Residents of Burleson, Texas, who are running low on money and need a short-term loan to help make ends meet can turn to payday loans. Payday loans are legal in Texas, provided they meet certain conditions and don’t exceed certain limits. This article will provide an overview of the different kinds payday loans in Burleson, TX, as well as the rules and regulations that apply to them.
What are Payday Loans?
Payday loans, also known as cash advances, are short-term loans that are typically between $100 and $1,000. The loan is typically due on your next payday, hence the name. The loan usually comes with a fee, and this fee is usually expressed as a percentage of the amount borrowed. For example, if you borrow $500, the fee might be 10%, meaning you’d have to pay back $550.
Why Do People Use Payday Loans?
In some cases, people use payday loans because they are in a desperate situation and need to come up with money quickly. Other times it is because they don’t have access to other types of credit. It’s important to note, though, that payday loans should not be used as a long-term solution. They are meant to be used only when absolutely necessary, and you should always make sure you can afford to repay the entire loan within the set time period.
Are Payday Loans Legal in Texas?
Yes, payday loans are legal in Texas. The state’s Finance Code states that a certificate of authority is required for a payday lender to legally operate in the state. Additionally, the law states that no payday loan can have a term of more than six months and that the total amount of interest and fees charged on the loan cannot exceed 10 percent of the total amount borrowed.
Types of Payday Loans in Burleson, Texa
There are two types of payday loans available in Burleson, Texas. The first is a traditional payday loan, which is a short-term loan that comes with a fixed rate and is due on the borrower’s next payday. The other type is a title loan, which is a loan that is secured by the borrower’s vehicle. Title loans typically have a higher interest rate and are due in full within 30 days.
What Are the Requirements for a Payday Loan in Burleson?
In order to qualify for a payday loan in Burleson, TX, you must meet certain requirements. These requirements include being 18 years of age or older and having a valid government-issued form of identification. You must also have an active checking account and a regular, verifiable source of income. Additionally, lenders may require you to provide information about your employment, bank account, and income.
How to Apply for a Payday Loan in Burleson, Texas?
If you are looking for a payday loan in Burleson, Texas, you can apply online with TheGuaranteedLoans. We are not a lender, but we will connect you with lenders who can help you get the cash you need. All you need to do is fill out the online application and provide the necessary information. Once you have completed the application, one of our representatives will contact you to discuss your options.
Frequently Asked Questions (FAQ)
- How much can I borrow?The amount you can borrow is based on your employment status, income, and other factors. The amount you can borrow typically ranges from $100 to $1,000.
- Do I need to have good credit to get a payday loan?No, you do not need to have good credit to get a payday loan. Payday loans are typically based on your employment and income, and not your credit score.
- How long does it take to get a payday loan?It usually takes less than 24 hours to get a payday loan. Once you have filled out an online application and provided the necessary information, the lender will review your information and approve the loan if you meet their qualifications.
- What happens if I can’t repay my loan?If it looks like you will not be able to repay the loan on time, you should contact the lender as soon as possible. They may be able to extend the loan for an additional fee or modify the payment plan. They may also be willing to work with you to come up with a different solution.
Conclusion
Payday loans are legal in Texas and can be a helpful tool for residents of Burleson, TX, who are in need of short-term cash. There are two types of payday loans available in Burleson: traditional payday loans and title loans. To qualify for a payday loan, you must meet certain requirements, such as having a valid ID and a regular source of income. Applying for a payday loan can be an easy process and you can typically get your cash within 24 hours. Before applying for a payday loan, though, you should make sure you understand the terms and conditions and make sure you can afford to repay the loan.
Apply Now
If you’re in need of a short-term loan in Burleson, TX, you can apply now with TheGuaranteedLoans. We are not a lender, but we can connect you with lenders who can help you get the cash you need. All you need to do is fill out the online application and provide the necessary information. Once you have completed the application, one of our representatives will contact you to discuss your options.