Power Finance

Power Finance is a Houston payday loan service based out of Texas that has been in business since 1997. While its loans have some standard features and requirements, it also has some of the highest APRs and fee of any service we reviewed. It also only offers the typical $1,000, so there is not anything that makes this service stand out.

While $1,000 is standard for payday loans, many services have the potential for even higher amounts. Either way, the loan amount you receive depends on your income and the third-party lender with which this service connects you after you apply. This service requires you take home at least $800 a month after taxes and have had employment for at least 90 days. You also must have a valid checking account and bring your checkbook with you for in-store loans.

APRs from Power Finance range from 739% to 792%, which is a very small range and relatively high percentages considering the average APR for payday loans in Houston is around 500% to 600%. As the APR represents a full-year loan, a typical 14-day loan costs around $30 per $100 borrowed. This means that for a $1,000 loan, you pay back $1,300 on a 14-day loan, which is something to keep in mind.

This service offers in-store loans and online loans, which is nice so you can choose how you wish to receive your funds. If you apply online, you receive your money via direct deposit the next day. The online application takes just a few minutes, and you receive your approval within 60 seconds. If you choose to go into one of the five Power Finance Houston, TX locations, the application process takes less than 30 minutes and you can walk out with your cash in hand.

The maximum term for a payday loan with Power Finance is 30 days, but typically your loan's term ends when you receive your next paycheck, so between two and four weeks is common. When the time comes to repay your loan, the service automatically debits your checking account if you applied online. If you applied at a local branch, you can repay by debit card, credit card or cash.

This company's website provides basic information about its loans as well as including the APR, fees and payment schedule so there are no surprises when it is time for you to repay your loan. You can find answers to frequently asked questions, the loan requirements and the online application on the website. It also provides the company email, toll free phone number and local branch phone numbers if you need to contact customer service.