Payday Loans in Texas

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Check out this article to learn more about payday loans in Texas. You’ll find out all the different ways they work, what you should know before taking one out, and much more!

Payday loans are a form of unsecured personal loan taken out against a borrower’s next paycheck to meet immediate financial needs. The loan is repaid through future paychecks as the lender waits for interest and fees to accumulate. This usually occurs in two installments due on the borrower’s next payday and one month later.

How Do Texas Payday Loans Work?

Texas payday loans are notoriously short-term in that they are a short-term solution to a short-term financial problem. The borrower is expected to pay back the loan within two weeks or else begin paying an additional finance charge. However, some have reported taking out loans for longer periods of time if the financial situation requires it.

When borrowing against your next paycheck for a Texas payday loan, you will be charged a fee for immediate credit. This can be in the form of a flat dollar amount or a percentage of your paycheck (finance charge). You will also have to pay interest on top of that amount when making payments on your loans.

Can I Get A Payday Loan In Texas With Bad Credit?

Borrowers with bad credit can still qualify for a payday loan in Texas. If you have bad credit, then you will probably be charged a higher flat loan fee or finance charge. This is because you are a higher risk to the lender due to your more questionable ability to pay the loan back. However, if your credit isn’t too bad, then there should be no trouble getting approved for a payday loan with your employer’s information as collateral.

Can I Get A Payday Loan In Texas With No Credit Check?

If you have no credit, then you can still qualify for a Texas payday loan. However, it will likely be at a higher interest rate because of your less than stellar credit history. In addition to the normal finance charges that apply only to those with bad credit, you may also have to pay a down payment fee in addition to your payment if you don’t have another payment on file with the lender.

Why Choosing A Texas-Licensed Direct Lender Is Important

Texas payday loans are among the fastest and easiest ways to get money in a pinch. Being aware of the various types of lenders will help you find the best one for your financial situation. Look for a lender that is licensed to operate in Texas and enforces strong borrower protections.

The laws governing payday loans in Texas vary from state to state, but they all generally look out for the borrower’s best interests. In Texas, it’s important to know that:

Lenders are prohibited from taking post-dated checks or security deposits as a method of repayment.

Minimum age requirements exist at 18 years old or higher depending on which state you live in; some states have no minimum lending age.

How To Identify Direct Lenders In Texas

When looking for a lender that’s licensed and practicing fair lending practices, look for an organization that has a “direct lender” in its name. This indicates a lender that originates loans without using any other organizations to do so on its behalf. By doing this, it is able to keep costs low and provide loans at competitive rates to the borrower. To learn more, read 

What Are The Benefits Of Texas Payday Loans?

If you don’t have a lot of time to spare, you may want to consider a payday loan in Texas if you:

  • Need money fast for an unexpected expense.
  • Have bad credit and need a quick loan without a lot of red tapes.
  • Have limited employment opportunities with your current employer and need more time to find more income.

Are dealing with unforeseen medical bills or other home care costs that can be paid during the next paycheck cycle. For example, if your loved one is staying at home longer than expected due to an injury. And in most cases, you won’t have any paperwork to turn in to the lender or fax.

Important Facts about Payday Loans in Texas

  1. You must always read the loan disclosures and ask questions when you have them. 
  2. You cannot qualify for a payday loan if you do not have the ability to repay it back on your next payday.
  3. A payday loan is very different than other loans. The lender, and not the state or federal government, sets the terms of the loan and all associated fees.
  4. Most payday loans are made for a term of 14 days. Therefore, you have two weeks to pay back the amount that you took plus the fee associated with the loan.
  5. Never take out a new payday loan to pay off an existing payday loan. This will prolong your debt and cause much more expensive fees. If you cannot make the payment by your next payday, pay it back by other means, such as savings, unemployment benefits, another form of credit (like a credit card or home equity line), or borrow from friends and family.

What do I need to apply for a payday loan in Texas?

  • The minimum age to receive a payday loan in Texas is 18 years of age, and the maximum age is 65 years of age.
  • You will need to have a social security number, bank account, and a steady source of income.
  • You will need a permanent job and to have been employed for at least three months with your employer.
  • You must have a checking account to receive a payday loan. You will need to pass a credit check to make sure you have good credit.
  • If you are under the age of 18, you will need a parent or guardian with you when you take out a loan.
  • You will also need to read the loan agreement carefully and understand the fees and interest charges associated with the loan.

FAQ

How do I apply for a payday loan in Texas?

Texas payday loans are quick and easy to apply for using your online application. The lender will process your application within a single business day or two. You will be given an instant decision (or you can apply by phone).

How much can I borrow with a payday loan in Texas?

You can borrow as much as you need to provide you with the financial relief that you’re in need of. The limit for Texas payday loans is $500 per loan or five times your next paycheck. However, since there is an application fee and other markup costs associated with a Texas lender, the actual amount borrowed may be less than the limit.

If approved, when will I receive my funds in Texas?

Depending on the lender that you have applied with, you may receive your funds in an instant or up to two business days. Even if your application is processed immediately, the loan may take a couple of weeks to process due to security protocols.

What if I change my mind and decide to cancel my payday loan in Texas?

Canceling your application for a payday loan in Texas is quick and easy. You will be able to cancel the loan and receive a full refund of the money already paid by contacting the lender directly. However, because the funds you received are non-refundable, there are penalties that are fall upon you if you choose to cancel your loan. The amount of these penalties depends on the lender that you applied with, as well as other factors.

Why do Texas payday loans have such a long term?

Payday loans in Texas are designed to provide a short-term financial solution. The loan period extends up to two months for a Texas payday loan, but it can be extended depending on the number of funds borrowed and other loan specifics. In addition, most lenders won’t let you borrow any more than your next paycheck, so the lender will have to wait for payment until you get paid again.

What do I need to apply for a payday loan? 

You don’t need to supply any kind of collateral to get a payday loan in Texas. However, your employer will be asked for proof of your employment (pay stubs) as collateral for their payment on the loan.

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