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:
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:
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’s economy is made up of more than cash advance stores. Here are a few other areas that really shine:
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.
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.
*OpenCashAdvance.com strives to present accurate information; however, we do not guarantee accuracy of data as presented.