Payday Loans in De Kalb, Texas

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

Company nameAddressZip codePhone number
1st Community Federal CU 121 N 8th St, Ballinger, TX 76821 +1 (325) 365 - 2105
EZ Money Payday & Title Loans 3225 Harwood Rd, Bedford, TX 76021 +1 (817) 864 - 0237
World Finance 834 E Grant St Ste B, Roma, TX 78584 +1 (956) 847 - 2528
PFS Auto Finance 2201 South W S Young Drive 105b, Killeen, TX 76543 +1 (254) 432 - 5026
Citizens State Bank 722 E Main St, Teague, TX 75860 +1 (254) 739 - 0500
Security Finance 2 S Main St, Temple, TX 76501 +1 (254) 778 - 3678
Susie's 203 S 25 Mile Ave B, Hereford, TX 79045 +1 (806) 364 - 4480
Western Finance 1104 N 16th St ste c, Orange, TX 77630 +1 (409) 882 - 9300
Texas Car Title & Payday Loan Services, Inc. 12817 Aldine Westfield Rd, Houston, TX 77039 +1 (281) 227 - 7600
Guild Mortgage Company 406 N Grand Ave 103, Gainesville, TX 76240 +1 (940) 612 - 4000

Payday Loan Companies in Nearby Cities

If there are no payday loan companies in De Kalb, TX, you can try to find different companies in big cities near by. Check out the following pages here: Short-term Loans in Arlington, TX, Payday Loans in Austin, TX, Payday Loan Companies in Baytown, TX, Payday Loans in Beaumont, TX, Payday Loans in Bedford, TX, Payday Loans in Brownsville, TX, Payday Loans in Bryan, TX and Online Loans in Burleson, 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 De Kalb, TX.

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

75559

Are Payday Loans Legal In De Kalb, 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

De Kalb, TX payday loan calculator

De Kalb, Texas residents who need quick cash often turn to payday loans. These short-term loans are popular because they offer immediate financial relief. However, it is important to understand how payday loans work before borrowing. This article will explore the ins and outs of payday loans in De Kalb and provide tips on how to use them responsibly.

What are Payday Loans?

A payday loan is a small, short-term loan that is supposed to be paid back in full when you receive your next paycheck. These loans are typically for amounts ranging from $100-$1,000. Payday lenders in De Kalb operate legally, meaning they are licensed by the Texas Consumer Credit Commissioner.

The application process is straightforward and typically involves providing proof of employment and income, a valid ID, and an active checking account. Most payday lenders do not require a credit check, making them accessible even to those with poor credit scores. The loan is then issued in cash or deposited directly into the borrower’s checking account.

How Do Payday Loans Work?

Payday loans are designed to be a short-term solution, with repayment typically due within 14 days to a month, depending on the lender’s terms. The interest rates on these loans are notoriously high, often higher than credit card interest rates. In De Kalb, the maximum interest rate allowed on a payday loan is 661.85% APR for a 14-day loan.

When the borrower’s next paycheck arrives, the loan is due in full, including the principal amount and interest. If the loan cannot be repaid in full, the borrower has the option to roll over the loan, meaning they pay only the interest and extend the due date for an additional fee. This can create a cycle of debt that is difficult to break, with borrowers taking out multiple loans to cover the interest on previous ones.

What are the Risks of Payday Loans?

Payday loans are a high-risk form of borrowing because of their high-interest rates, short payback periods, and the risk of falling into a cycle of debt. In Texas, many payday loan borrowers end up paying more in fees and interest than the amount they originally borrowed, often leading to financial ruin.

The borrowers who are most vulnerable to payday loans are those who live paycheck to paycheck, have low credit scores, and do not have access to traditional forms of credit. These individuals are often unable to pay back the loan on time and are forced to roll it over repeatedly, accruing additional fees and interest.

Interesting facts and statistics about Payday loans in De Kalb, Texas:

  • The average payday loan amount in Texas is $470.
  • 97% of payday loans in Texas are rolled over or renewed, with borrowers paying additional fees.
  • Texas payday borrowers are twice as likely to file for bankruptcy as borrowers who do not use payday loans.
  • The average APR on a payday loan in Texas is 454%, over 20 times the average credit card interest rate.

How to Use Payday Loans Responsibly

While payday loans can be a viable option in emergencies, it is essential to use them responsibly. Here are some tips for responsible use:

  • Borrow only what you can afford to pay back.
  • Read the terms and conditions carefully before borrowing.
  • Do not take out multiple loans to cover previous ones.
  • Understand the fees involved and how they will affect the total cost of the loan.
  • Pay back the loan on time to avoid additional fees and interest.

Apply Now with TheGuaranteedLoans

If you need quick cash and are considering a payday loan, TheGuaranteedLoans can connect you with potential lenders in De Kalb. As a connector service, we do not lend money directly but facilitate connections between borrowers and lenders.

To apply, simply fill out our online application and receive quick approval. Our lenders operate in full compliance with Texas regulations, ensuring that you are protected throughout the borrowing process.

Whether you need funds for an unexpected expense or emergency, payday loans can provide a solution when used responsibly. Remember to borrow wisely and choose lenders who have your financial interests at heart.

F.A.Q.

Are there any alternative options to payday loans in De Kalb, Texas?

Yes, there are several alternative options to payday loans in De Kalb, Texas, such as personal loans from banks or credit unions, borrowing from friends or family, or seeking assistance from non-profit organizations. These options may have lower interest rates and fees, and can help borrowers avoid the potential pitfalls of payday loans.

Are payday loans legal in De Kalb, Texas?

Yes, payday loans are legal in De Kalb, Texas. The state has specific regulations in place to protect consumers from predatory lending practices.