Payday Loans in Somerset, Texas

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

Company nameAddressZip codePhone number
TitleMax Title Loans 2014 N Britain Rd, Irving, TX 75061 +1 (972) 579 - 1691
City Finance in Mineola TX www.cityfinancetx.com 411 E Broad St, Mineola, TX 75773 +1 (903) 569 - 0098
TitleMax Title Loans 606 S Walnut Ave Ste 500, New Braunfels, TX 78130 +1 (830) 620 - 5919
Security Finance 607 E Tyler St Suite 114, Athens, TX 75751 +1 (903) 675 - 5661
Matthew Martinez NMLS : 303177 - TDECU Mortgage 322 Preston Rd, Pasadena, TX 77503 +1 (281) 269 - 8685
EZ Money 681 TX-46, New Braunfels, TX 78130 +1 (830) 643 - 1012
Cash America Pawn 10325 Market St, Houston, TX 77029 +1 (713) 453 - 0426
Barri Booth 1411 W 5th St, Plainview, TX 79072 +1 (806) 429 - 7546
Guarantee Loan 2403 West Waco Dr A, Suite A, Waco, TX 76707 +1 (254) 753 - 5368
Mr Dollar Finance Co 3001 E Paisano Dr, El Paso, TX 79905 +1 (915) 544 - 7788

Payday Loan Companies in Nearby Cities

If there are no payday loan companies in Somerset, TX, you can try to find different companies in big cities near by. Check out the following pages here: Payday Loan Without a Credit Check in Copperas Cove, TX, Short-term Loans in Corpus Christi, TX, Payday Loans in Dallas, TX, Payday Loans in Deer Park, TX, Guaranteed Loans in Del Rio, TX, Payday Loans in Denton, TX, Bad Credit Loans in DeSoto, TX and Payday Loans in Duncanville, 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 Somerset, TX.

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

78069

Are Payday Loans Legal In Somerset, 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

Somerset, TX payday loan calculator

In the world of lending, payday loans are becoming an increasingly popular option, especially in areas like Somerset, Texas. While these loans may offer a quick and easy way to get cash, it’s important to understand their terms and conditions before applying for one. In this article, we’ll discuss the ins and outs of payday loans in Somerset, Texas, and give you all the information you need to make an informed decision.


The Basics of Payday Loans


A payday loan is a type of short-term loan where the borrower receives cash upfront and must repay the loan with interest on their next payday. In Somerset Texas, payday loans are legal, and lenders can loan a maximum of $1,800. The loan terms usually range from 7 to 31 days, and the borrower usually benefits from a simple application process with quick approval times.


Unlike traditional loans, payday loans don’t typically require a good credit score or extensive documentation. The lender will typically only need proof of income, a checking account and a form of identification. While this may sound like a convenient solution for individuals struggling to make ends meet, it’s important to be aware of the risks associated with payday loans.


Interest and Fees


One of the biggest risks involved with payday loans is the high interest rates and fees that come along with them. In Somerset, Texas, the maximum APR on a payday loan can be as high as 662.14%. That means if you borrow $500, you could end up paying over $1,200 in total fees and interest if you don’t manage to pay the loan back on time.


Additionally, if you’re unable to pay the loan back on time, you may be subject to additional fees and charges, and the lender may pursue legal action. It’s important to read and understand the terms and conditions of a loan before accepting it, including the fees and interest rates involved.


Facts and Statistics about Payday Loans in Somerset, Texas


1. The number of payday loan stores in Texas has decreased by 25% since 2012
The Texas Office of Consumer Credit Commissioner (OCCC) has reported a decrease in the number of payday loan stores in Texas over the last few years, from 3,336 in 2012 to 2,520 in 2019. However, there are still over 21,000 payday loan stores nationwide.


2. 75% of payday loans in Texas are rolled over or renewed
The OCCC also reported that 75% of payday loans in Texas are renewed or rolled over, leading to increased interest rates and fees for borrowers. This suggests that many borrowers are struggling to repay their loans on time, and may need to take out additional loans to cover their previous debt.


3. Texas Payday Lenders collected $1.6 billion in fees and interest in 2018
The OCCC also reported that payday lenders in Texas collected around $1.6 billion in fees and interest in 2018. This highlights the importance of reading and understanding loan terms and conditions before accepting a loan.


Apply Now with TheGuaranteedLoans


If you’re considering a payday loan in Somerset, Texas, TheGuaranteedLoans can help you find the lender that’s right for you. As a connector service, we work with a network of trusted lenders to help you find the loan you need. Simply fill out our online application form, and we’ll match you with lenders that are willing to work with you based on the information you provide.


It’s important to remember that TheGuaranteedLoans is not a direct lender, and we don’t make credit decisions ourselves. We’re here to help you find the lender that’s right for you, and connect you with potential lenders based on the information you provide us.


Conclusion


Payday loans may seem like a good option for individuals struggling financially in Somerset, Texas, but it’s important to remember the risks involved. Be sure to read and understand the terms and conditions of any loan you’re considering, and only borrow what you can afford to pay back. If you’re ready to explore payday loans as an option, fill out our online application form and let TheGuaranteedLoans help connect you with the right lender.

F.A.Q.

Are there any fees or charges associated with payday loans in Somerset, Texas?

Yes, there are fees and charges associated with payday loans in Somerset, Texas. These may include application fees, origination fees, interest charges, and late payment fees. It is important to carefully review the terms and conditions of your payday loan to understand all of the fees and charges you may be responsible for.

What happens if I cannot repay my payday loan in Somerset, Texas on time?

If you are unable to repay your payday loan in Somerset, Texas on time, you may be charged late payment fees and your loan may be subject to collection actions. You may also be charged additional interest on any unpaid balances. It is important to contact your lender as soon as possible if you are unable to make your scheduled loan payments, so that they can work with you to find a solution.