Are you in a financial bind and searching for a quick solution in Girard, Texas? A payday loan may be the answer you’re looking for.
What are Payday Loans?
Payday loans, also known as cash advances, are short-term loans that allow borrowers to access cash quickly, typically within the same day or next business day. These types of loans are designed to cover urgent expenses or unexpected bills that cannot wait until the next payday.
To qualify for a payday loan, a borrower must provide proof of income, employment, and a valid checking account. The loan amount is typically based on the borrower’s income and is repaid on the borrower’s next payday, along with interest and any applicable fees.
Payday Loans in Girard, Texas
If you’re residing in Girard, Texas, and are in need of a payday loan, you’re in luck. Payday loans are legal in Texas, and several lenders are operating in Girard to assist those who need quick cash.
The state of Texas regulates payday loans with specific laws to protect borrowers from predatory lending practices. Licensed payday loan lenders must provide clear and concise terms, conditions, and fees to borrowers before they sign a loan agreement. They must also disclose the annual percentage rate and the total amount to be repaid.
Interest rates and Fees
Payday loans can have high-interest rates compared to traditional loans, but the interest rate differs based on the lender and the borrower’s credit rating. The maximum interest rate in Texas is 10% per annum, and the maximum loan amount is $1,800.
The interest rate is calculated based on the amount borrowed by the borrower and the repayment duration. For example, a loan of $500 borrowed for two weeks will attract an average interest rate of $20 to $24. Moreover, some lenders may charge additional fees, such as origination fees, application fees, and late payment fees.
Repayment Schedule
Payday loans in Girard are due for repayment on the borrower’s next payday. Typically, the repayment period ranges from fourteen to thirty-one days. But, borrowers who are unable to repay the loan may request an extension of an additional fourteen days. However, the lender may charge an additional fee for the extension.
Benefits of Payday Loans
Payday loans offer several benefits, including:
- Quick Access to Cash – payday loans provide rapid access to cash, and this could be beneficial in emergencies.
- No Credit Checks – payday lenders do not require a credit check for borrowers.
- Unsecured loans – payday loans are unsecured, which means that borrowers don’t need to provide any collateral.
Apply Now
If you need a payday loan in Girard, Texas, TheGuaranteedLoans can help connect you with potential lenders. We offer a quick and secure online application process that only takes a few minutes to complete.
Please note that TheGuaranteedLoans is not a direct lender. We are a connector service that will help you find a lender who meets your financial needs.
Interesting Facts or Statistics About Payday Loans in Girard, Texas
- 62% of borrowers use payday loans to pay for recurring expenses like rent and utility bills.
- The average payday loan term is 14 days, and one in four loans is rolled over at least nine times.
- The total cost of a payday loan in Texas averages $701, with an average annual percentage rate of 662%.
- In Texas, 8% of loans are in default, with many borrowers being trapped in a cycle of debt.
Conclusion
When considering a payday loan in Girard, Texas, it’s essential to research different lenders to ensure that you’re getting the best terms and conditions. Please remember that payday loans should only be considered as a short-term solution for urgent expenses, and not as a long-term financial solution.
If you need assistance finding a payday loan lender in Girard, Texas, contact TheGuaranteedLoans for a quick and easy online application process.