Austin is a major political, industrial and cultural center of Texas, the USA, and the state’s capital. Located in Travis County, a lush subtropical region, it attracts citizens from around the United States, neighboring countries and from overseas. It is placed at a crossroads of several economic and cultural pathways, and is home to quite a number of business and arts venues.
Particularly, payday loan lenders are okay in Austin, as well as in the rest of Texas. There are 25 payday lender storefront offices in the city belonging to Ace Cash Express, Speedy Cash, Check’n Go, Quik Cash, and Advance America. They have their own websites, where borrowers can learn more about them and apply for a loan online. Payday lenders are not as strict on borrowers about credit histories and, for the most part, grant loans to users, who are not always okay with banks. They do require, however, that borrowers have a stable income and ask to submit documents proving that.
Payday Loan Law in Austin
Payday lending is legal in Austin. It is regulated by the local legislation, which is not quite so tough on lenders. Particularly, it specifies only a minimum loan term (7 days) and does not specify a maximum one. It does not specify maximum charges or fees either (they depend on loan size); APRs tend to be quite high (662%). Rollovers are not allowed.
The law seems to be on lenders’ side rather than borrowers’. The latter are at a disadvantage and must always be sure they can pay off on time to avoid indebtedness. Criminal acts against borrowers are prosecuted.
The city originated in 1839 as Waterloo and was changed to Austin later that same year. It was named after Stephen F. Austin, the Texas Republic’s first secretary of state (known as The Father of Texas). The city continued to grow throughout the 19th century economically, politically and culturally. It witnessed an economic boom in the 1870s, when a railroad connected it to Houston and opened new horizons in trade, farming and production. The Capitol Building was completed in 1888. The city’s business and cultural life continued to evolve throughout the 20th century.
Austin is located in Central Texas on the Colorado River and straddles the Balcones Fault, which gives it a variable elevation above sea level. The region presents a unique chemistry of a temperate, sub-tropical and desert climate because of its specific terrain type. There are several artificial lakes in the city and a system of dams, which were built on the lower Colorado River to control floods, which often occur during thunderstorms.
Austin’s population is 950 715 people, median age is 32.7 years old. Median household income is $63 717; median individual income is $34 576. About 18.3% of households have incomes ranging between $50 000 and $75 000; about 30.4% of households have six-figure incomes. Home ownership reaches 45.3%; average home value is $285 643, median rent size is $1524.
The racial makeup is similar to those observed in other cities. About 75% of the population are Whites, Hispanic Whites account for 34.5%, African Americans – for 7.6%, Asians – for 7%; Natives account for 0.5%, Pacific population – for 0.1%.
Today, Austin is a major industrial and educational center. The University of Texas at Austin runs a number of computer science programs and feeds workforce to the city’s (and the nation’s) numerous high-tech companies. Austin’s biggest employers are the U.S. Federal Government, the State of Texas, NXP Semiconductors, the Texas State University, Amazon, Hewlett-Packard, Qualcomm, Whole Foods market, etc.
Austin boasts a vibrant cultural life: it is known as the Live Music Capital of the World, as it is home to the South by Southwest film/music/interactive festival, the Austin City Limits Music Festival, numerous nightclubs, and top-level singers, bands and orchestras.
Some official sources of data we used to build this page: