still, due to an average household income of $68,806, the poverty rate is very high, i.e., 20.99%.
Heading the way of offering financial help to people who are in grave straits. If you reside in Sonora, CA and are facing financial troubles, payday loans are a viable option. Fast loans are authorized in the city under state law, however, there are certain restrictions. Payday lenders in Sonora California, can lend up to $300 and charge a maximum of $45 in fees. Although this charge may not appear to be excessive, payday loans have an average annual percentage rate of 372 percent. This is a significantly higher interest rate than most other loans or credit cards. However, in an emergency, it can prove to be a lifeline. Apart from that, interest charges of up to $15 may be applied to the APR.