The United States has a wide variety of iconic cities where various cultures converge. That’s how it is Step, a border enclave near the Rio Grande and where commercial exchange flourishes.
Whether you want to reside there or have spent time living in this place, it will always be important to know how to get personal loans.
- Where to get personal loans in El Paso (TX)?
- Common requirements to apply for a personal loan in El Paso
- Characteristics of personal loans in El Paso (TX)
- Brief overview of El Paso
Where to get personal loans in El Paso (TX)?
Due to its proximity to Mexico, the city of El Paso has an incessant economic activity that drives its development. The presence of the military, businessmen and different classes of workers has consolidated the culture of credit.
The need, urgency or lack of liquidity tend to be the basic reasons for going to a lender.
- Bad Credit Loans
- Loan amount: between $ 500 and $ 10,000
- Term: between 3 and 36 months
- Check Into Cash
- Loan amount: between $ 50 and $ 1,000
- Term: between 14 and 30 days
- Loan amount: between $ 100 and $ 1,000
- Term: between 15 and 31 days
- Loan amount: between $ 100 and $ 50,000
- Term: between 7 days and 6 months
- Loan amount: between $ 2,000 and $ 35,000
- Term: between 24 and 60 months
- Cash Store
- Loan amount: up to $ 5,000
- Term: between 14 days and 12 months
- Check City
- Loan amount: between $ 100 and $ 2,500
- Term: between 7 and 62 days
- One Park Financial
- Loan amount: between $ 5,000 and $ 750,000
- Term: between 3 and 12 months
As in other cities in Texas, such as Houston, there are online platforms, startups, independent firms, credit unions, and banks where you can apply for a personal loan to cover your needs or commitments.
Common requirements to apply for a personal loan in El Paso
If you are of legal age (+18), have an active bank account and regular income, you have a better chance of getting additional money. Even though each lender has their requirements, they will ask you for the following:
- Social Security number
- Minimum regular income of $ 1000 per month
- U.S. citizenship or permanent residence
- Active phone / cell number and email account
- Official government photo identification (ID, license, passport, etc.)
- Some loan stores may require proof of income and proof that you have a bank account.
Characteristics of personal loans in El Paso (TX)
You should already know that personal loans in the United States are governed by some federal laws and several state regulations. When you request a
unsecured credit, it is not necessary to present a collateral asset and each entity / financial company or lender applies its own terms and conditions.
In El Paso you will find multiple alternatives regardless of whether you have a good or bad credit score.
The usual terms range from 6 months to 7 years, the interest rate usually starts at 2.99% and the maximum amount you can get is $ 100,000. Other information, such as the APR, fees and penalties, vary depending on the lender.
On the other hand, technology has contributed to the emergence of fintech and other online platforms that can lend you money in minutes. Most of these options only ask you to fill out a form, send some digitized documents and wait 10 min-1hr for approval. In addition, they deposit the money in your account in 1 or 2 business days.
You should also know that if your FICO score is not the best and you do not want to be asked a hard question, there are options. This means that the lender will not take your credit history into account or review your report in any of the 3 major credit bureaus.
Both in the rest of Texas and in El Paso, you will find financing with these characteristics. However, keep in mind that this may mean a higher-than-normal interest rate / APR, more fees / penalties, and other potential risks.
Brief overview of El Paso
Located in the county of the same name, the city of El Paso is marked by the mixture of cultures. Near the Rio Grande, this city is part of the Paso del Norte, which also includes Las Cruces (AZ) and Ciudad Juárez (Chihuahua). In this bilingual region, at least 2.5 million people live together.
According to the 2019 Census, in this town there is a population close to 680 thousand inhabitants, making it the 6th largest in Texas and the 2nd behind Phoenix in the American Southeast.
El Paso is considered the 22nd largest city in the United States and together with Hudspeth County, it forms a metropolitan area with an estimated 840,000 residents.
Economically, this metropolis has an annual GDP of 33 billion (2019), a person earns on average $ 21,600 and the median income of a family is at $ 46,800.
Likewise, El Paso has become the headquarters of world-renowned companies and institutions. Such is the case of the UTEP, the Medical Center of the Americas and Marathon Petroleum.
Along with its large military presence and offices of companies on the “Fortune 500” list, this city also stands out for its tourist attractions. Its national events, music festivals, museums, theaters and recreational parks are already well known. Here you find the Franklin Mountains State Park, the largest urban park in the country (9813 ha).
To get personal loans in El Paso (Texas) It is a matter of analyzing the option that seems most attractive and adjusted to your finances. If you don’t know where to start, at Hispanic Business Blog we guide you with accurate and up-to-date information.