Payday Loans in Midland, Texas

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Payday Loan Companies in Midland, TX

Company nameAddressZip codePhone number
A-2-Z Loans 4411 W Illinois Ave 79703 +1 (432) 689 - 2841
About Cash - Midland, Texas 910 Andrews Hwy 3823 79701 +1 (432) 694 - 2274
ACE Cash Express 5115 W Wadley Ave UNIT C 79707 +1 (432) 689 - 3531
Advance America 3200 Andrews Hwy Ste. 300 79701 +1 (432) 689 - 0231
Cash America Pawn 101 W Wadley Ave 79705 +1 (432) 683 - 7296
Cash Store 1220 N Midkiff Rd Ste A 79701 +1 (432) 697 - 2274
Check 'n Go 501 Crump St 79701 +1 (432) 694 - 0780
Check n Go 4706 N Midkiff Rd Ste 14 79705 +1 (432) 694 - 0780
Complex Community FCU 3512 N Midkiff Rd 79701 +1 (432) 550 - 9126
EZ Money 3208 N Loop 250 W 200 79707 +1 (432) 689 - 8243
Loanstar Title Loans 3007 W Industrial Ave 79701 +1 (432) 253 - 5950
Midwest Finance 416 Andrews Hwy 79701 +1 (432) 520 - 0210
Mr. Payroll Check Cashing 1709 Rankin Hwy 79701 +1 (432) 695 - 6941
Noble Finance 700 Andrews Hwy C 79701 +1 (432) 683 - 7613
Pronto Check Cashing 903 S Midkiff Rd 79701 +1 (432) 522 - 2314
Regional Finance 210 W Longview Ave Suite J1 79701 +1 (432) 218 - 3794
Riviera Finance 705 W Wadley Ave Suite 210 79705 +1 (432) 237 - 0242
Security Finance 2813 N Big Spring St Suite A 79705 +1 (432) 687 - 1389
Stockton Finance Nc 333 W Illinois Ave 9 79703 +1 (432) 694 - 9824
Sun Loan Company 414 Andrews Hwy 79701 +1 (432) 688 - 3941
Texan Credit Corporation 416 Andrews Hwy 79701 +1 (432) 620 - 0442
Texas Finance 1401 N Lamesa Rd B 79701 +1 (432) 687 - 5500
Toledo Finance 3403 Thomason Dr 79703
Western Finance 3312 W Illinois Ave 79703 +1 (432) 520 - 2323
World Finance 2207 N Big Spring St 79705 +1 (432) 570 - 0291

Payday Loan Companies in Nearby Cities

If there are no payday loan companies in Midland, TX, you can try to find different companies in big cities near by. Check out the following pages here: Quick Loan in Mission, TX, Payday Loans in Missouri City, TX, Quick Loan in Nacogdoches, TX, Same Day Loans in New Braunfels, TX, Payday Loans in North Richland Hills, TX, Payday Loans in Odessa, TX, Payday Loans in Pasadena, TX and Payday Loans in Pearland, 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 Midland, TX.

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

79705, 79702, 79707, 79706, 79701, 79711, 79703, 79710, 79708, 79704, 79712

Are Payday Loans Legal In Midland, 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

Midland, TX payday loan calculator

Payday loans, also known as cash advance loans or check advance loans, are short-term, high-interest loans designed to provide quick cash to borrowers in emergency situations. These loans are typically for small amounts, ranging from $100 to $1,000, and are meant to be repaid in full, including interest and fees, on the borrower’s next payday. Payday loans are available from storefront lenders and online lenders and are legal in  Midland, Texas.

How do payday loans work?

Borrowers typically write a personal check for the amount they want to borrow, plus a fee. The lender holds the check and agrees to cash it on the borrower’s next payday, at which point the loan and all associated fees are due in full.

Some payday lenders may also require the borrower to provide access to their bank account or to provide a post-dated check to cover the loan and fees. If the borrower is unable to pay back the loan on time, the lender may deposit the check or withdraw the funds from the borrower’s bank account, which can result in additional fees and charges.

There are both pros and cons to consider when it comes to payday loans. On the positive side, payday loans are quick and easy to obtain, and they can provide much-needed cash in emergency situations.

However, payday loans also come with high-interest rates and fees, and they can trap borrowers in a cycle of debt if they are unable to pay back the loan on time. It is important for borrowers to consider the terms and conditions of payday loans carefully and to weigh the risks and benefits before taking out a payday loan.

Payday loan regulations in Midland, Texas

In the state of Texas, there are specific regulations in place regarding payday loans. These regulations are intended to protect consumers and ensure that they are aware of the terms and conditions of their loans.

Maximum loan amount

In Texas, the maximum amount that can be borrowed through a payday loan is $1,000. This includes any fees and charges associated with the loan. Borrowers should be aware that the total cost of a payday loan can quickly add up, especially if the loan is not paid back on time. For example, a $100 payday loan with a fee of $15 per $100 borrowed would have an annual percentage rate (APR) of almost 400%.

Interest rates and fees

Payday loans in Midland, Texas, are subject to a maximum fee of $10 per $100 borrowed. This means that a $100 payday loan would have a maximum fee of $10, and a $500 payday loan would have a maximum fee of $50. However, it is important to note that some payday lenders may charge additional fees, such as application fees or late fees, which can significantly increase the overall cost of the loan.

It is important for borrowers to carefully review the fees and interest rates associated with payday loans before accepting a loan offer. High fees and interest rates can make it difficult for borrowers to pay back their loans and can result in a cycle of debt. Borrowers should also be aware that payday loans are not intended to be long-term financial solutions and should not be used as a substitute for traditional, lower-interest loans such as personal loans.

Repayment terms

In Texas, payday loans are typically due on the borrower’s next payday. This means that the loan and all associated fees must be paid in full within a short period of time, usually two to four weeks. Some payday lenders may allow borrowers to extend the repayment period by paying a fee, but this can result in even higher costs and should be avoided if possible. Borrowers should be sure to carefully consider their ability to repay the loan on time before accepting a payday loan.

Consumer protections

The state of Texas has put several consumer protections in place to safeguard borrowers from predatory lending practices. For example, payday lenders are required to clearly disclose the terms and conditions of the loan, including the interest rate and fees, in writing. They are also prohibited from making false or misleading statements about the loan, such as claiming that the loan has no fees or that it will improve the borrower’s credit score. If a payday lender violates these regulations, borrowers have the right to file a complaint with the Texas Office of Consumer Credit Commissioner (OCCC).

Alternatives to payday loans in Midland, Texas

While payday loans can be a convenient source of quick cash in emergency situations, they are not always the best option. There are several alternatives to payday loans that may be more affordable and less risky for borrowers in Midland, Texas.

Traditional bank loans

One alternative to payday loans is a traditional loan from a bank or credit union. These types of loans generally have lower interest rates and fees than payday loans, and they may have more flexible repayment terms. However, it is important to note that traditional bank loans may have stricter eligibility requirements, such as a good credit score and a stable income, and may take longer to obtain than payday loans.

Credit unions

Another option for borrowers in Midland, Texas, is a loan from a credit union. Credit unions are nonprofit financial institutions that offer a variety of financial products and services to their members. Credit union loans may have lower interest rates and fees than payday loans, and credit unions may be more willing to work with borrowers who have less-than-perfect credit. To qualify for a loan from a credit union, borrowers typically need to be members of the credit union and may be required to meet certain eligibility criteria.

Online personal loans

Another alternative to payday loans is an online personal loan. These loans are offered by a variety of lenders, including traditional banks, online lenders, and peer-to-peer lenders. Online personal loans may have lower interest rates and fees than payday loans, and they may have more flexible repayment terms. However, it is important to carefully research and compares lenders before accepting a loan offer, as some online lenders may have hidden fees or less-than-stellar reputations. The Federal Trade Commission (FTC) recommends that borrowers check the lender’s reputation, read the loan agreement carefully, and be wary of lenders who ask for upfront fees or who are not willing to provide information about the loan terms.

Pawn shop loans

Another option for borrowers in Midland, Texas, is a pawn shop loan. Pawn shop loans involve borrowing money by using a valuable item, such as jewelry or electronics, as collateral. Pawn shop loans may be easier to obtain than traditional bank loans or online personal loans, but they also come with high-interest rates and fees. Borrowers should be aware that if they are unable to pay back the loan on time, they may lose the collateral item and that pawn shop loans are not a good long-term financial solution.

Tips for using payday loans responsibly in Midland, Texas

If you do decide to take out a payday loan in Midland, Texas, there are several steps you can take to ensure that you use the loan responsibly and avoid getting trapped in a cycle of debt.

Only borrow what you can afford to repay

It is important only to borrow the amount of money that you can afford to pay back on time. Payday loans come with high-interest rates and fees, and the costs can quickly add up if the loan is not paid back on time. Borrowers should carefully consider their budget and be sure that they have enough money to cover not only the loan but also other necessary expenses, such as rent, utilities, and food.

Understand the terms and conditions of the loan

Before accepting a payday loan, it is important to carefully review the terms and conditions of the loan, including the interest rate, fees, and repayment terms. Pay special attention to any fees or charges that may be added if the loan is not paid back on time. Borrowers should also be sure to understand their rights and responsibilities as a borrower and what actions the lender may take if the loan is not paid back on time.

Shop around and compare lenders

There are many payday lenders operating in Midland, Texas, and it is important to shop around and compare lenders before accepting a loan offer. Some lenders may have higher fees and interest rates than others, so it is worth taking the time to compare offers from multiple lenders. Borrowers can also check with the Texas Office of Consumer Credit Commissioner (OCCC) to see if any complaints have been filed against a particular lender.

Consider alternatives before taking out a payday loan

Before taking out a payday loan, it is worth considering other options that may be more affordable or less risky. For example, borrowers may be able to get a loan from a bank or credit union or borrow money from friends or family. Borrowers may also be able to negotiate with creditors or utility companies to get more time to pay bills or may be able to get assistance from a nonprofit organization. While payday loans can be a convenient source of quick cash in emergency situations, they are not always the best option and should be used with caution.

Conclusion

Payday loans can be a convenient source of quick cash in emergency situations, but they also come with high-interest rates and fees and can trap borrowers in a cycle of debt. Borrowers in Midland, Texas, should be aware of the regulations governing payday loans in the state and should carefully consider the risks and benefits before taking out a payday loan.

There are also several alternatives to payday loans, such as traditional bank loans, credit union loans, online personal loans, and pawn shop loans, that may be more affordable and less risky for borrowers. It is important for borrowers to be informed and to make responsible borrowing decisions to ensure that they are able to repay their loans on time and avoid financial hardship.

Apply for a Payday Loan Online 

If you are in need of a payday loan in Midland, Texas, and would like to apply online, our website offers a convenient and secure platform for submitting your loan application. Simply fill out the online form, provide the required documentation, and if approved, you could have the cash you need in as little as one business day. Our online application process is fast, easy, and hassle-free.

F.A.Q.

Are payday loans legal in Texas?

Yes, payday loans are legal in the state of Texas. However, there are specific regulations in place to protect consumers, including limits on the maximum loan amount, fees, and interest rates that payday lenders can charge. Borrowers should be aware of these regulations and should carefully review the terms and conditions of any payday loan they are considering.
 

What are the eligibility requirements for a payday loan in Texas?

To be eligible for a payday loan in Texas, borrowers typically need to meet the following requirements:
– Be at least 18 years old
– Have a valid government-issued ID
– Have a steady source of income
– Have an active checking account
Borrowers should be aware that some payday lenders may have additional requirements, such as a minimum income level or credit score. Borrowers should carefully review the eligibility requirements of any payday lender they are considering before applying for a loan.

What happens if I can’t pay back my payday loan on time?

If you are unable to pay back your payday loan on time, you may be charged additional fees and interest. The lender may also attempt to withdraw the funds from your bank account or cash the check you provided to secure the loan.
If these attempts are unsuccessful, the lender may turn the loan over to a collections agency, which could result in additional fees and negative marks on your credit report. It is important to carefully consider your ability to pay back a payday loan before accepting a loan offer and to contact the lender if you are having trouble making your payments.