McAllen Payday Loans
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Borrowing Money in McAllen

People who live in McAllen and have low incomes or poor credit histories are usually excluded from getting loans from traditional lenders. So when their car breaks down or their kid needs an emergency appendectomy, they often find themselves turning to non-traditional lenders to get the funds they need. Many of these are predatory lenders. Payday loan stores, title lenders and pawn shops are three places where predatory lending is rampant. By taking some time to learn more about them, you can hopefully avoid taking out a loan that ruins your financial future.

McAllen Payday Loans
“Fast cash now” can easily turn into “huge debts later”.

In Texas, payday and title lenders take in approximately 5.8 billion dollars per year.(1) The industry makes that hefty profit by issuing short-term, high-interest loans to people who lack better financial options. The terms for these loans are rarely longer than a month and they carry an annual percentage rate (APR) that can be as high as 500%.(2) That means that if one of these loans was taken out for an entire year, the amount that the customer would pay in interest and fees would be over five times the amount they originally borrowed.

The most predatory practice of payday lenders in McAllen — and Texas in general — is something called “rollover.” (3) This is when the lender extends the term of the loan and charges the borrower additional fees and interest. In theory, it gives people more time to pay the loan back. But in reality, it just traps them into a cycle of debt. Every time the loan is rolled over, the borrower owes more. Eventually, they owe so much that they cannot realistically pay it back. At this point, the lender can get the courts and legal system involved so that they can get their money. Some lenders even exploit a legal loophole to have people who default on their loan arrested and thrown in jail.(4)

For people in McAllen who need cash in a hurry, there are better options than payday loans. If you want to lodge a complaint against a payday lender in McAllen, contact the Texas Office of Consumer Credit Commissioner at (800) 538-1579 or the Consumer Financial Protection Bureau at (855) 411-2372.

OppLoans Online Loans

Apply for a loan online at OppLoans, get money in your account as soon as tomorrow, and pay back the loan in monthly installments. OppLoans is a state licensed, direct hard-money lender.

Subprime Reports

See more local Texas Subprime Reports below:

Arlington Payday Loans | Austin Payday Loans | Dallas Payday Loans | El Paso Payday Loans | Fort Worth Payday Loans | Houston Payday Loans | Irving Payday Loans | Killeen Payday Loans | McAllen Payday Loans | Plano Payday Loans | Round Rock Payday Loans | San Antonio Payday Loans | Tyler Payday Loans | Waco Payday Loans

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


  1. “Avoid Dangers of Car Title Loans” Financial Web. Accessed February 17, 2016.
  2. “FAQs” Texas Fair Lending Alliance. Accessed February 17, 2016
  3. Walsh, Ben. “Texas Is Throwing People in Jail for Failing to Pay Back Predatory Loans.” Huffington Post. December 29, 2014. Accessed February 17, 2016.

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