Payday Loans in Shelbyville, Texas: A Comprehensive Guide
Payday loans are a valuable resource for individuals who need quick access to cash. In Shelbyville, Texas, the payday loan industry is a thriving business, providing financial assistance for those in need.
What are payday loans?
Payday loans are short-term loans that are typically due on the borrower’s next payday. These loans are meant to help individuals cover unexpected expenses, such as medical bills or car repairs. Payday loans are different from traditional bank loans in that they are typically offered in smaller amounts and have shorter repayment terms.
How does the payday loan process work in Shelbyville, Texas?
In order to obtain a payday loan in Shelbyville, Texas, borrowers must provide proof of income and a valid identification card. The borrower then writes a postdated check to the lender, which includes the loan amount plus fees and interest. The lender then provides the borrower with the loan amount, which is typically a percentage of the borrower’s income. On the due date, the loan amount plus fees and interest are deducted from the borrower’s bank account or the borrower can return to the loan location and pay the loan off in cash.
Interest rates and fees for payday loans in Shelbyville, Texas
The state of Texas has specific laws regarding payday loan fees and interest rates. In Shelbyville, lenders are permitted to charge a maximum of 10% interest on the loan amount. The maximum amount that a lender can charge for a payday loan is $30 for every $100 borrowed.
Benefits of payday loans in Shelbyville, Texas
- Quick access to cash: Payday loans provide quick access to cash for those in need.
- Easy qualification: Borrowers can typically qualify for a payday loan with proof of income and a valid identification card.
- No credit check required: Most payday lenders do not require a credit check, making it easier for individuals with poor credit to obtain a loan.
Apply now for a payday loan in Shelbyville, Texas with TheGuaranteedLoans
TheGuaranteedLoans is a connector service that helps individuals connect with potential lenders for payday loans. To apply for a payday loan in Shelbyville, Texas, simply fill out our online application and one of our customer representatives will contact you with potential lenders. Please note that TheGuaranteedLoans is not a direct lender, nor do we have any influence over the loan terms or fees. However, we strive to connect our customers with reputable lenders who operate within the state of Texas.
Interesting facts and statistics about payday loans in Shelbyville, Texas
- According to the Consumer Financial Protection Bureau, in 2020, the average payday loan amount in Texas was $470.
- In Shelbyville, Texas, there are several payday loan storefronts located on Main Street.
- According to a report by Texas Appleseed, a public interest law center, in 2019, there were over 35,000 payday loans taken out in Shelby County, Texas.
- The average APR for a payday loan in Texas is 662%, according to a report by the Center for Responsible Lending.
Conclusion
In conclusion, payday loans can be a valuable resource for individuals in Shelbyville, Texas who need quick access to cash. However, borrowers should be aware of the fees and interest rates associated with these loans, as they can be quite high. At TheGuaranteedLoans, we strive to connect our customers with reputable lenders who operate within the state of Texas. We encourage borrowers to explore all of their financial options before deciding to take out a payday loan.
Apply now for a payday loan in Shelbyville, Texas with TheGuaranteedLoans and let us help you connect with potential lenders.