Payday Loans in McAllen
The 2017 year, in McAllen MSA payday loan lenders did next numbers:
- the number of borrowers per 10,000 adults – 679
- the number of new loans per 10,000 adults – 1030
The 2019 year:
- the number of borrowers per 10,000 adults – 515
- the number of new loans per 10,000 adults – 728.
The 2019 year, in McAllen MSA, operated 81 stores (payday and title loans), they did next numbers for the year:
- The amount of new payday loans: $26 mln
- Fee charges: $38 mln
- Refinances: $39 mln
- the average loan term for a single payday loan was 19 days
- the average loan term for an installment payday loan was 166 days
- the average fee for every $100 single payday loan was $22
- the average fee for every $100 installment payday loan was $155
The 2020 year, in the City McAllen, operates 24 stores, where borrowers can obtain quick cash with no credit check:
- ACE CASH EXPRESS (5 stores);
- TitleMax (3 stores);
- LOANSTAR TITLE LOANS (3 stores);
- DISCOUNT TITLE LOANS (3 stores);
- ADVANCE AMERICA (2 stores);
- CHECK N GO (1 store);
- SPEEDY CASH (1 store);
- APPROVED MONEY CENTER (1 store);
- ACTION EXPRESS LOANS (1 store);
- Unnamed (4 stores).
Store Locations vs Household Income
McAllen is a city in southern Texas that has 9 payday loan stores. The number is small. Let’s understand the relationship between the payday loan stores and the average household income in McAllen city.
The McAllen convention center area has an average income of $30,000 with one payday loan lending store.
The De Palmas Historic District area has a greater number of payday loan stores with an average household income of $15,000.
Parts of the city where the average income is greater than $50,000 like H-E-B Plus, McAllen International Airport have been seen with little or no payday loan store. Overall, it can be seen from the map that the average household income of McAllen and the roundabout area is lower.
The Costco Wholesale store area has an average income of $30,000 with 1 to 2 payday loan lending stores.
The South Texas College area has an average income of $35,000. In a nutshell, it can be concluded that the overall average household income of McAllen city is lower and has scattered payday loan stores throughout the city. The areas where the average income is around $30,000 have a greater number of payday loan stores as compared to the areas where the average income is higher.