Payday Loans in El Paso, Texas
An OppLoans Guide to Getting The Help (and The Loan) You Need

It’s not always easy to juggle all the challenges life throws at you. Navigating a career, a family, a mortgage and other bills can add up quickly and leave anyone feeling overwhelmed. It’s in times like these that we could use a helping hand. It’s good to know that if you’re struggling in El Paso there are many programs, services and non-profit organizations there to help. Whether you suffer from addiction, homelessness or are in need of veterans benefits, El Paso has options for you.

Borrowing Money in El Paso

If you’re dealing with financial hardships in El Paso, you’re not alone. Many people need extra funds to get to their next payday, and a loan may be one possible solution to this problem. But while loans in El Paso may help in times of need, they can also make things worse. There are many lenders out there that make money by being predatory — giving loans to low-income individuals who may not be able to afford the fees and interest. It’s important to know the truth about payday, pawn shop and car title loans before making a decision.

Payday Loans in El Paso
A quick cash option that does more harm than good.

There are dozens of options for getting the money you need in El Paso. You’ve probably seen hundreds of ads on TV and billboards, and offers in the mail for “speedy cash” or “fast cash now”. Many of these companies rely on low-income individuals and families in need of emergency cash. But don’t let your need for short-term cash lead you down a path to long-term debt.

A payday advance loan is a small-dollar, short-term loan. They’re given to people who need help making it to their next paycheck. When you take out the loan you provide a check to the lender for the amount of the loan and extra fees and interest. You put the date of your next payday on the check, and that’s when the lender will cash it. However if you’re not able to pay it off on the due date you may be forced to “rollover” the loan. This means taking on even more fees to extend the loan past the typical two-week timeframe.

There aren’t very many regulations for payday loans in El Paso. The price of these loans in Texas will be about twice as much as any other state.(3) If you don’t know for sure that you’ll be able to settle the loan on the due date, you’d be wise to seek out another option. If you already have a costly payday loan, and you have questions or concerns, feel free to contact the Texas Fair Lending Alliance.

Title Loans in El Paso
Is it worth losing your car to get a small, short-term loan?

Having a car is a luxury in any city. This is no different in El Paso. Being able to drive yourself to work, the grocery store or a doctor’s appointment is pretty important. If you’re in need of quick cash, there are lenders out there that may take advantage of the fact that you own a car. They may advertise “quick and easy cash” in exchange for offering up your vehicle as collateral. But borrower beware, this often leads to losing the vehicle and puts many into a vicious cycle of debt. Learn how to avoid the dangers of car title loans in El Paso.

How it works is simple: in exchange for a cash loan you will be required to sign over the title to your car, truck or motorcycle. You then agree to pay back the loan plus interest and additional charges. Once you pay the loan back, you get the title back. If you can’t pay the loan off on the due date, the lender is legally authorized to take your vehicle away. This is referred to as “repossession”.(2)

One of the reasons these loans are so risky is because it’s difficult to pay off the high fees and interest. In Texas, there aren’t very many laws to keep these lenders in check. This is why you’ll find annual percentage rates that are upwards of 500%.(3) This is an outrageous amount to pay simply for borrowing money for a short amount of time. And if losing your vehicle isn’t bad enough, the debt you take on from one of these dangerous loans can stick with you for years to come.

There are many other, safer options for getting cash in El Paso. Do some research and find a loan that isn’t designed to lead you into debt. Then take a minute to hug your car and promise you’ll never give it away to a predatory lender.

Pawn Shops in El Paso
Fast cash may also mean losing your valuable items.

If you’ve been in a pawn shop, you already know that they can be very interesting places with unique items from all walks of life. Spending an afternoon perusing the valuables at a pawn shop can be fun and entertaining. However taking out a loan from a pawn shop is a different story altogether.

A pawn shop can be a quick and convenient way to get small cash loans in El Paso. But do you really want to risk losing your valuable items? That’s how these short-term loans work. In order to get one, you must give the shop a personal item. This could be anything from that new Blu-ray player you got for Christmas to the electric guitar you’ve had since you were 15. No matter what item you choose to use, you’re taking the risk of not getting it back. The pawn shop will then take the item and give you a cash loan based on a fraction of the value.

The laws in Texas dictate that the maximum length of a pawn shop loan is 30 days. It can be hard to collect the money you need to pay off the loan in under a month. Especially since the annual percentage rate can be as high as 240%.(4) So be sure you can afford to pay the loan back before you risk your valuables.

There are better ways to get cash in El Paso. If you have questions about pawn shop laws feel free to call the Consumer Helpline of the Texas Office of Consumer Credit Commissioner at (800) 538-1579.

Texas Subprime Reports

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  1. “Hunger Facts” El Pasoans Fighting Hunger Food Bank. Accessed February 11, 2016.
  2. “Avoid the Dangers of Car Title Loans” Financial Web. Accessed February 9, 2016.
  3. “FAQs” Texas Fair Lending Alliance. Accessed February 9, 2016.
  4. “Texas Pawnshop Rate Chart – July 1, 2015 to June 30, 2016 Only.” Texas Office of Consumer Credit Commissioner. Accessed February 9, 2016.

*OppLoans is not affiliated with any of the programs, services or organizations referenced on this page.