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Payday Loans in Amarillo
Amarillo has its own rules for operating payday loans business. In 2014 year, Amarillo enacted the city ordinance with special restrictions.
- Ordinance No. 7486 (Chapter 14-10)
- Passed by the City Council on September 9, 2014
- Signed by Paul Harpole (Mayor), Frances Hibbs (City Secretary)
Restrictions and Guidelines:
- A fine for violating the rules is $500;
- The lender must obtain a special certificate for doing payday-loan business ($40 for an application fee);
- The lender must maintain the payday loan records for at least 3 years;
- 20% of the consumer’s gross monthly income for a payday loan;
- The lender must determine consumer income and make a copy of the document (paycheck, IRS Form W-2, tax return, signed letter for employer)
- Max 4 installment payments (one payment – min 25% of the principal amount);
- The single payday loan can not repay more than 3 times;
- A new loan up to 7 days (after the old loan has been paid) will be considered a renewal.
For Complaints in Amarillo
Credit Access Business Regulation
1. Call: (806) 378-3041
Amarillo Payday Loan Stats
- In the 2019 year, in the Amarillo MSA, were 14 store locations (payday loans and title auto loans). They made the next numbers:
- The amount of new payday loans: $3,7 mln;
- Fee charges: $4,4 mln;
- Refinances: $4,3 mln;
- the average loan term for an installment payday loan was 159 days;
- the average fee for every $100 installment payday loan was $128.
Amarillo Residents Debt-to-Income Ratios
Amarillo residents have 672 median credit score and the average number of late payments is about 5.52. Below represented DTI (Debt-to-Income) ratios shows how Amarillo residents debts stacks up against their income. As of 2020.
Credit Card DTI
Car Loan DTI
Student Loan DTI
Amarillo Residents Financial Statistics
Below represented statistics is for Amarillo, Potter County, Texas. As of 2019.
Median age of Amarillo's residents, years
Labour force participation rate, %
Unemployment rate, %
% of residents with no health insurance
Median individual income, USD
Median household income, USD
% of households with income under $35,000
% of households with income $35,000 - $75,000
% of households with income $75,000 - $100,000
% of households with income over $100,000
% of households that own their residence
Median home value owned by residents, USD
Median rent cost, USD
Rent Burden, %
Some official sources of data we used to build this page:
Payday Loans are legal* in Texas.