Payday Loans in Dallas
Payday lenders in Dallas offer quick loans for those who have to face a sticky financial situation and need money right now. There are a number of stores (over 200) that are run by lenders from Texas and from around the rest of the United States. Companies, which are more widely presented in Dallas, are Ace Cash Express, Check’n Go, Speedy Cash, and Advance America. They operate on a legal basis, as long as payday business is legal in the city and the rest of Texas.
Local payday lenders have a very lenient payday loan law: it does not specify any loan amount or financing fee caps. Fees and charges depend on the size of a loan. APRs average 662%, which is quite so high. This is a good reason for borrowers to be careful. It is advisable to borrow only if you know you can pay back on time. Many borrowers have overestimated their financial capabilities, and now they are experiencing difficulties getting out of the debt pit.
City Ordinance in Dallas
- Ordinance No. 28214 (Chapter 51 of the Dallas City Code)
- Approved on June 22, 2011
- Signed by Thomas P. Perkins (City Attorney)
- Ordinance No. 28287 (Chapter 50 of the Dallas City Code).
- Approved on May 25, 2011
- Signed by Thomas P. Perkins (City Attorney)
Dallas city ordinances were enacted in 2011 and it was the first example of a local city restriction of the payday loan market. The city regulation has the following restrictions:
- Ordinance No. 28214
- 1,500 feet between stores;
- At least 300 feet between payday loan store and residential district;
- 333 feet square parking area;
- Just a freestanding building for a store;
- $2,000 fine for violating this regulation.
- Ordinance No. 28287
- Сertificate of registration for a payday loan business (CAB) (expiries in 1 year);
- $50 application fee to obtain the certificate
- A lender must save all no credit check payday loan records for at least 3 years;
- One payday loan can not exceed 20% of the consumer’s gross monthly income;
- A lender must determine a borrower’s income;
- Just 4 installment payments (each payment = at least 25% of a principal amount);
- For the single payday loan: not more than 3 renewals;
- Min term for rollover is 7 days;
- $500 penalty for violating the rules of the ordinance.
For Complaints in Dallas:
Dallas City Hall
1. Contact Form
2. By phone: (214) 670-FAIR (3247)
Dallas Payday Loan Stats
- 2012 year
- 241 storefronts;
- 2014 year
- 177 storefronts:
- 2019 year, in the Dallas-Plano-Irving area, were 271 store locations, that made the next numbers:
- The amount of new payday loans: $265 mln
- Fee charges: $264 mln
- Refinances: $182 mln
- the average loan term for a single payday loan was 17 days
- the average loan term for an installment payday loan was 137 days
- the average fee for every $100 single payday loan was $22
- the average fee for every $100 installment payday loan was $114
Store Locations vs Household Income
Dallas is a modern metropolis in north Texas that has around 55 payday loan centers. The number is larger. But why does such a larger city with a higher average income has so many loan stores? Let’s understand the relationship that exists between the income and the payday loan stores in Dallas.
The Northern side of Dallas has a greater number of loan stores where the average income is more than $80,000. The area where the average income is $30,000 has a smaller number of payday loan centers. The area that covers Cockrell hill has 6 to 7 payday loan centers and an average income is around $40,000. The Dallas area that covers Mesquite, Sunnyvale has an average income of $60,000 and there are a large number of payday loan centers. On average, the lesser the average income of an area, the more the number of loan lending centers available.
The area around Lake highland, and The Dallas Arboretum and Botanical Garden have an average income of more than $100,000 with no or fewer number loans centers. In conclusion, it can be seen that on average, the areas with the higher average household income have fewer numbers of loan centers as compared to the areas with lower average incomes.
Payday Loans Alternatives in Dallas
- Community Loan Center of Dallas (a non-profit organization with loans up to $1,000 and low fees)
Dallas General Information
Dallas is a highly cosmopolitan city located in Northern Texas, and it is home to a good share of the state’s commercial, political and cultural life. There are quite a bunch of venues for people from all walks of life, and it ranks high in numerous life quality ratings. This does not mean, however, that there is no poverty at all and everyone there is secure against financial difficulties.
Dallas City’s history started in 1841 by John Nelly Bryan, a lawyer, tradesman, and farmer, who had been exploring the area for a couple of years and decided to establish a settlement near the Trinity River. It was officially incorporated as a city in 1856. Railroad construction and proximity of strategic transportation hubs and lines contributed to the city’s economy in the late 1800s, and it became an attraction for businesses operating in a variety of spheres. In the 1870s, a new street-car system was introduced, which pretty much eased movement between enterprises and the railroad station. By 1900, the city became the world’s capital of cotton industry.
Dallas City is located in the north of Texas, on the rolling planes near three forks of the Trinity River, about 250 miles north of the Gulf of Mexico and 70 miles south of the Oklahoma border. This area is known as the Texas Blackland Prairies, and it is famous for its dark and highly fertile soil. Coupled with the warm subtropical Texan climate, the factor makes this area ideal for agriculture and related businesses. Also, the area around the city is rich in parkland and lakes, many of which are man-made.
As of 2020, Dallas’s population is 1 341 080 people. The median age is 32.5 y/o, 17.6% of the population are people in their twenties, 16% – people in their thirties. The average household income is $47 285; the average individual income is $27 100. Six-figure incomes are enjoyed by 21.1% of households; 17.2% have incomes between $50 000 and $75 000. Homeownership averages 41.5%; median home value is $155 790, rents average $1111.
The racial makeup is typical of any other Texan city: 61.8 of the population are Whites, 41.7% are Hispanic Whites; 24.3 are African Americans, 3.4% are Asians, 0.3% are Native Americans.
During the second half of the 20th century, Dallas continued its evolution as a major economic, political and cultural center. It has witnessed a telecommunication and information technology boom, and now it is home to more than 5700 companies, such as Alcatel Lucent, Texas Instruments, AT&T, Rockwell Collins, Nokia, Ericsson, etc. Dallas city boasts the largest in the country arts district, which includes quite a number of museums (the Dallas Museum of Arts, the Perot Museum of Nature and Science, the Meadows Museum, etc.), concert halls, and libraries. Dallas is home to several national sports teams, such as the Texas Rangers (baseball), the Dallas Cowboys (football), the Dallas Mavericks (basketball), etc.