Payday Loans in El Paso

Hermosa Loans works with Texans throughout the state who need fast cash. If you’re an El Paso resident that has had trouble acquiring funds in the past, we encourage you to complete an online loan request form.

Request Short-Term Loans and Long-Term Loans in El Paso, Texas

Whether you are looking to borrow a short or long-term loan, Hermosa Loans can help you take the next step.
A short-term loan

is also known as a payday loan or cash advance. These are small-dollar loans that are usually repaid in a lump sum within two weeks.

A long-term loan,

or installment loan, is a larger sum loan. Installment loans are repaid in equal monthly payments within six to 12 months.

Auto Title Loan

A title loan is a secured loan that can be used instead of a payday or installment loan. The borrower uses their vehicle’s title as collateral to secure the loan.

For example, El Paso residents may receive up to 50% of the car’s appraised value. However, if you default on a title loan, the lender may repossess the vehicle.

To request a title loan, the lender may ask for the following documents:

Government-issued ID Lien-free car title Bank account Proof of residency

How Much Can I Borrow in El Paso, Texas?

In El Paso, Hermosa Loans operates as a loan request service near you.

  • The Texas Office of Consumer Credit Commissioner (OCCC) regulates the payday loan industry. Therefore, every loan company must abide by the rules and regulations set forth by the OCCC.
  • According to Texas state law, Payday loans in El Paso can be repaid between seven and 180 days. The APR is not stated and depends on the lender and borrowed amount. Keep in mind that borrowers with lower credit scores may have to pay higher interest rates.
  • According to city law, El Paso residents cannot borrow payday loans that surpass 20% of their gross monthly income. On the other hand, borrowers can renew or rollover their loans up to three times.
  • Moreover, installment loans should be repaid in four equal payments. As a result, each payment must be 25% of the principal amount.

How to Qualify for a Fast Cash Loan in El Paso, Texas?

Before requesting an payday advance online, ensure that you meet the basic requirements to qualify for a loan in El Paso. Applicants must:

Be a Texas resident

Be at least 18 years of age

Have a steady source of income

Have a checking account

I Was Qualified for a Loan; Now What?

Upon collection of your payday loan from the lender, you may be able to use the cash to cover emergency expenses, such as:
Unexpected bills
Medical bills
Debt consolidation
Credit card bill
Car repairs
Home repairs

Note that lenders may use your personal and financial information to conduct a credit check.

How Do I Pay Back My Cash Advance Loan in El Paso, Texas?

All repayment information will be in the loan agreement. Review this document carefully to determine if it is right for your situation.

  • The preferred repayment method for lenders in El Paso is an automatic withdrawal from the borrower’s checking account. Although rare, you may be able to repay your loan using a post-dated check, a debit card, or cash.

Request up to $5,000 Now

Hermosa Loans can be a first step toward meeting your immediate financial obligations.
If you are searching for a short or long-term loan, let's see if we can help.

Frequently Asked Questions

What are the requirements to qualify for a loan in El Paso?

While each lender will set its own requirements, they'll typically ask for financial and personal documents. This information includes proof of steady income, identity verification documents like a government-issued ID, proof of a checking account, and fair to good credit standing. Moreover, the lenders will require that the applicant be at least 18 years old and a resident of Texas.

What's the APR for a short-term loan?

Typically, APR is around 400% to 500% in El Paso. However, the rate can be higher based on the borrower's credit score, income, and credit history. Most often, borrowers with lower scores will have higher interest rates, and borrowers with higher scores may enjoy lower rates.

Does Hermosa Loans provide title loans in El Paso?

Currently, Hermosa Loans does not operate in the title loan space.

What's the maximum number of loans I can have at the same time?

The city of El Paso doesn't specify how many outstanding loans a borrower can have at one time. To be on the safe side, it is best to only take out one loan at a time. Having multiple loans simultaneously can cause you to incur more debt and negatively affect your credit score.

What's the minimum loan term?

The minimum loan term in El Paso is seven days, and the maximum is 180 days.