Payday Loans in Gorman, Texas

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

Company nameAddressZip codePhone number
Farmers and Merchants Bank 240 S Texas St, De Leon, TX 76444 +1 (888) 203 - 0367
Walmart Money Center 1710 Central Texas Expy, Lampasas, TX 76550 +1 (512) 556 - 8217
Covington Credit 113 W 1st St, El Campo, TX 77437 +1 (979) 543 - 3150
Barri Agent 1717 Ranch Rd 1431, Marble Falls, TX 78654
Texan Credit Corporation 717 Houston St, Levelland, TX 79336 +1 (806) 897 - 0280
Rockport Pawn & Jewelry 3035 TX-35, Rockport, TX 78382 +1 (361) 729 - 9600
Oak Cliff Finance 655 Wynnewood Dr 731, Dallas, TX 75224 +1 (214) 946 - 6770
Extraco Banks Waco: Midway 200 Hewitt Dr, Hewitt, TX 76712 +1 (254) 761 - 2000
First Bank Texas 525 S Access Rd, Clyde, TX 79510 +1 (325) 893 - 5884
Speedy Cash 11300 Pollyanna Ave Ste C, Austin, TX 78753 +1 (512) 833 - 0186

Payday Loan Companies in Nearby Cities

If there are no payday loan companies in Gorman, TX, you can try to find different companies in big cities near by. Check out the following pages here: Payday Loans in Cedar Park, TX, Payday Loans in Channelview, TX, Payday Loans in College Station, TX, Payday Loans in Conroe, TX, Payday Loans in Coppell, TX, No Credit Check Loans in Copperas Cove, TX, Payday Loans in Corpus Christi, TX and Quick Loan in Dallas, 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 Gorman, TX.

Payday Loans Available in Gorman, TX By The Following ZIP Codes:

76454

Are Payday Loans Legal In Gorman, 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

Gorman, TX payday loan calculator

Payday Loans in Gorman, Texas: What You Need to Know

When faced with unexpected expenses, many people in Gorman, Texas, turn to payday loans to help cover the costs. However, it’s important to understand the ins and outs of these loans before taking one out, to ensure you don’t find yourself in a worse financial situation.

What are Payday Loans?

Payday loans are a form of short-term borrowing that are intended to cover unexpected expenses until your next payday. Typically, these loans are for small amounts of money, often ranging from $100 to $1,000, and are usually due to be repaid within two weeks to a month.

In Texas, payday loans are legal. However, it’s important to understand the state regulations surrounding them to ensure you’re not taken advantage of. The maximum amount you can borrow is $1,800, and the maximum term for repayment is six months. The annual percentage rate (APR) on payday loans in Texas can be up to 662.23%.

The Pros and Cons of Payday Loans

Payday loans can be a helpful tool for covering unexpected expenses when you’re in a financial bind. However, they come with some significant drawbacks. Here are some pros and cons to consider:

Pros:

  • Get cash quickly: the application process is generally quick and easy, and you can usually get your money within a day or two.
  • No credit check required: payday loan lenders don’t typically require a credit check, making these loans accessible to people with poor credit.
  • Few requirements: most payday lenders only require proof of income and a valid ID to qualify for a loan.

Cons:

  • High-interest rates: payday loans can have exorbitant interest rates, making them a very expensive form of borrowing.
  • Short repayment terms: payday loans are meant to be repaid quickly, which can be difficult for some borrowers, particularly if they’re already struggling financially.
  • Potential for debt cycles: if you’re unable to pay back the loan on time, you may find yourself taking out another loan to cover the first one, creating a cycle of debt.

Interesting Facts and Statistics About Payday Loans in Gorman, Texas

According to a report by the Texas Appleseed organization:

  • In Texas, the average payday loan borrower takes out 10 loans per year, often rolling over the loan or taking out another loan to pay off the first one.
  • The majority of payday loan borrowers in Texas are white and female, and more than half are between the ages of 25 and 44.
  • In 2019, Texans paid over $1.5 billion in fees and interest on payday loans.

How to Apply for a Payday Loan in Gorman, Texas

If you’re considering a payday loan in Gorman, Texas, there are several lenders to choose from. TheGuaranteedLoans can help connect you with lenders in your area. Simply fill out our online application form, and we’ll do the legwork for you. Remember, we’re a connector service, not a direct lender, so you’ll be matched with a lender that suits your needs and requirements.

When filling out your application, be sure to provide accurate and up-to-date information. This will help ensure that you get matched with a lender quickly, and that you’re approved for the loan you need.

In conclusion

Payday loans can be a useful tool for covering unexpected expenses, but they come with significant drawbacks. Before taking out a payday loan in Gorman, Texas, it’s important to understand the state regulations surrounding them, weigh the pros and cons, and consider other forms of borrowing.

If you do decide to take out a payday loan, make sure you’re working with a reputable lender, and that you understand the terms of the loan. Always read the fine print, and don’t be afraid to ask questions if anything is unclear.

F.A.Q.

Can I be charged additional fees for using a payday loan in Gorman, Texas?

Yes, in addition to the interest charges, payday lenders in Gorman, Texas may charge additional fees for processing, origination, and late or missed payments. It is important to carefully review the loan agreement and understand all fees that may be associated with the loan before signing.

Is it possible to obtain a payday loan in Gorman, Texas without a credit check?

Yes, it is possible to obtain a payday loan in Gorman, Texas without a credit check. However, lenders may still require proof of income and a valid checking or savings account.