Payday Loans in Richards, Texas

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

Company nameAddressZip codePhone number
Walmart Money Center 1806 Rayford Rd, Henderson, TX 75654
Check 'n Go 2087 W Oaklawn Rd, Pleasanton, TX 78064
Thrive Mortgage Texas Lending Partners South Texas 128 Bluebonnet Dr Suite C, La Vernia, TX 78121 +1 (830) 253 - 0096
Zavala County Bank 2300 US-83, Crystal City, TX 78839 +1 (830) 374 - 5866
Herring Bank - Seymour 323 N Main St, Seymour, TX 76380 +1 (940) 889 - 6363
Regional Finance 2400 Veterans Blvd 10, Del Rio, TX 78840 +1 (830) 774 - 1703
Advance America 14045 FM 2100 Ste. 100, Crosby, TX 77532
Education Credit Union - Plum Creek 5500 Plum Creek Dr, Amarillo, TX 79124 +1 (806) 358 - 7777
Check n Go 1514 N 10th St, McAllen, TX 78501 +1 (956) 682 - 3101
ACE Cash Express 1416 S 31st St, Temple, TX 76504 +1 (254) 791 - 9100

Payday Loan Companies in Nearby Cities

If there are no payday loan companies in Richards, TX, you can try to find different companies in big cities near by. Check out the following pages here: Payday Loan Companies in Nacogdoches, TX, Payday Loans in New Braunfels, TX, Guaranteed Loans in North Richland Hills, TX, Payday Loans in Odessa, TX, Payday Loans in Pasadena, TX, Online Loans in Pearland, TX, Emergency Loan in Pflugerville, TX and No Credit Check Loans in Pharr, 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 Richards, TX.

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

77873

Are Payday Loans Legal In Richards, 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

Richards, TX payday loan calculator

Understanding Payday Loans in Richards, Texas

Payday loans are a type of short-term loan that often comes with high-interest rates and fees due to their short-term nature. The purpose of these loans is to provide borrowers with quick access to cash and a way to cover unexpected expenses, such as unanticipated bills or medical emergencies.

While payday loans can be helpful in some situations, it’s essential to understand the risks and drawbacks that come with taking out a payday loan, especially when it comes to the laws and regulations surrounding payday loans in Richards, Texas.

What Are the Laws and Regulations for Payday Loans in Richards, Texas?

Payday loans are legal in Texas, and Richards is no exception. However, the state of Texas has implemented strict rules and regulations to protect borrowers from predatory lending practices and to ensure that lenders operate under fair and just conditions.

In Richards, Texas, payday lenders must abide by the following rules set by the Texas Office of Consumer Credit Commissioner:

  • The maximum loan amount, including the fees, cannot exceed 20% of the borrower’s gross monthly income.
  • The loan term can range from seven to 31 days.
  • The maximum interest rate on payday loans is capped at 10%.
  • Lenders must provide borrowers with information about the loan terms, fees, and charges before the loan is approved.

It’s important to note that these regulations only apply to payday lending storefronts in Texas. Online payday lenders are not subject to these regulations and may charge significantly higher fees and interest rates.

What Are the Risks of Payday Loans in Richards, Texas?

While payday loans can be a convenient way to access quick cash, they come with high-interest rates and many fees. In Richards, Texas, payday lenders can charge up to 10% interest on loans, which can add up quickly if the loan is not paid off on time.

Unfortunately, many borrowers fall into a cycle of debt when it comes to payday loans. If they are unable to pay the loan off on time, they may be required to take out another loan to cover the original loan and additional fees, leading to a vicious cycle of debt and financial instability.

It’s also important to note that payday loans do not help build credit, as lenders do not report on-time payments to credit bureaus. Instead, payday loans can hurt a borrower’s credit score, as missed or late payments can negatively impact their credit history.

Interesting Facts and Statistics about Payday Loans in Richards, Texas

  • According to a report by the Center for Public Policy Priorities, payday and auto title loans cost Texas families over $1.5 billion in fees annually.
  • Texans who take out payday loans often end up taking out multiple loans. According to the same report by the Center for Public Policy Priorities, 1 in 4 Texas payday loan borrowers takes out more than ten loans a year.
  • A study by the Consumer Financial Protection Bureau found that as many as 80% of payday loans are rolled over into a new loan or followed by another loan within two weeks.

Apply Now

At TheGuaranteedLoans, we are committed to providing our customers with a responsible and transparent lending experience. As a connector service, we do not lend money ourselves, but instead, connect borrowers with potential lenders from our network of trusted partners.

Applying for a loan on TheGuaranteedLoans is simple, easy, and secure. All you need to do is fill out our online application form, and we’ll connect you with potential lenders that match your unique financial situation. With TheGuaranteedLoans, you can get the money you need to cover unexpected expenses and avoid the cycle of debt associated with payday loans.

Conclusion

Payday loans can be a helpful way to access quick cash in times of financial need. However, it’s important to understand the risks and drawbacks associated with these loans, especially in Richards, Texas. By staying informed about the laws and regulations surrounding payday lending and working with trusted partners like TheGuaranteedLoans, borrowers can access the cash they need while avoiding the cycle of debt and financial instability associated with payday loans.

F.A.Q.

Are there any restrictions on the number of payday loans I can take out in Richards, Texas?

Yes, Texas law limits the number of payday loans that an individual can take out at one time. The maximum number of payday loans that can be outstanding at any given time is three.

Can I roll over my payday loan in Richards, Texas?

Yes, Texas law allows payday loans to be rolled over or extended, but only once per loan. This means that if you are unable to repay the loan on the due date, you can extend the loan for an additional 14 days, but you will be charged additional fees and interest for this service.