Payday Loans in El Paso
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.
The Texan law does not cap loan amount or financing fees in any way, so APRs tend to be quite high (more than 600%). Charges and fees, as well as the loan term, depending on the loan size. Everyone applying for a loan must be very careful and sure that he/she can pay it 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.
- Ordinance 12-1078-010.001 / PL#149988
- Passed in the 2014 year
- Signed by John F. Cook (Mayor), Richarda Duffy Momsen (City Clerk), Sol M. Cortez (Assistant City Attorney)
- Every payday lender must be registered in the City;
- The lender must keep and maintain all loan records;
- All sum of loans are limited to 20% of the borrower’s gross monthly income;
- Payday loans must have just 4 installments, 3 rollovers or renewals;
- The contract must be written in the borrower’s language.
El Paso Payday Loans TimeLine News
- 3 Oct 2015, ElPasoTimes published the article where compared the number of payday loan lenders before city ordinance and after. The number was dropped to 39%.
Payday Loans Complaints in El Paso
El Paso Payday Loan Stats
- The 2019 year, in El Paso MSA area, were 66 store locations, that made the next numbers:
- The amount of new payday loans: $26 mln
- Fee charges: $30 mln
- Refinances: $28 mln
- the average loan term for a single payday loan was 23 days
- the average loan term for an installment payday loan was 130 days
- the average fee for every $100 single payday loan was $25
- the average fee for every $100 installment payday loan was $145
El Paso General Information
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.
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 bounded in the 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 afterward. 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; the median age is 32.8 years old. Median household income is $44 431, median individual income is $21 913; 18.2% of families have an income ranging from $50 000 to $75 000; on average, a home is available at $121 349, median rent size is $864; homeownership 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.