Payday Loans in Corpus Christi
Payday loans in Corpus Christi are regulated by federal and local law.
- Local ordinance (law) (Chapter 5, Article I)
- Approved on August 11, 2015
- Signed by Rebecca Huerta (City Secretary), Nelda Martinez (Mayor)
- A payday lender must keep and save all loan records (3 years min);
- Payday loan amoout limit: 20% of borrower’s monthly income;
- Installment payments can not be more than 4 times;
- Just 3 times for renewals;
- A payday loan lender must have a registration with 1 year expiration;
- A lender must provide information about financial education program;
Payday Loans Stats in Corpus Christi
- The 2019 year, in the Corpus Christi MSA, were 169 store locations (payday and title loan lenders), that made the next numbers:
- The amount of new payday loans: $11 mln
- Fee charges: $15 mln
- Refinances: $11 mln
- the average loan term for a single payday loan was 16 days
- the average loan term for an installment payday loan was 169 days
- the average fee for every $100 single payday loan was $19
- the average fee for every $100 installment payday loan was $178
2021 year, Corpus Christi: 27 payday loan storefronts:
- ACE CASH EXPRESS (7 stores);
- THE CASH STORE (4 stores);
- SPEEDY CASH (4 stores);
- CHECK N GO (3 stores);
- ADVANCE AMERICA (3 stores);
- Discount Title Loans (2 stores);
- LOANSTAR TITLE LOANS (1 store);
- TITLEMAX (1 store).
Store Locations vs Household Income
Corpus Christi is a Texas city on the Gulf of Mexico that has approximately 15 payday loan stores. The number is smaller as compared to the other cities. Let’s understand the relationship between average household income and payday loan stores deeply via the map.
Mostly, the average household income is less than $50,000 throughout the area. However, southern Corpus Christi has a greater average household income i.e., $90,000. The payday loan stores also vary throughout the city. The parts where the average income is lower can be seen with a greater number of payday loan stores. The central city area has an average income of $30,000 and has 2 to 3 payday loan stores around.
The Bay area has an average income of $50,000 and there are 1 to 2 payday loan stores. The south part has no payday loan store. Other than that, Northwest Corpus Christi has an average income of $55,000 and has no payday loan lending store. The Flour Bluff area where the average household income is $60,000 can be seen with 2 payday loan stores. Hence, it can be concluded that on average, the areas with low average income have more payday loan stores and vice versa.