Payday Loans in San Antonio
All legal types of business activities are welcome in San Antonio, including payday lending. As long as payday lenders are legal in Texas, and there is always someone out there in need of quick money, they have jobs to do here. In terms of the number of payday lending companies, San Antonio is only second to Houston in Texas. There are five large companies with 76 offices distributed across the city: Speedy Cash, Advance America, Check’n Go, Ace Cash Express, and Quik Cash.
Legal Aspects of Payday Loans
All these companies operate on a legal basis, and their activity is regulated by federal and local law. The Texan law does not set any caps for finance charges, fees, and APS – they all depend on the size of a loan. For this reason, lenders enjoy quite a bit of freedom, and the average APR appears to be quite high (over 660%). This is important information for borrowers because this makes them vulnerable, and many end up with huge debts, which they find hard to discharge. On the other hand, the local law does not allow any abusive acts against borrowers, who fail to pay back on time. Rollovers are not allowed either. Finally, a loan term should last at least 7 days.
City Ordinance in San Antonio
- Ordinance No. 2012-09-20-0739 (Changes to Chapter 16: XVI Article, Section 16-901, 16-913 )
- Approved on September 20, 2012
- Signed by Leticia M. Vacek (City Clerk), Michael Bernard (City Attorney), Julian Castro (Mayor)
This ordinance determined the following rules for the operation of payday loan lenders in San Antonio:
- The lender must have a special license to operate in the city and renew it annually;
- Payday loans should not exceed 20% of the borrower’s gross monthly income;
- The minimum extension period (renewal or rollover) between loans is 7 days;
- Installment payments should not exceed 4 times;
- Every installment payment is a minimum of 25% of the principal amount;
- Rollovers should not exceed 3 times;
- The contract must be written in an understandable language;
- The lender must provide the consumer with useful information about financial education.
Payday Loans Complaints in San Antonio
City of San Antonio Credit Access Business Administration
1. By phone: 210-207-1318
2. Send complaint form to P.O. Box 839975, San Antonio, TX 78283-3975
San Antonio Payday Loan Stats
As of April 1, 2021, in San Antonio work 81 payday loan stores:
- AceCashExpress (AceCreditAccessLLC); 20 stores;
- SpeedyCash (HemoneyStoreLP): 17 stores;
- TitleMax (TitleMaxofTexasInc): 16 stores;
- CheckNGo (SouthWestern&PacificSpecialtyFinanceInc ): 9 stores;
- AdvanceAmerica (AcsoOfTexasLP): 7 stores;
- SpeedyCash (ScilTexasLLC): 5 stores;
- ActionExpressLoans: 1 store;
- TheCashStore (CotTonWoodFinancialTexasLP): 1 store;
- QuikCash (QCFinancialServicesOfTexasInc); 1 store;
- TexasCarTitleandPaydayLoanServices INC: 1 store;
- LoanStarTitleLoans (WellShireFinancialServicesLLC): 1 store.
- In the 2019 year, in San Antonio MSA stores (payday loans and auto title loans) made:
- The amount of new payday loans: $73 mln;
- Fee charges: $98 mln;
- Refinances: $78 mln;
- the average loan term for a single payday loan was 18 days;
- the average loan term for an installment payday loan was 152 days;
- the average fee for every $100 single payday loan was $20;
- the average fee for every $100 installment payday loan was $159.
Financial Assistance in San Antonio
- Financial Empowerment Centers – call: (210)207-6000
- Office of Financial Empowerment – call: (210)207-5910
- Family Assistance Centers – call: (210)207-7830
San Antonio General Information
San Antonio is one of the largest cities in Texas (second only to Houston), and it ranks among the top-ten ones in the United States in the population (over 1,500.000). The city boasts a rich and glorious history, a major role in the history of the nation, and a diverse and vibrant life in all spheres. It is home to a plethora of major businesses and attractive sights.
San Antonio History
The city of San Antonio and the San Antonio River get the name from the feast – the St. Anthony day of Pauda, which Spanish explorers were celebrating on June 13, 1691, when they were staying in the place. In 1718 the Spanish set up the mission San Antonio de Valera, and that was the starting point for the city’s bright history. By the end of the 18th century, the city took on a military significance. It became a major economic hub in the late 1800s, with the arrival of the railroad and, consequently, immigrants from around the region.
San Antonio Geography
Located in South Central Texas, at the headwaters of the San Antonio River, the city enjoys the subtropical climate due to the proximity of the Gulf of Mexico. The region gets a lot of sunlight, and the winters here are relatively mild: the temperature drops below zero for about 15-20 days on average. There is enough rainfall from late spring through early fall to maintain sufficient growth of crops. The surroundings are quite diverse, presenting a unique mix of lush forested subtropical oasis and somewhat arid desert landscapes. San Antonio is the seat of Bexar County.
San Antonio Population
San Antonio is a rapidly growing city with a population of 1 511 950 people. The population is diverse socially and ethnically. The median age is 33.2 years old, and people in their twenties make up the largest share (16.5%). The average yearly household income is $49 711, and families with incomes between $50 000 to $75 000 and six-figure incomes account for 19.4% and 19% respectively. Yearly individual incomes average $24 976. Around 54.5 of the population have a home in possession. Home values average $126 806, median rent size is $956. The racial makeup is: 80.1% are whites, 64% – Hispanic whites. African Americans account for 7%, Asians – for 2.7%, native and pacific Americans – for 0.7% and 0.1% respectively. The unemployment rate is 6.4%.
San Antonio Today
The city’s position at the intersection of several cultures is pretty much reflected in its economic and cultural life. Historically, it has been close to the middle of the nation’s military life: there are three U. S. Air Force bases (Brooks, Randolph, and Lackland) and a training base for conscripts. There are 31 higher education institutions and around 100 000 students in San Antonio. The economic potential embraces a variety of spheres: military, banking, oil production, semiconductor production, aerospace machinery, agriculture, transportation, healthcare, tourism, etc. San Antonio is home to a bunch of professional basketball, ice hockey, soccer, American football, baseball, etc. teams.