Houston, TX Payday Loans Lenders

Payday Loans in Houston

Like any other state where payday lending is legal, Houston is home to a number of lenders’ offices. The biggest ones, such as Ace Cash Express, Check’n Go, Speedy Cash, Advance America, etc., are known across the nation. It is a kind of business, which will always be there, because there is always someone running into unexpected financial difficulty and in need of some money.

Legal Aspects in Houston

Houston City Ordinance

Purpose of the law: To limit payday loans and protect customers.

• Ordinance No. 2013-1163 (Chapter 28, Article XV)
• Enacted on December 18, 2013

Regulation:

• A lender must renew the license annually;
• A payday loan should not be more than 20 percent of a consumer’s gross monthly income;
• Installments to repay a loan – not more than 4 times;
• An extension for a single payday loan – not more than 3 renewals;
• Payday loans agreement must be written in English or Spanish;
• Every client should have the possibility to get information from a lender about financial education.

Houston does not limit the use of payday loan stores and their locations.

To Complain in Houston

The City of Houston Commercial Permitting and Enforcement

1. Call: 832-394-8803
2. Send complaint by mail: Houston Permitting Center, P.O. Box 1561, Houston, Texas 77251-1561

Houston Payday Loan Stats

As a result of the city ordinance (2014 year), the number of payday loan businesses was decreased by 40%.

Payday loan stores in Houston have 2 main locations:

• South of Interstate 610 along Interstate 45;
• Southside of Houston.

• In the 2019 year, in Houston MSA were 395 cash advance store locations.
  • The amount of new payday loans: $265 mln;
  • Fee charges: $298 mln;
  • Refinances: $269 mln;
  • the average loan term for a single payday loan was 16 days;
  • the average loan term for an installment payday loan was 125 days;
  • the average fee for every $100 single payday loan was $21
  • the average fee for every $100 installment payday loan was $129;
  • The average ARP for an installment payday loan: 553%;
  • The average ARP for a single payday loan: 492%.

Store Locations vs Household Income

Houston is a large metropolis in Texas extending to Galveston Bay. The city offers around 150 payday loans stores. The number is large. 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 Houston.

The eastern side of the city has a greater number of loan stores where the average income is around $50,000. Parts of the city where the average household income is more than $100,000 have been seen with a smaller number of loan stores.

Higher household incomes have been seen around Southwest Fwy, Washington Avenue area. The South-eastern area that covers the south park, Sunnyside, Lawndale wayside, and more has a low average household income i.e., $30,000. Central southwest (AVEVA Stadium, wildcat golf club, South acres Crestmont park) has an average income of $55,000 and has a smaller number of payday loans stores as compared to the eastern side of the city. The Northsides’ Northline side (Eastern Jensen, Mt Houston) of the city has an average low income and an average number of loan stores. In a nutshell, the map proves that the areas where average household income is low i.e., $50,000 have a large number of payday loan stores.

Cash Assistance Programs in Houston

• Texas Health and Human Services Commission
• Harris County Housing Resource Center
• Alliance for Multicultural Community Services

Bank On Houston has a special program that helps Houston residents (without a bank account) get access to low-entry financial services. The program was created with the participation of credit unions and non-profit organizations.

Houston General Information

Houston is a major industrial city in Texas, the USA, and it has a strategic meaning for the nation’s economy. It is the state’s largest city, both in size and population. Apart from tremendous economic potential, the city boasts a status of a great tourist destination, largely thanks to numerous museums, theaters and NASA’s Johnson Space Center.

Houston Geography

Houston is located near the Gulf of Mexico in a flat and water-rich area with a subtropical climate. This combination makes it pretty much exposed to flooding. The city is quite large in size: it occupies 601.7 square miles, of which 22.3 square miles account for water reservoirs. Summers are hot and humid, while winters are mild. Hurricanes rarely hit the area (the 1900 devastation was a tragic and disastrous exception). 

Houston History

The city started in August 1836 by Augustus Chapman and John Kirby (the Allen Brothers). During the following years, the city evolved into a major railroad hub, as export of cotton, which was galore in the area, flourished. In the early 1900s, despite the hurricane devastation, the city was still promoted as a port and became a center of the nation’s petroleum industry, which started after the discovery of an oil deposit. The industry got another shot during WWII, as the global demand for oil products increased. The city continued to grow politically and economically during the post-war years and afterward.

Houston Population and Demographics

Houston’s population is 2 312 720 people. It is ethnically diverse, and it has witnessed a significant increase in the Hispanic white population. The median age is 32.9 years old, and the biggest groups are people in their twenties (17.2%) and thirties (16.1%), as these are the most economically active groups. The median household income is $49 399. Up to 16.7% of households boas, an income of $50 000 to $75 000; 48.8% of households have six-figure incomes. Individual incomes average $26 658; 43.3% of citizens have a home in possession. Home values average $148 075, rent burdens – $1063. 

The ethnic makeup is: Whites are 58.5%, Hispanic Whites – 44.5%, African Americans account for a share of 22.9%, Asians – 6.7%, Native and Pacific groups – 0.3% and 0.1% respectively. 

Houston Today

Today’s Huston is one of the world’s biggest oil and gas industry sites. It concentrates quite a share of the global renewable energy center thanks to its location in a warm and sun-rich region. Its location near the Mexican border puts it at a crossroads of different cultures, where different exciting events and festivals take place every year (the Art Car Parade, the Bayou City Art Festival, the Houston Livestock Show, and Rodeo, etc.) The city boasts a vibrant cultural life, as it is home to the Houston Theater District, where a plethora of theaters of nearly all existing genres is found.

Some official sources of data we used to build this page: