Payday Loans in Longview, Texas
It is no secret that times are tough and money can be hard to come by. If you are in need of fast cash, you may be considering a payday loan. It is important to understand the laws of Longview, Texas regarding payday loans before committing to one.
Payday Loans are Legal in Texas
Payday loans have been legally available in Texas since 2001. The law that governs payday loans in Texas is called the Texas Credit Access Business (CAB). These loans are also called Deferred Presentment Transactions. Payday loans are typically small-dollar cash advances that are given out in exchange for a post-dated check or debit authorization.
What are the Details of Payday Loans in Longview, Texas?
Payday lenders in Longview, Texas are subject to the CAB law. This law limits the amount that a person can borrow, the fees that can be charged, and the terms of each loan. The maximum amount that can be borrowed on a payday loan in Longview is $500. The maximum fee that a lender can charge is 10%. The maximum loan term is 30 days.
Who is Eligible for a Payday Loan in Longview, Texas?
In order to be eligible for a payday loan in Longview, Texas, you must meet certain requirements. First, you must be 18 years of age or older. Secondly, you must have a verifiable source of income. Third, you must have an active bank account in your name. Finally, you must provide proof of residency.
How Do I Get a Payday Loan in Longview, Texas?
If you meet the eligibility requirements listed above, then you can apply for a payday loan in Longview, Texas. Applying for a payday loan is easy. You can either apply online or in-person at a payday loan store. Both methods require you to provide some basic information, such as your name, address, proof of income, and bank account number.
What Happens If I Can’t Pay Back My Payday Loan?
It is important to understand that payday loans are intended to be short-term solutions to financial problems. Therefore, if you cannot pay back your loan in full on its due date, then you may be subject to late fees and additional interest charges. You should also be aware that if you fail to make a payment or are late on a payment, then your loan may be turned over to a collections agency.
Apply Now
If you are in need of quick cash and are considering a payday loan in Longview, Texas, then you can apply online or in-person at a payday loan store. TheGuaranteedLoans is not a lender, but we can connect you to lenders who can provide a payday loan to help you with your financial needs.
F.A.Q.
What is a payday loan?
A payday loan is a short-term cash advance that is typically repaid on the borrower’s next payday.
Can I get a payday loan in Longview, Texas?
Yes, payday loans are legal in Longview, Texas. However, you must meet the eligibility requirements and abide by the laws of the state.
How much can I borrow with a payday loan?
In Longview, Texas, the maximum amount that can be borrowed on a payday loan is $500.
What happens if I can’t pay back my payday loan?
If you cannot pay back your loan in full on its due date, then you may be subject to late fees and additional interest charges. You should also be aware that if you fail to make a payment or are late on a payment, then your loan may be turned over to a collections agency.