Payday Loans in Fort Worth
Payday lending is one of these. Given the lenient environment created for payday loan lenders by the lenient local law, they are quite well off in Fort Worth. There are 25 storefront offices in the city, which are run by companies operating in the rest of Texas and the USA: Ace Cash Express, Speedy Cash, Check’n Go, Advance America, and Check into Cash. Every company has a website, so one can apply online and get a loan in less than a minute.
Payday lenders’ activity in Texas is regulated by federal and local laws. These companies operate in Fort Worth on a legal basis, and the law does not cap the maximum loan amount one can borrow. As a result, the average APR reaches 662%. The minimum loan term is 7 days, the maximum is not specified. Charges and fees vary depending on the loan amount, rollovers are not allowed.
Prior to signing documents, lenders should disclose to borrowers all loan specifics – size, loan term, fees, payback period, etc., and be maximally open about these to borrowers. All disputes should be solved legally, without the use of any brutal force. Borrowers should ensure they are soluble enough to meet the requirements. Failure to do so can result in a huge debt, which will be increasingly difficult to overcome.
Payday Loan Local Regulation
Fort Worth City Council has passed a new regulation for credit access businesses. The city law was designed to better monitor credit access businesses in Fort Worth and take care of the welfare of residents.
- Ordinance No. 23991-12-2019 (Article XIII, Chapter20)
- Adopted on Dec 17, 2019
- Signed by Melina Ramos (Sr. Assistant City Attorney), Mary J. Kayser (City Secretary)
- A payday loan can not be exceeded more than 20% of the consumer’s gross monthly income;
- A credit access business must determine borrower’s income;
- Installment payments are limited to 4 (minimum 25% of principal amount);
- Renewal is limited to 3 times;
This law does not apply to online payday lenders.
Payday Loans Stats in Fort Worth
- The 2019 year, in the Fort Worth Metropolitan Division, were 169 store locations (payday and title loan lenders), that made the next numbers:
- The amount of new payday loans: $129 mln
- Fee charges: $124 mln
- Refinances: $132 mln
- the average loan term for a single payday loan was 18 days
- the average loan term for an installment payday loan was 150 days
- the average fee for every $100 single payday loan was $23
- the average fee for every $100 installment payday loan was $90
In 2021 year, in Fort Worth operate 50 payday loan storefronts with the City license:
- ACE CASH EXPRESS (14 stores);
- TITLEMAX (8 stores);
- THE CASH STORE (6 stores);
- SPEEDY CASH (4 stores);
- CHECK N GO (4 stores);
- LOANSTAR TITLE LOANS (3 stores);
- Check N Title Loans (2 stores);
- CASHMAX (2 stores);
- ADVANCE AMERICA (2 stores);
- RISE (1 store);
- Wise Loan (1 store).
Store Locations vs Household Income
Fort Worth is a city in North Central Texas with around 40 payday loan stores. From the map, the city has overall an average household income. Let’s understand the relationship that exists between the income and the payday loan stores in Fort Worth.
The Wentworth village area has a greater number of payday loan stores. The area that covers worth heights, and Fort Worth VA Clinic where the average income is around $30,000 has a greater number of payday loan lending stores. Wedgewood east and Edgecliff village has an average income of $70,000 and has 3 to 4 payday loan stores. The area around Fort Worth zoo has an average household income of more than $50,000 and has no payday loan store. While moving towards Westover hills, the average household income decreases while the number of payday loan stores increases. The area next to Westover hills i.e., River oaks has an average income of $45,000. The Halton city and Diamond hill area have very few paydays loan stores and their average income is also very low. So, it can be said that the area between Westover hills and the worth heights has a higher income average.
In a nutshell, it can be seen in the map the areas where the average household income is lower, have more payday loan stores.
Payday Loans TimeLine News in Fort Worth
June 2018, Fort Worth Payday loan lender (Think Finance Inc.) must pay back $40 million to customers. The lender used Native American tribes in operations.
Fort Worth is one of the major cities of Texas and the USA’s 13th largest one. Located in the northeast of Texas in the seat of Tarrant County, Fort Worth boasts a rich history and cultural heritage. It is home to numerous enterprises, cultural events, and sights, which make it a major tourist destination. There are broad opportunities for various types of businesses to grow.
History of Fort Worth
The city was founded in 1849 as one of the 10 outpost to protect settlers against aggressive local tribesmen. Its first settlers were soldiers and frontiersmen. The city was named so in honor of the late general Worth. As new residences would appear near the fort, cattle farming would become the core activity for a generation of residents. The Civil War, economic and climatic disasters of the early 1870s had a devastating effect on the city’s economy, causing its population to drop below a critical level. However, the city began to recover after the completion of the Texas and Pacific Railway, as it became involved in cattle transportation. The boom boosted various entertainment and gambling activities, which plunged the city into lawlessness and violence. Reforms in the late 1800s helped eradicate gambling by the 1900s. During the 20th century, Fort Worth became part of the nation’s oil and gas industry.
Geography and Population
Fort Worth is situated in North Texas at the intersection of the Cross Timbers and Grand Prairie ecoregions and occupies an area of 349.2 square miles. The area boasts a humid subtropical climate and lush vegetation, which explains its rich agricultural background, as it has been home to cattle farmers and ranchers since its inception.
Fort Worth’s population is 874 168 people, and the city witnessed a rapid growth in 2000-2006. Median age is 32.2 years old; median household income is $57 309; the greatest share of households (24.5%) have six-figure annual incomes; median individual income is $29 115. Average home value is $127 552, home ownership is 57.2%, medium rent is $1171. The racial picture is: 64.4% of Fort Worth population are whites, 34.8% are Hispanic whites, 18.8% are African Americans, 3.9 are Asians, 0.4 and 0.1 are Natives and Pacific Islanders respectively. Other races make up a group of 9.1%.
Fort Worth today
Today, Fort Worth is home to numerous tourist attractions, as more than 9 million people from the USA and around the world. There are eleven entertainment districts in the city, concentrating numerous shopping and dining facilities, as well as boutiques, museums, recreation areas, etc. Some restaurants offer unique cowboy cuisine. Fort Worth is home to major companies, such as American Airlines Group, the John Peter Smith Hospital, the BNSF Railway, Chip 1 Exchange, etc. It hosts a professional golf tournament, the Annual Cowtown Marathon, various motor racing competitions, etc.