Cash Advance Houston

by Jim Hughes   September 8, 2015


Houston is one of the biggest cities in the world, so it shouldn’t surprise you that the region is home to a quarter of the state’s 3,240 cash advance locations. Houston alone has 315 cash advance storefronts, which is a lot when you compare it to similarly-sized cities. Chicago, for instance, has only 125 cash advance locations, and its population is actually a little higher than Houston’s. This begs the question:

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Why Are There So Many Lenders in Houston?

Some might say the reason for Houston’s high number of cash advance locations is because of Texas’s relatively lax regulations. (These statutes don’t define a maximum loan amount and allow for higher-than-average fees.) But that claim doesn’t add up because Houston has its own unique ordinances that limit cash advance loans to 20-percent of what a potential borrower makes each month. Plus, single-payment cash advances can’t be refinanced more than three times. And with each refinancing, the principal owed has to go down by at least 25-percent. So, why is the cash advance industry thriving in Houston in spite of the city ordinances? Here are a few reasons we came up with:

  • Houston has a high poverty rate. According to the United States Census Bureau (USCB), Houston had a 22.9-percent poverty rate from 2009 to 2013. That’s over 5-percent higher than the state average. It means nearly a quarter of the people living in Houston are below the poverty level. It’s been shown that areas with high poverty levels tend to have more cash advance locations. This could be one explanation for why there is an abundance of lenders in Houston.
  • Those city ordinances are fairly new. Houston adopted its cash advance ordinances just over a year ago. Before that lenders likely enjoyed higher profits and may have opened up shop because of Texas’s lighter restrictions. The ordinances might eventually force some lenders to close up shop in Houston. That could be bad for the consumer. History shows that it’s usually the smaller shops that close first. The chains can survive for longer and the chains typically have higher rates and fees.
  • Texans are known for getting into debt. Whenever you see a story about which states have people with the most debt, Texas is always near the top of the list. Recently, CNBC compared the average credit card debt of metro areas across the country. Houston had an average balance of nearly $5,000. What’s worse – the median earnings for the city are far lower than other areas with that high of debt, which suggests that it’ll take longer for Texans to climb out of debt than people from wealthier cities. When you consider that the biggest reason people take out cash advance loans is to help pay off their other debts, Texas’s high debt amount might explain Houston’s high number of cash advance locations.

 With federal cash advance regulations looming on the horizon, it’s hard to tell what the future of cash advances in Houston will be. For now, though, business is booming. houston-347406_640 (1)  

Other Successful Businesses in Houston

Houston’s economy is made up of more than cash advance stores. Here are a few other areas that really shine:

  • Houston is home to some of the top publicly traded companies in the U.S., including Phillips 66, Sysco, and Halliburton.
  • Houston has one of the busiest ports in the world, importing and exporting hundreds of millions of tons of cargo each year.
  • The U.S. Bureau of Statistics named Houston the top city for job creation in the U.S. in 2013. The city regularly appears on “Best of” lists for businesses and careers.

There are several successful sports teams in Houston. The Houston Rockets is an NBA team that has won two championships. Houston also has an NFL team (Houston Texans), MLB team (Houston Astros), and an MLS franchise (Houston Dynamo). In fact, the only professional league that Houston isn’t a part of is the NHL. cash advance houston

Hurricanes and Cash Advances

Since Houston is located next to the Gulf of Mexico, it is occasionally bombarded by bad tropical weather, sometimes in the form of hurricanes. This can lead to city-wide evacuations, destruction, and serious economic downturns. Fortunately, the city has been able to recover from each of its devastating storms. The most recent big Houston area storm was Hurricane Ike, which caused over $30 billion in damage. For many of those who weren’t insured, this meant losing everything and having to start from scratch.

Chances are at least a few of these people turned to cash advance loans to pay the bills. While cash advances aren’t often associated with hurricanes, they can be a boon to those undergoing the unfortunate aftermath of something as horrible as a hurricane. From home repairs to medical bills to money for temporary lodging, a cash advance can help fund your temporary expenses as you weather the bad weather. If you need to take out a cash advance right now, we can help you find a lender.

Simply fill out our loan request form to get started. We’ll run your information through our complex algorithms and find you a lender. We care about conversion, so we try to match each potential borrower with the lender that wants them the most. That means you may have a better chance of getting a loan than if you just walked into a random cash advance Houston location.    

* strives to present accurate information; however, we do not guarantee accuracy of data as presented.

Jim Hughes   OpenCashAdvance Marketing Manager
Personal Finance
Jim Hughes remembers checking his first email on the original BlackBerry 850 nearly 20 years ago. It was spam, and he fell for it. Even so, he’s been on the beat every day since, following the ebbs and flows of financial technology. Look to Jim for insider exclusives on shorter-duration loans, installment loans, and other popular products in fintech today.