Everything You Need to Know About Payday Loans in Jonesboro, Texas
If you are in need of quick cash in Jonesboro, Texas, payday loans might be a viable option for you. Payday loans are short-term loans designed to provide individuals with the immediate funds needed to cover unexpected expenses. Despite mixed opinions, payday loans are completely legal in Texas. In this article, we’ll explore the common characteristics of payday loans, the rules and regulations in Jonesboro, and how to apply for one.
What Are Payday Loans?
Payday loans are short-term loans with a maximum duration of 180 days in Texas. The average payday loan is $500, but the amount can vary between $100 and $1,000. The borrower receives the loan and agrees to pay it back with interest and fees on their next payday, typically within two weeks to a month.
How Do Payday Loans Work?
To obtain a payday loan, you need to be at least 18 years old and provide the following documents:
- A valid photo ID
- Proof of employment or reliable income source
- Proof of an active checking account
When you complete the application process with your lender’s company, you will typically receive the money within hours or the next working day.
Rules and Regulations in Jonesboro, Texas
Payday lenders in Jonesboro, Texas and the whole of Texas are regulated by the state. The following rules apply:
- The maximum payday loan amount is $1,000
- The maximum loan term is 180 days
- Lenders must have a state license to offer payday loans
- The maximum finance charge is $10 per $100 borrowed
- The annual percentage rate (APR) ranges from 390% to 680%
It is worth noting that taking out more than one payday loan at a time is not recommended, and it is illegal for lenders to roll over a loan or extend the loan period beyond 180 days.
Apply Now for a Payday Loan
If you’re in Jonesboro, Texas, and need quick cash, TheGuaranteedLoans is here to help. Our site is designed to connect individuals with payday lenders in their area. However, we do not directly lend money, nor do we have control over the terms of your loan. We are simply a connecting service that facilitates the exchange between borrowers and lenders. With this in mind, we always recommend that you carefully read the terms and conditions before signing a loan agreement.
Interesting Facts about Payday Loans in Jonesboro, Texas
Did you know that:
- In Texas, payday lenders charge $23.53 per $100 borrowed on average, compared to the national average of $15 per $100 borrowed.
- As of 2021, there were over 2,000 payday lenders in Texas.
- In Texas, payday loans generate over $1 billion in fees per year.
- The number of payday loan stores in Texas outnumbers the number of McDonald’s fast food restaurants.
These figures indicate that payday loans are a popular option in Texas, but as with any loan, it is important to be mindful of the terms and conditions before signing on the dotted line.
The Bottom Line
Payday loans in Jonesboro, Texas, offer a solution for those in need of fast cash to cover unexpected expenses. Before taking out a payday loan, always read the loan agreement carefully and ensure you fully understand the terms and conditions. If you decide that a payday loan is the right option for you, fill out an application on TheGuaranteedLoans website today, and we’ll connect you with lenders in your area.