Everything You Need to Know About Payday Loans in Pierce, Texas
When unexpected financial needs arise, sometimes you need a quick solution. This is where payday loans come in. Payday loans are a type of short-term, unsecured loan that typically carry high interest rates. In Pierce, Texas, payday loans are legal and provide residents with a way to access quick cash when they need it most.
How Do Payday Loans Work?
Payday loans are typically for small amounts, usually between $100 and $500, and are meant to be repaid on the borrower’s next payday. To apply for a payday loan in Pierce, Texas, you must provide proof of income, such as a pay stub or bank statement, and a valid government-issued ID. You will also need to provide a post-dated check or authorize electronic debit for the loan amount plus fees.
What Are the Fees?
Payday loans in Pierce, Texas can be expensive. Fees are typically a percentage of the loan amount and vary depending on the lender. Texas law caps the amount of fees a lender can charge based on the loan amount:
- For loans less than $30: maximum $1 per every $5 borrowed
- For loans $30 or more but less than $100: maximum charge of one-tenth of the amount borrowed
- For loans $100 of more: maximum charge of $10 per every $100 borrowed, plus any verification fee allowed by law
What Are the Risks?
Payday loans can be risky if you are not careful. Because they carry high fees and interest rates, it’s important to only borrow what you can afford to repay. Late or missed payments can result in additional fees and damage to your credit score.
Interesting Facts and Statistics About Payday Loans in Pierce, Texas
Did you know that the average payday loan borrower in Pierce, Texas takes out 10 loans per year? Or that the total outstanding payday loan debt in Texas as of 2021 is over $4 billion? These are just a few of the many statistics that highlight the prevalence of payday loans in the state.
Apply Now with TheGuaranteedLoans
If you need a payday loan in Pierce, Texas, TheGuaranteedLoans can help. As a connector service, we work with a network of trusted lenders to help you find the loan that best fits your needs. Simply fill out our online application, and we’ll connect you with potential lenders. Remember to only borrow what you can afford to repay.