Around 150 years ago, Los Angeles was a town in the desert. In 2016, it proudly holds the status of the 3rd largest metro economies in the world, inferior to Tokyo and NYC. With the population of 13ml. People and around $800billion GDP, Los Angeles maintains its status of the world’s key business, cultural, entertainment and technological destinations. The city’s advancement on the national and global scene is driven by the metro’s culture and spirit – the city has served as an incubator for the new advancements in virtually each sphere of life. The city has a comparable GDP with such economies as Belgium, Saudi Arabia and even the world’s top countries for living – Norway.
The Port of Los Angeles is known to be the largest naval port in Americas, processing as much as 42% of all the products entering the country in the Western Hemisphere. The city is known as the country’s largest production center, the manufacturing industries of the metro employ more people in comparison with Michigan.
According to the employment stats, the largest industry is international trade. One can feel the scope of the trade in the city by taking a look at the employment in sustained movement of goods: the Port of Los Angeles in conjunction with Los Angeles Airport (the world’s 6 busiest airport by the way) employ around 365,000 people.
Creative industries play a vital role in the economy of the city: annually these companies generate more than $100bn. in sales revenue. The creative industry is not only represented by movie and entertainment production – the range of fields represented and pioneered in LA includes over 35 top paying bus niches.
Banking sector serves as a reliable foundation for the development of LA metro. The industry fuels the economy and experiences a surge against the background of 2015 by 9%. One of the prominently growing niches is payday loans – since 2012 it has grown by 27%, despite the recently updated maximum cap of $300 – the maximum loan amount you can be provided in California. Payday loan companies in California are largely shifting to the online space, as more and more payday loan customers prefer to take advantage of internet when it comes to obtaining the short-term loan.
Los Angeles online payday loans are approved in 83% of cases – with the establishment of $300 the factor of credit score has almost completely lost its significance, which had an immediate reflection on the approval rate. The positive tendency in approval rate is still observed, although it has lost its pace and moves up at around 0.2 – 0.5% rate annually; the most actively borrowing and highest approval rate areas are 90008, 90001 and 90047. Despite the fact that the average salary after tax in LA is estimated at $3,504/month, around 40% of population earns less or significantly less than that. And the need to make both ends meet is still a common case for millions of LA citizens. This is where a payday loan is, perhaps, the only effective money solution you can take advantage of. It allows you to get the instant approval and make use of money even on the next business day, without even paying a visit to the local office.