Payday Loans in Cherokee, Texas

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

Company nameAddressZip codePhone number
Security Finance 1420 Farm to Market 1960 Bypass Rd E Suite 107, Humble, TX 77338 +1 (281) 446 - 6232
Cash Store 2005 S Washington St, Kaufman, TX 75142
City Jewelry & Loan Co 3808 Old Jacksboro Hwy, Wichita Falls, TX 76302 +1 (940) 723 - 7842
Gold Star Finance 106 E Austin St, Marshall, TX 75670 +1 (903) 923 - 0600
DolEx Dollar Express 1916 Walnut Plaza, Carrollton, TX 75006 +1 (888) 246 - 2527
Regional Finance 213 W Main St, League City, TX 77573 +1 (281) 724 - 6212
Peoples Bank 1605 W Division St, Slaton, TX 79364 +1 (806) 728 - 2265
LendNation 1035 TX-123 Suite 103, San Marcos, TX 78666 +1 (512) 201 - 4370
Cash Store 1601 Kermit Dr Ste 250, Plainview, TX 79072 +1 (806) 293 - 5800
Texas Car Title & Payday Loan Services, Inc. 1820 1st St, Rosenberg, TX 77471 +1 (832) 595 - 1537

Payday Loan Companies in Nearby Cities

If there are no payday loan companies in Cherokee, TX, you can try to find different companies in big cities near by. Check out the following pages here: Quick Loan in San Marcos, TX, Payday Loans in Schertz, TX, Payday Loans in Sherman, TX, Quick Loan in Socorro, TX, Same Day Loans in Southlake, TX, Online Loans in Spring, TX, Payday Loans in Sugar Land, TX and Payday Loans in Temple, 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 Cherokee, TX.

Are Payday Loans Legal In Cherokee, 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

Cherokee, TX payday loan calculator

Payday Loans in Cherokee, Texas

Payday loans are short-term loans that are typically due on the borrower’s next payday. In Texas, payday loans are legal, and regulated by the Texas Office of Consumer Credit Commissioner.

How Payday Loans Work

To apply for a payday loan, borrowers must provide proof of income and a valid checking account. The loan amount is typically based on the borrower’s income, and can range from $100 to $1,000.

The borrower then writes a post-dated check for the loan amount plus fees, which the lender holds until the borrower’s next payday. Alternatively, the borrower can authorize the lender to withdraw the loan amount plus fees electronically from the borrower’s checking account.

The fees for a payday loan vary based on the lender and the loan amount. In Texas, fees are capped at 10% of the loan amount, plus $30 for each $100 borrowed.

Regulations in Cherokee, Texas

Cherokee, like all cities in Texas, has specific regulations governing payday lending. The ordinances apply to both storefront and online lenders.

The City of Cherokee requires that payday lenders provide borrowers with a disclosure document outlining the terms of the loan, including fees and interest rates. Lenders must also post a notice in their stores stating that payday loans are short-term loans and not intended for long-term borrowing.

Additionally, lenders are required to obtain a license from the Texas Office of Consumer Credit Commissioner before operating in Texas.

Benefits and Risks of Payday Loans

Payday loans can provide short-term relief for unexpected expenses, such as car repairs or medical bills. However, they also come with risks.

The high fees and interest rates associated with payday loans can trap borrowers in a cycle of debt. For some borrowers, the high fees and short repayment periods make it difficult to repay the loan in full, leading to rollovers and additional fees.

It is important for borrowers to understand the costs associated with payday loans and to carefully consider whether they can afford the loan before applying.

Interesting Facts and Statistics

  • According to a 2017 report by the Texas Office of Consumer Credit Commissioner, the average payday loan in Texas was $470 and carried an APR of 573.07%.
  • Between 2012 and 2017, the number of payday lending locations in Texas dropped by over 25%, from 3,352 to 2,461.
  • In 2017, the Texas Legislature passed a law regulating the payday lending industry and limiting the number of times a borrower can refinance a payday loan.

Apply Now

If you are in need of a payday loan in Cherokee, TheGuaranteedLoans can help connect you with potential lenders. Simply fill out our online application to get started.

It is important to note that while we are a connector service, TheGuaranteedLoans is not a direct lender. We work with a network of lenders to help borrowers find the best loan option for their specific needs.

F.A.Q.

What are the fees and interest rates associated with payday loans in Cherokee, Texas?

Payday loans in Cherokee, Texas have a maximum APR of 661%. Lenders are also allowed to charge a loan origination fee of up to $10 per $100 borrowed, as well as a database verification fee of up to $2.50 per loan.

Can I rollover my payday loan in Cherokee, Texas?

No, rollovers are not allowed for payday loans in Cherokee, Texas. Borrowers who cannot repay their loan on the due date may be able to request an extended payment plan, but this is not guaranteed.