Payday Loans in Lubbock
Payday loan business in Lubbock operates under the Texas law.
In 2017, there was an attempt to pass a local law (ordinance) that would restrict credit access business.
The main points of this law:
- 1-year certificate for a lender;
- Payday loan limit amount – 20% of income
- Saving of all loan transactions;
- limit to 4 installments payments;
- limit to 3 renewals of a payday loan;
Who supported the ordinance: West Texas Organizing Strategy and the Lubbock County Democratic Party.
Result: The Lubbock City Council has voted 5-2 against this law
Payday Loans Stats in Lubbock
- The 2014 year, 33 storefronts, customers paid 9$ mill fees and $21 mill in refincances.
- The 2019 year, in the Lubbock MSA, were 21 store locations, that made the next numbers:
- The amount of new payday loans: $10 mln
- Fee charges: $10 mln
- Refinances: $15 mln
- the average loan term for a single payday loan was 16 days
- the average loan term for an installment payday loan was 170 days
- the average fee for every $100 single payday loan was $19
- the average fee for every $100 installment payday loan was $48