Henderson is one of Nevada’s largest cities (302 539 people), second only to Las Vegas. It is located in the Las Vegas Valley, Clark County, and is part of the Las Vegas metropolitan area. It is home to some large companies and corporations, and payday loan lenders account for a share of Henderson’s small and mid-size business community.
There are about four known payday loan lending companies in the city with but a dozen of offices. They all have a license and operate on a legal basis. These include Check City, Ace cash Express, Advance America and Speedy Cash. Although there are currently no signs of economic downfall, people do run out of money from time to time and choose payday loans to cover for unexpected losses and bills.
Payday loans Legal Aspects in Henderson
The law is less strict on payday lenders in Henderson and in Nevada in general, than in most other states. There are no limits to annual percentage rates, minimum loan size, number of rollovers and finance charges. However, no legitimate lender is allowed to grant a loan that is more than 25% of a borrower’s gross monthly income. This makes Henderson and the rest of Nevada an attraction for payday lenders. However, borrowers run a high risk of getting debt-trapped. This segment is pretty much in the hands of some groups of Native Americans, as they enjoy a number of freedoms and privileges and governmental support.
Henderson Geo and History
Henderson is situated just 16 miles south-east of Las Vegas, in a dry desert area close to the black rocky McCullough Range. The area has a desert climate with mild winters and very hot summers.
It started as a group of settlements around a magnesium deposit in the 1930s, where a magnesium plant was built to feed the global military industry. The enterprise produced magnesium for projectiles and aircraft engines before and during the WWII. Around 1947, the demand for the metal declined, and the enterprise collapsed, resulting in a layoff of around 14 000 employees and leaving hundreds of homes vacant.
The United States War Asset Administration actually put the town up for sale as a war surplus property. However, the Nevada’s Colorado River Commission purchased the plants and thus saved the future city. Henderson was officially incorporated as a city in 1953 and began to grow rapidly right away, both in size and in population.
Population and Demographics
Henderson has a population of 302 539 people. The median age is 42.2 years old; the biggest age groups are people in their forties (14.2%) and fifties (13%). The city is known to have the seventh highest per capita income in the United States; median household income is $66 939 with 19.2% of households boasting incomes between $50 000 and $75 000 and 14% – incomes ranging from $100 000 to $150 000. Most remarkably, 30% of households have six-figure incomes. Median individual income is $33 587. Up to 62.5% of the population have a home in possession. Homes are available at $266 043, median rent is $1286. The unemployment rate is 7.2%.
The racial composition is mostly typical of the rest of Nevada: there are 77.2% of Whites, 15.6% of Hispanic Whites; Asians account for 8%, African Americans – for 5.4%; Native Americans make up a share of 0.4%; Native Pacific islanders and Hawaiians – 0.4%.
Henderson is among the most economically stable and attractive city. It has won the status of the nation’s safest cities twice and was recognized as a top one by Bloomberg Businessweek. There are several major organizations with staffs exceeding 1000 employees, such as the City of Henderson (nearly 3 000 employees), St. Rose Dominican Hospital – Siena Campus (up to 2500 employees), Green Valley Ranch Resort & Spa (up to 2000), Sunset Station Hotel & Casino (up to 1500), M Resort (up to 1500). The proximity of Las Vegas has pretty much boosted Henderson’s cultural and entertainment life and nightlife with an abundance of movie theaters, concert halls, shopping malls, restaurants, pubs, casinos, etc.