Loan Requirements

Credit Access Businesses more commonly known as payday and auto title lenders operating within the City of Austin must follow certain requirements in the ordinance.

These requirements include:

1.      A City of Austin Certificate of Registration must be publicly displayed

2.      Upon request, a copy of any document the consumer is required to sign must be provided

3.      Payday loans can’t exceed 20% of the consumer’s gross monthly income

4.      Auto title loans can’t exceed 3% of the consumer’s annual income or 70% of the retail value of the motor vehicle, whichever is less

5.      A paycheck, bank statement, IRS Form W-2, tax return, a signed letter from an employer, or other similar documentation must be used to establish income. Installment repayment loans must be payable in no more than four equal installments. Installment loans may not be refinanced or renewed

6.      Single lump sum repayment loans cannot be refinanced or renewed more than three times. The minimum payment due to refinance or renew a lump sum loan must reduce the total amount of the transaction by at least 25%

7.      The total amount owed for instalment or lump sum loans must include the principal, fees, interest and any other charges

Consumer Complaints

If you took out a loan from a payday or auto title lender and you believe it violates the ordinance you can:

1. Call 3-1-1 to make a complaint

2. Submit a complaint online

Consumer Resources

Want to learn more about building a budget, paying back debt, or improving credit? Need help with resources?

Check out the Consumer Resources List