Amarillo, TX Payday Loans Lenders

Payday Loans in Amarillo

Amarillo has its own rules for operating payday loans business. In 2014 year, Amarillo enacted the city ordinance with special restrictions.

• Ordinance No. 7486 (Chapter 14-10)
• Passed by the City Council on September 9, 2014
• Signed by Paul Harpole (Mayor), Frances Hibbs (City Secretary)

Restrictions and Guidelines:

• A fine for violating the rules is $500;
• The lender must obtain a special certificate for doing payday-loan business ($40 for an application fee);
• The lender must maintain the payday loan records for at least 3 years;
• 20% of the consumer’s gross monthly income for a payday loan;
• The lender must determine consumer income and make a copy of the document (paycheck, IRS Form W-2, tax return, signed letter for employer)
• Max 4 installment payments (one payment – min 25% of the principal amount);
• The single payday loan can not repay more than 3 times;
• A new loan up to 7 days (after the old loan has been paid) will be considered a renewal.

For Complaints in Amarillo

Credit Access Business Regulation
1. Call: (806) 378-3041

Amarillo Payday Loan Stats

• In the 2019 year, in the Amarillo MSA, were 14 store locations (payday loans and title auto loans). They made the next numbers:
  • The amount of new payday loans: $3,7 mln;
  • Fee charges: $4,4 mln;
  • Refinances: $4,3 mln;
  • the average loan term for an installment payday loan was 159 days;
  • the average fee for every $100 installment payday loan was $128.

Questions/Answers

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