Payday Loans in Pennington, Texas

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

Company nameAddressZip codePhone number
Texan Credit Corporation 601 N Washington St UNIT B, Beeville, TX 78102 +1 (361) 350 - 8183
Security Finance 1907 Jefferson Dr Suite 400, Port Arthur, TX 77642 +1 (409) 960 - 6524
Western Finance 810 E Villa Maria Rd, Bryan, TX 77802 +1 (979) 823 - 8705
First National Bank of Jasper 2873 U.S. Hwy 190, Woodville, TX 75979 +1 (409) 283 - 8231
Jackson Hewitt Tax Service 1501 Roosevelt St, Borger, TX 79007 +1 (806) 395 - 3233
Tanja L Allen Fairway Independent Mortgage Corporation Loan Officer 103 E FM 2410 Rd, Harker Heights, TX 76548 +1 (254) 681 - 0163
World Finance 215 TX-359, Mathis, TX 78368 +1 (361) 547 - 2054
Aaa Co Loans 2066 E Main St, Uvalde, TX 78801 +1 (830) 278 - 1428
Cash Store 12350 Lake June Rd 114, Balch Springs, TX 75180 +1 (972) 557 - 1530
Education Credit Union - Plum Creek 5500 Plum Creek Dr, Amarillo, TX 79124 +1 (806) 358 - 7777

Payday Loan Companies in Nearby Cities

If there are no payday loan companies in Pennington, TX, you can try to find different companies in big cities near by. Check out the following pages here: Payday Loan Companies in Leander, TX, Short-term Loans in Lewisville, TX, Payday Loans in Little Elm, TX, Payday Loan Companies in Longview, TX, Payday Loans in Lubbock, TX, Payday Loans in Lufkin, TX, Payday Loans in Mansfield, TX and Payday Loans in McAllen, 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 Pennington, TX.

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

75845, 75856

Are Payday Loans Legal In Pennington, 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

Pennington, TX payday loan calculator

Payday Loans in Pennington, Texas: Everything You Need to Know

Payday loans are a popular financial solution for people who face unexpected expenses, have poor credit, or limited access to traditional loans. In Pennington, Texas, payday loans are legal, and if you are considering them, it’s essential to understand their regulations, requirements, and potential risks. In this article, we will provide you with all the essential information you need to make an informed decision about payday loans in Pennington.

What are Payday Loans?

Payday loans are short-term, high-interest loans that borrowers typically borrow against their next paycheck. The loans usually range between $100 and $1,000 and are designed to bridge a borrower’s financial gap until their next payday. Payday loans can be an expensive financial option because they come with high interest rates and fees that can make it difficult for borrowers to repay.

Payday Loan Regulations in Pennington

In Texas, payday loans are legal under the Texas Finance Code, and the state regulates their operations. Payday lenders have to follow particular rules and regulations to operate in Texas, including:

  • Payday loans have a maximum term of 180 days in Texas.
  • The maximum amount of a payday loan is $1,800 in Texas.
  • Payday loan lenders cannot require collateral to secure a loan.
  • Payday loan lenders have to obtain a license from the Texas Office of Consumer Credit Commissioner before they can operate.

It’s important to understand that payday loans are a form of short-term borrowing and should be used as a last resort. Financial experts advise that borrowers should only take out payday loans if they are confident they can repay them by their due date. Otherwise, they may fall into a cycle of debt and risk incurring high-interest rates and fees, which can worsen their financial situation.

Requirements for Payday Loans in Pennington

Payday loan lenders in Pennington may vary in their precise requirements; however, most lenders in Texas need the following from borrowers:

  • Must be 18 years old or older
  • Have a valid government-issued photo ID
  • Have a Social Security number or a Taxpayer Identification Number
  • Provide proof of income and employment
  • Provide checking account information

Take note that payday loan lenders may also consider a borrower’s credit history, debt-to-income ratio, and other financial information when assessing whether or not to approve a payday loan application.

The Risks Associated with Payday Loans in Pennington

While payday loans can be a practical financial solution for people facing unexpected expenses, they also come with potential risks. Some of the risks associated with payday loans include:

  • High interest rates and fees
  • Possible damage to credit scores
  • Potential for falling into a cycle of debt
  • Possibility of accruing additional charges if the borrower fails to pay the loan on time

If you are considering taking out a payday loan, it’s essential to weigh these risks against your financial situation carefully. Take a look at your budget, income, and any debts you owe and decide if taking out a payday loan is the best option for your needs.

Interesting Facts and Statistics about Payday Loans in Pennington, Texas

  • As of 2021, Texas has more payday loan storefronts (2,000) than McDonald’s or Whataburger restaurants.
  • The average payday loan in Texas is around $470.
  • A payday loan in Texas has an average interest rate of 664%.
  • According to a report by the Consumer Financial Protection Bureau, around 80% of payday loans in Texas are rolled over or re-borrowed within two weeks.

These facts highlight the widespread use of payday loans in Texas and underscore the importance of understanding the regulations regarding payday loans and making informed borrowing decisions.

Apply Now

If you have weighed the options and decided that a payday loan is the best solution for your financial needs, TheGuaranteedLoans can help connect you with potential lenders. Our website offers a platform for borrowers to fill out an online application, and we will facilitate their connection with potential lenders. Remember, TheGuaranteedLoans is not a direct lender but a connector service. Fill out our application by clicking on the “Apply Now” button and take the first step towards securing your payday loan.

F.A.Q.

What happens if I am unable to repay my payday loan in Pennington, Texas?

If you are unable to repay your payday loan in Pennington, Texas, the lender may attempt to collect the debt through various means, including phone calls, letters, and legal action. If the debt is not repaid, it may be sold to a collection agency, which could negatively impact your credit score.

Are there any protections for consumers who take out payday loans in Pennington, Texas?

Yes, Texas has several consumer protections in place for individuals who take out payday loans. These include a maximum allowable interest rate, a cooling-off period after a certain number of loans, and a requirement for lenders to provide clear and concise information about the terms and conditions of the loan.