Payday Loans in Ben Franklin, Texas

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No payday loan companies in Ben Franklin, TX. Consider companies in other cities:

Company nameAddressZip codePhone number
CashMax Title & Loan 1706 TX-16, Graham, TX 76450
Walmart Money Center 1410 E Main St, Eastland, TX 76448
CashMax Title & Loan 750 Hurst St ste c, Center, TX 75935 +1 (936) 598 - 5900
Advance America 1601 Veterans Blvd Ste D, Del Rio, TX 78840 +1 (830) 775 - 2984
Nationwide Money Services 1056 S Wheeler St, Jasper, TX 75951 +1 (409) 383 - 1773
JW Woodruff - Raymond James 719 Strong Ave, Ballinger, TX 76821 +1 (325) 365 - 9000
TitleMax Title Loans 2101 Lamar Ave, Paris, TX 75460 +1 (903) 730 - 4971
Western Finance 265 TX-327, Silsbee, TX 77656
Toledo Finance Corporation 6305 Wesley St 106, Greenville, TX 75402 +1 (903) 454 - 6171
Toledo Finance Corporation 1321 Clarksville St, Paris, TX 75460 +1 (903) 737 - 8890

Payday Loan Companies in Nearby Cities

If there are no payday loan companies in Ben Franklin, TX, you can try to find different companies in big cities near by. Check out the following pages here: Guaranteed Loans in Keller, TX, Payday Loan Companies in Killeen, TX, Online Loans in Kyle, TX, Payday Loans in La Porte, TX, Payday Loan for Lancaster, TX, Payday Loans in Laredo, TX, Payday Loan for League City, TX and Payday Loans in Leander, TX. But also, you can apply for a loan online, not coming out of your home. Just fill out a simple application on our website and we will connect you with trusted direct lenders in Ben Franklin, TX.

Are Payday Loans Legal In Ben Franklin, Texas?

Loan Rates and Fees, Laws and Regulations in Texas.

Texas Loan Regulations

Legal StatusLegal
Interest Rate (APR, %)662
Maximum Loan AmountNot Specified
Minimum Loan Term7 days
Maximum Loan TermVaries
Number of Rollovers Allowed0
Finance Charges>$30 => $1 for each $5 [$30 – $100] => 1/10 of the loan amount + $3 /mo (<$35) [$35 – $70] => $3.50/mo + $4/mo (>$70) >$100 => $10 + $4/mo for each $100

Ben Franklin, TX payday loan calculator

The Ins and Outs of Payday Loans in Ben Franklin, Texas

Are you in a bind and need quick access to cash? Do you live in Ben Franklin, Texas, and are wondering if payday loans are right for you? You’re in the right place!

Payday loans are a viable short-term loan option for residents of Texas, but it’s important to understand how they work and the potential risks they can pose. In this article, we’ll guide you through everything you need to know about payday loans in Ben Franklin, Texas.

What Are Payday Loans?

Payday loans are small, short-term loans that allow individuals to borrow against their next paycheck. Typically, payday loans are for a few hundred dollars and have to be repaid within two to four weeks, or on the borrower’s next payday.

The loan process involves filling out an application and providing proof of income and employment. Lenders require proof of income to determine the borrower’s ability to repay the loan. If approved, the borrower receives the loan amount in cash or as a direct deposit into their checking account.

Are Payday Loans Legal in Texas?

Yes, payday loans are legal in Texas. However, the state imposes several regulations and restrictions to protect borrowers.

Unlike in some states, there is no maximum amount that you can borrow in Texas. However, there are limits to how much interest a lender can charge. The annual percentage rate (APR) for a payday loan cannot exceed 10%.

Additionally, lenders cannot roll over or refinance a loan. This means that a borrower must pay off their loan in full before taking out another one. Moreover, lenders are required to disclose all loan terms and fees upfront. This transparency is to protect borrowers from any hidden fees or misleading terms.

What Are the Requirements for Payday Loans in Ben Franklin, Texas?

The requirements for payday loans in Texas are straightforward. To qualify, you must:

  • Be at least 18 years old
  • Have proof of income and employment
  • Have an active checking account
  • Provide a valid phone number and email address

Note that lenders may have additional requirements, so it’s essential to check with them directly before applying.

What Are the Risks of Payday Loans?

While payday loans can be an option for quick cash when you need it, they carry risks, too.

The APR for a payday loan in Texas can reach 10%, which is higher than the interest rates on credit cards or personal loans. It’s essential to calculate the total cost of borrowing before applying for a loan.

Additionally, borrowing from a payday lender can put a strain on an individual’s finances. If the loan amount cannot be repaid on time, the borrower may be subject to additional fees and a higher interest rate. This cycle can lead to a financial trap, where individuals take out additional loans to repay the original one, and the debt keeps increasing.

Interesting Facts about Payday Loans in Ben Franklin, Texas

Here are some interesting facts and statistics about payday loans in Ben Franklin, Texas:

  • In Texas, there are more than 3,000 payday lenders operating across the state.
  • The average payday loan amount borrowed in Texas is $500.
  • Between January and July 2020, Texas borrowers took out over 1.2 million loans with a total value of over $2.5 billion.

Ready to Apply for a Payday Loan in Ben Franklin, Texas?

If you’ve determined that a payday loan is right for you, TheGuaranteedLoans can help connect you with potential lenders. As a connector service, we match borrowers with lenders who fit their needs and requirements.

To apply for a payday loan in Ben Franklin, Texas, fill out our online application form. We’ll ask for some personal information, proof of income, and employment to help us find the right lender for you. Remember, it’s essential to borrow responsibly and only what you can afford to repay.

Conclusion

Payday loans can provide a quick and easy solution to short-term financial challenges, but they come with risks. It’s crucial to understand the loan terms and fees and borrow only what you can afford to repay within the given time frame. Remember, TheGuaranteedLoans is here to help navigate the lending process and connect you with potential lenders in Ben Franklin, Texas.

F.A.Q.

How do I apply for a payday loan in Ben Franklin, Texas?

To apply for a payday loan in Ben Franklin, Texas, you will typically need to visit a payday lender in person and provide proof of income, a valid ID, and an active checking or savings account. Some lenders may also allow you to apply online or over the phone. It is important to carefully review the terms and conditions of any payday loan before agreeing to borrow.

What are the alternatives to payday loans in Ben Franklin, Texas?

There are several alternatives to payday loans in Ben Franklin, Texas, including borrowing from friends or family, applying for a personal loan from a bank or credit union, or using a credit card. It is also possible to apply for assistance from government programs or nonprofit organizations, or to negotiate payment plans with creditors. It is important to carefully research and compare your options before deciding on a course of action.