El Paso is a city in the west of Texas, the USA, in the seat of El Paso County, the state’s westernmost region. The city is placed right on the borderline between the United States and Mexico and at the intersection of three states – Texas, New Mexico (the USA) and Chihuahua (Mexico). It borders on Ciudad Juárez, a Mexican city, and is part of the El Paso-Juáres transborder agglomeration.
Payday loan lending is a legitimate type of business in El Paso, as it is in the rest of Texas. There are 24 offices in the city belonging to the states leading lenders – Ace Cash Express, Check’n Go, Quik Cash, and Advance America. They continue to operate as long as people do face difficulties from time to time and consider quick loans a good solution to temporary financial problems.
Payday Loan Legislation in Texas and El Paso
The Texan law does not cap loan amount or financing fees in any way, so APRs tend to be quite high (more than 600%). Rollovers are forbidden. Charges and fees, as well as the loan term, depend on the loan size. Everyone applying for a loan must be very careful and sure that he/she can pay back on time. The lenient Texan law makes borrowers extremely vulnerable, and failure to adequately assess one’s resources can cause serious problems. Prior to applying for a loan, check every bit of information about the chosen lender. Please, be sure that the lender is licensed and presents all loan information (APR, fees, payback period, terms), before signing an agreement. You can sign up for a loan online without visiting a storefront office.
El Paso History
Before the city’s foundation, the area was inhabited by natives, who were settling along the Rio Grande, as the area was great for hunting and cultivation. The Spanish arrived here on expeditions 1581 and 1583 and realized that the area abounded in forest, water, a variety of game species, cattle, vines, salt and other resources. In 1598, Don Juan de Onate took steps to set up long-standing relationships with natives, which was trading clothes, household items, etc. for fish. El Paso del Norte began to grow into a major settlement in the 1650s and played a key role during the Pueblo Revolt and afterwards. The city continued to gain military significance through the 1800s, with the construction of the San-Antonio – El Paso Road. In the late 1800s, when railroads connected the town to Mexico, Santa Fe and other parts of the country, its population and economy increased dramatically, and the growth continued through the mid-1900s.
El Paso is located on the Rio Grande, which dissects it from Ciudad Juares, Mexico, as well as from Dona Ana County, New Mexico, as it turns northward near the southern end of the Franklin Mountains. The mountain range extends into the city and actually divides the city into two parts. Therefore, El Paso is placed high above sea level (3,800 ft), in the Chihuahuan Desert, so it has a not so humid climate with hot and dry summers and moderately cool winters.
El Paso Population
El Paso has a population of 683577 people; median age is 32.8 years old. Median household income is $44 431, median individual income is $21 913; 18.2% of families have income ranging from $50 000 to $75 000; on average, a home is available at $121 349, median rent size is $864; home ownership rate is 59.5%. The racial makeup is: 82% are whites (80.8% are Hispanic whites); the African American population is 3.8%, Asian – 1.3%, Natives are 0.6%.
El Paso today
Today, El Paso is a major economic, industrial and cultural hub with booming international trade, health care, oil and gas, tourism and other industries. It is home to more than 70 companies, which are included in the Fortune 500 list of U. S. companies, which are either headquartered or have affiliate offices in El Paso. There are several major military bases in the city, including Biggs Army Airfield, Fort Bliss and William Beaumont Army Medical Center.
Some official sources of data we used to build this page: