Company Profiles

Power Finance Overview and Alternatives

Date Modified: Jan 13, 2023
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Power Finance Texas is a private lending company based in Houston, Texas. The company was founded in 1992. It currently has stores in Arlington, Dallas, El Paso, Houston, and San Antonio. It also has an online loan division that allows the residents of Texas to start a loan request through its website. 

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The lending company offers installment loans for many occasions, including emergency cash, car repairs, bills, travel, and health emergencies.

Products and Services

Power Finance Texas only offers installment loans. Consumers can start a loan request in-store and online.


Installment Loans

Loans from $100 to $1,250 that must be repaid within six months in equal installments.

Cash Advance Loans

Small-dollar loans that have quicker repayment terms, typically within two weeks.


Power Finance does not offer any additional services.

Rates and Fees

Power Finance offers loans ranging from $100 and $1,250. Keep in mind that the amount you are eligible for depends on your finances and creditworthiness. Additionally, your APR will also be affected by your credit score and income. The average APR of Power Finance loans ranges from 730% to 790%.

Pros and Cons of Power Finance

Here is a breakdown of Power Finance’s advantages and drawbacks:



Physical stores in major Texas cities

Limited availability of loan products

Online and on-site loan request processes

High-interest rates

No minimum credit score requirement

Only operates in Texas


A $50 referral bonus for each qualified consumers that opens an account on the website

Not available to unemployed people

How to Request a Loan With Power Finance

There are two ways you can request a loan at Power Finance Texas: call their store at 1-800-585-6686 or fill out the online request form. To be considered eligible for their loan products, you will need to: 

  • Have an active checking account for 30 days or more (direct deposit required)
  • Be currently working for three or more months
  • Have a monthly after-tax income of at least $800 for in-store loan requests and $1,000 for online loan requests
  • Provide a home or cell phone number

Step 1: Request a loan

Visit one of the locations in Texas or start the online loan request by providing personal and financial information.

Step 2: Choose your terms

Power Finance may offer flexible payment options. Choose whether you want to follow the multi-payment loan fee schedule or the single-payment loan fee schedule. Detailed information about due date options can be found on the website.

Step 3: Receive the funds

If approved, you may receive the funds in as little as one business day.


What Is Power Finance?

Power Finance is a loan provider in Texas that offers installment loans between $100 and $1,250. The company offers both in-store and online services.

What Is the Minimum Credit Score That Power Finance Will Consider?

Power Finance doesn’t state a minimum credit score requirement. Loan requests are primarily evaluated based on the consumer’s repayment capability. Loan requests need to have an active checking account and be employed for at least three months at the time of request.

Can I Have a Payday Advance and Installment Loan at the Same Time?

No, you are only allowed to have one active loan at a time.

What if I Miss a Payment?

Power Finance does not state whether there will be additional fees for a missed or late payment. However, missed payments can affect your credit score negatively. If you know that you will be unable to make a payment, please contact your lender immediately. They may be willing to offer you an extension to avoid damaging your credit.

Is Power Finance Safe?

Yes. Power Finance uses advanced encryption technology and keeps all personal information highly confidential. Additionally, the company has been around for 30 years, providing loans to Texas residents for various emergencies.

How Much Does Power Finance Charge for Interest?

APR is the percentage of the total requested amount you have to repay annually. The APR for Power Finance installment loans ranges from 730% to 790%. 

For example, if you take a $300 installment loan, you can expect to pay:

Thus, the total repayment amount for a $300 installment loan would, in that case, be about $1,140 ($300 + $10.84 + $830). 

Keep in mind that the rates are based on the type of loan you get, credit score, income, and state regulations. As a result, your APR may be different due to these factors.

What About Other Fees?

Power Finance does not explicitly state whether they charge additional fees. In some instances, additional fees vary by state and depend on regulations. It would be best if you check directly with the lender to determine what fees you’ll be paying.

Can I Get a Power Finance Loan if I Am Not Employed?

Unfortunately, only consumers who are currently employed for three consecutive months are eligible for Power Finance loans. Self-employed and contract laborers may not be eligible for financing through Power Finance. However, it is best to contact the lender to determine whether they accept alternative forms of income.

How Many Times Can I Take Out a Loan?

The number of loans you can have depends on state regulations. Therefore, it is best to contact the lender for additional information to ensure you comply with your state’s lending rules.

Alternatives to Power Finance

Power Finance Texas only offers installment loans of up to $1,250. This may not always be exactly what you’re looking for. For that reason, we present you with a few alternatives that may better suit your needs. 

Speedy Cash

Speedy Cash offers installment loans, payday loans, title loans, business loans, and lines of credit. You can also request up to $25,000 for some loan types. APR ranges from 100% to 500% but can change depending on your credit score, income, and residency. 

Apart from the abovementioned loan products, Speedy Cash also offers check cashing, money orders, and money transfer services. The lender is available in 25 states across the U.S., including Texas.

Check n’ Go

Check n’ Go offers in-store and online loans in 22 states across the country. The lending company also offers payday loans, cash advances, and check cashing services. 

The maximum amount you can request at Check n’ Go is $5,000. Interest rates are more or less similar to those of Power Finance. The company has a 500 minimum credit score requirement but does accept loan requests from unemployed people.

RISE Credit

RISE Credit offers installment loans in 25 states across the country. You can take a loan of up to $5,000, and the average APR ranges from 36% to 299%. One of the advantages of RISE Credit is that it doesn’t charge late payment fees. 

Similar to Power Finance, you can receive your funds in as little as one business day. Moreover, RISE Credit has a five-day loan cancellation policy. If you change your mind about the loan, you can return the principal amount without any additional charges.

Bottom Line

In conclusion, Power Finance is a good place to opt for fast and easy-to-get installment loans in Texas. The company may be willing to offer financing to consumers with damaged credit. The lender can consider income and employment status in addition to credit scores when determining eligibility. Their loans are certainly not the cheapest in the market but can help you get out of unforeseen financial difficulties.

Ana-Maria Sanders, author at OpenLoans
Lead Writer
Ana-Maria Sanders is a highly-regarded writer with over a decade of expertise in the personal finance sphere, specializing in loans and credit cards.
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