El Paso is the second-largest majority-Hispanic city in the United States, with Hispanic people constituting 81 percent of the population. According to the United States Census Bureau, the city’s population in 2020 was 678,815, making it the 23rd-largest city in the United States and the sixth-largest city in Texas.
Access to credit – and sometimes a lack of it – remains a priority for Hispanics to survive. Their access to credit sources has become critical in light of the country’s dramatic economic changes over the last two years. Even small emergency situations pose a high threat to a standard of living, well-being, and financial stability for those who live paycheck to paycheck. Thus, fast cash became very popular among Latinos. Specifically, the use of payday lenders as a source of funds has become a growing option for Hispanic families.
According to a recent study, payday loan stores are massively concentrated in Latino neighborhoods. Moreover, payday lenders are 2.4 times more concentrated in Latino communities, according to a 2009 report by the Center for Responsible Lending (CRL), even after controlling for income and various other factors.
About Fast Cash Loans
Fast cash loans, also known as payday loans, are short-term loans that can be obtained from banks, online lenders, or credit unions. However, online platforms offering payday loans are the most well-known way of getting this type of debt, as the websites made the process of obtaining money painless and straightforward.
The fast cash loans are small, up to $2500, plus interest rates from $15 to $20 per $100 borrowed. Fast cash loans are also called “bad credit loans” or “no credit check loans,” as the lenders do not perform a hard pull before approving the borrower’s request.
Another advantage of payday loans is that online lenders never require collateral, thus making the loan unsecured. This means that the borrowers are not obliged to bring a pledge to secure the money.
Essential Requirement for Fast Cash in El Paso
Payday loans, in general, have the same requirements regardless of state or city. To qualify for a loan, payday lenders require borrowers to be at least 18 years of age, have an active bank account, an income source, and valid identification, according to the Consumer Financial Protection Bureau (CFPB).
Simultaneously, states pass legislation capping either the amount of payday loans or their interest rates and APRs in order to discourage high-interest lenders and protect consumers from predatory loans. Some states have even outlawed payday lending, making it illegal for consumers to use them.
According to the Center for Responsible Lending, laws in 18 states and Washington, D.C. limit short-term loan rates to 36 percent or less.
Fast Cash in El Paso, Texas
In the state of Texas, payday loans are considered legal. Texas has very lax payday loan legislation, allowing the industry to thrive. In Texas, there is no set maximum loan amount that borrowers can obtain. There is also no set maximum financing fee (APR can be more than 400 percent ). Fees and other charges for the loan vary depending on the loan amount.