Payday Loans in Milam, Texas

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

Company nameAddressZip codePhone number
Cash Box Services LLC 5306 Houston Hwy, Victoria, TX 77901 +1 (361) 485 - 0463
Signature Loan Company 117 Wynnewood Plaza, Dallas, TX 75224 +1 (214) 943 - 2988
Fidelity Express 1301 Main St, Sulphur Springs, TX 75482 +1 (800) 621 - 8030
Barry M Watson CPA 640 W Main St, Yorktown, TX 78164 +1 (361) 564 - 2327
Check n Go 1801 Eastchase Pkwy Suite 123, Fort Worth, TX 76120 +1 (817) 261 - 8600
Raymond James 1011 Westlake Dr, West Lake Hills, TX 78746 +1 (512) 329 - 9650
PFS Auto Finance 115 Jordan Plaza Blvd 207, Tyler, TX 75704 +1 (903) 592 - 1900
Wells Fargo Bank 1101 Buchanan Dr, Burnet, TX 78611 +1 (512) 756 - 8121
Western Finance 1111 W Dickinson Blvd Suite B, Fort Stockton, TX 79735 +1 (432) 336 - 7701
Regional Finance 210 W Longview Ave Suite J1, Midland, TX 79701 +1 (432) 218 - 3794

Payday Loan Companies in Nearby Cities

If there are no payday loan companies in Milam, TX, you can try to find different companies in big cities near by. Check out the following pages here: Payday Loans in League City, TX, Same Day Loans in Leander, TX, Payday Loans in Lewisville, TX, Online Loans in Little Elm, TX, Payday Loans in Longview, TX, Same Day Loans in Lubbock, TX, Payday Loans in Lufkin, TX and Payday Loans in Mansfield, 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 Milam, TX.

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

75959

Are Payday Loans Legal In Milam, 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

Milam, TX payday loan calculator

Payday loans, also known as cash advances, are a popular short-term solution for those in need of emergency funds. These loans are designed to help bridge the gap between paychecks, providing quick cash to cover unexpected expenses. In Milam, Texas, payday loans are legal, and many residents turn to this financial option when facing an unforeseen expense.

What is a Payday Loan?

A payday loan is a type of short-term loan offered by lenders. These loans typically have a higher interest rate than traditional bank loans, making them an option for those who need quick cash in a financial emergency.

Payday loans are often due on the borrower’s next payday, hence the name. The loan amount is typically based on the borrower’s income level, and the lender may require proof of income to approve the loan. Payday loans do not require collateral, making them an unsecured loan.

How do Payday Loans Work in Milam?

In Milam, Texas, payday loans are legal and regulated by state laws. Borrowers can apply for payday loans in-person at a physical storefront or online. Applying for a payday loan usually requires the following information:

  • Full name
  • Social Security Number
  • Address
  • Employment information (employer name and address)
  • Income information (pay stubs or bank statements)
  • Checking account information

The lender will then determine if the borrower qualifies and how much money they can borrow. If the loan is approved, the funds are typically available within 24 hours. The borrower must then repay the loan on their next payday, along with any applicable fees and interest.

Interest Rates and Fees

Payday loans typically have a higher interest rate than traditional bank loans, as they are designed to be short-term solutions for unexpected expenses. In Milam, Texas, lenders are required to disclose the interest rates and fees associated with the payday loan.

The state limits the amount of the loan to $1,800. The interest rate is capped at 10% of the loan amount. For a $500 loan, for example, the fee would be $50. Furthermore, lenders may not charge more than $10 for each $100 borrowed. As an example, if someone were to take out a $500 loan, they would be required to pay back $550.

It is important to note that payday loans can quickly become expensive if the borrower is unable to repay the loan on time. If the loan is not repaid on the due date, the lender may charge additional fees, and interest continues to accrue. This can result in a cycle of debt for the borrower.

Benefits of Payday Loans

While payday loans should not be seen as a long-term solution to financial problems, they do offer several benefits, including:

  • Quick access to cash: Payday loans are designed to provide emergency funds quickly, with many lenders offering same-day approval and funding.
  • Flexibility: Borrowers can use payday loans for a variety of purposes, including car repairs, medical bills, and home repairs.
  • No collateral: As payday loans are unsecured, borrowers are not required to provide collateral, such as a car or home equity.
  • Borrower protection: Texas state laws require lenders to disclose all fees and interest rates associated with a payday loan.

Interesting Facts and Statistics about Payday Loans in Milam, Texas

According to recent studies, Texas is among the top 10 states with the highest concentration of payday lenders in the country. In Milam, Texas, payday lending is a popular financial option, with many residents turning to this option to help cover unexpected expenses. The most common reason for taking out a payday loan in Milam is to cover an urgent expense, such as a medical bill or car repair.

Recent research indicates that borrowers in Texas typically take out two payday loans per year. A report found that borrowers pay $70 million in fees annually and remain in debt for an average of six months per year.

Apply Now

If you are considering a payday loan in Milam, Texas, TheGuaranteedLoans can help connect you with potential lenders. As a connector service, we recognize the importance of transparency and strive to provide accurate and informative information to our readers. With our simple online application process, you can apply for a payday loan from the comfort of your own home. We’ll help match your application with potential lenders and provide you with a range of options.

While payday loans can be a helpful financial option in times of need, it is important to be aware of the potential risks and challenges associated with this type of loan. Borrowers should only consider a payday loan if they have the means to repay the loan on time and in full.

At TheGuaranteedLoans, we are committed to helping you make informed financial decisions. Contact us today to learn more about payday loans in Milam, Texas, and how we can help connect you with potential lenders.

F.A.Q.

Are payday loans legal in Milam, Texas?

Yes, payday loans are legal in Milam, Texas. The Texas Office of Consumer Credit Commissioner regulates the payday lending industry in the state.

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

The maximum amount that can be borrowed with a payday loan in Milam, Texas is $500. However, lenders may not lend more than 20% of the borrower's gross monthly income or 25% of their net income.