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.
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.
or installment loan, is a larger sum loan. Installment loans are repaid in equal monthly payments within six to 12 months.
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:
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
Note that lenders may use your personal and financial information to conduct a credit check.
All repayment information will be in the loan agreement. Review this document carefully to determine if it is right for your situation.
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.