Information about El Paso, Texas

In the state of Texas (TX, 48), the law does not specify payday loan amounts. As a result, locals from El Paso can borrow as much as lenders approve them for. The average short-term loan amount is around $800. Most people take a cash advance to solve short-term financial emergencies. The state regulations are more tolerant compared to other states.

Table Contents

  1. Legal Status of Payday Loans in El Paso, Texas
  2. Payday Loans Near Me in Other Cities in Texas
  3. ZIP Codes
  4. How Do Payday Loans Work in El Paso, Texas?
  5. Payday Loan Requirements in El Paso, Texas
  6. Ways to Use Payday Loans in El Paso, Texas
  7. Payday Loan Alternative in El Paso, Texas
  8. Top 10 Lenders in El Paso, Texas
  9. FAQs

Get a Payday Loan in El Paso, TX

Submit your application now to check if you’re eligible.

Payday Loans Near Me in Other Cities in Texas

Take a payday loan in El Paso, TX. Alternatively, see below nearby locations where you can apply for a cash advance. Finding the right loan is easy.

ZIP Codes of El Paso, Texas

79901

79902

79903

79904

79905

79906

79907

79930

79932

79935

79934

79936

79912

79911

79835

79922

79920

79927

79924

79925

79915

79910

79913

79914

79917

79923

79926

79931

79937

79940

79941

79943

79944

79945

79946

79947

79948

79949

79950

79951

79952

79953

79954

79955

79958

79960

79961

79968

79976

79978

79980

79995

79996

79997

79998

79999

88540

88541

88542

88543

88544

88545

88546

88547

88548

88549

88550

88553

88554

88555

88556

88557

88558

88559

88560

88561

88562

88563

88565

88566

88567

88568

88569

88570

88571

88572

88573

88574

88575

88576

88577

88578

88579

88580

88581

88582

88583

88584

88585

88586

88588

88590

88595

How Do Online Payday Loans Work in El Paso, Texas?

Borrowers find payday loans easy and effective. Applying in-store takes about 15 minutes and has the same basic requirements as an online application. Both types of requests follow the same principles. The loan provider must own a valid license. All Texas lenders have to clearly state the loan conditions before asking you to sign the agreement. The main difference is the format you submit your documents: stores accept paper, while online applications require digital versions. If you own a smartphone, it will be easy for you to scan your documents and make a loan request online.

Although Texas legislation doesn’t stipulate a fixed value as a maximum loan amount, lenders in most cities cannot provide loans that exceed 20% off the borrower’s monthly gross income. Most companies set a limit of $1,000 on short-term loans to stay on the safe side. Installment loans (with a repayment term of up to six months) operate with amounts up to $5,000, provided that they follow the 20% income rule.

Texas residents enjoy looser regulations, which means that a borrower can get up to 3 rollovers (more in certain cities), or they can apply for another loan without a cooling-off period.

According to §83.604 in Texas Financial Code, lenders must return all fees that are not earned if a borrower pays off a loan earlier. That way, borrowers are more motivated to repay their loans on time.

A payday loan can help solve financial emergencies, pay the bills, fix your car or fulfill other financial obligations. One of the main benefits of a cash advance is that it is faster to get one, and the requirements are simple. These loans were created for emergencies, and the industry keeps growing due to popular demand.

Payday Loans Requirements in Texas

To qualify for a loan on the territory of Texas, a borrower has to meet a set of basic requirements:

  • Age: 18 and older;
  • Steady income: proof of recurring income from a job or other verifiable sources;
  • ID: the borrower must be a citizen or a permanent resident in Texas;
  • Bank account: an applicant needs to be the owner of a valid bank account;

Even if a borrower is not employed when submitting a loan application, they could still qualify. The requirement is to have a recurring monthly income, either from a financial aid program or from a supplier. The category covers people with disabilities, single parents who get alimony, retired people, and veterans.

The Military Lending Act regulates all loans towards active members of the Army, Marine Corps, Navy, Air Force, Coast Guard, as well as their dependents. The main restriction is for most loans to cap at 36%. That limits their access to several loans, including short-term cash advances.

Ways to Use Payday Loans in El Paso, Texas

A payday loan is helpful when all other options have been exhausted or when you need money urgently. With a cash advance, customers have the possibility to choose smaller amounts than what larger financial institutions typically allow. If you only need $200 until the end of the month, this one service can grant you just that. In other words, a payday loan is a quick solution to solve a last-minute problem.

If your car broke down and you rely on it to commute to work, but you’re out of cash, you could get a payday loan in one business day, fix your car, and carry on. If a pipe blew up in the bathroom and you cannot afford to pay for the repair service, but you need it fixed urgently, a payday lender will reply fast to your application. In El Paso, the elderly take payday loans to buy medicine or pay for groceries. You can use a cash advance to pay for your child’s tuition, a medical bill, or utilities. In short, you can use a payday loan for anything that you cannot postpone until your next paycheck.

Payday Loans Alternatives in El Paso, Texas

Residents of El Paso, TX, have the option of choosing from different organizations and services when considering a loan.

Banks. If you know you have a good credit history and need a larger amount of money, apply for a bank loan. They will look into your details and either grant you the loan you wanted or propose an alternative. Secured loans are normally easier to obtain.

Credit unions. Although borrowing from a credit union requires active membership, the organization will most likely offer you better rates than a traditional bank.

Top 10 Lenders in El Paso, Texas

Choose from the most reputable lenders that have earned a good reputation in El Paso. Trustworthy, licensed loan providers act in strict observance of state and city regulations.

Loan Express

5430 El Paso Dr Suite B, El Paso, TX 79905, United States

World Finance

10280 Montana Ave Ste C, El Paso, TX 79925, United States

World Finance

1710 N Zaragoza Rd Ste 106, El Paso, TX 79936, United States

Action Credit, El Paso

6590 Montana Ave Unit E, El Paso, TX 79925, United States

International Finance Co

4316 Montana Ave, El Paso, TX 79903, United States

World Finance

321 S El Paso St, El Paso, TX 79901, United States

Texas Finance

206 S Mesa St, El Paso, TX 79901, United States

Security Finance

208 S Stanton St, El Paso, TX 79901, United States

World Finance

9155 Dyer St Ste D4, El Paso, TX 79924, United States

World Finance

6510 N Mesa St Ste B, El Paso, TX 79912, United States

Apply for a payday loan in El Paso, TX!

You will be surprised how easy it is to get financial help when you most need it.

FAQ

No. All payday lenders do at least a soft credit check. They will not pull your records from the three main credit bureaus, but they will quickly check your information.

There are no guarantees that you will qualify for a cash advance. Apply for a loan to find out if you are eligible.

Instant approval is not possible. A lender will need a couple of minutes to look through your application. A decision will follow shortly.

Yes, it is. Although no lender can guarantee it, you could receive a payday loan in 1 hour. Applying earlier in the morning on a business day will boost your chances.

Fill out the application form, and a direct lender will contact you in case of approval. With our service, an entire network of lenders can access your application, saving you time and effort.

Any payday loan can be financed the same day if the application process runs smoothly. Lenders process requests very fast since they are aware of the urgency factor.

Your best chances are payday loans. To these lenders, your credit history is less important than your income. If you have a steady monthly income source, your credit score will not affect your chances of getting a loan.