Payday Loans in Woodlawn, Texas

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

Company nameAddressZip codePhone number
Sun Loan Company 1308 N Highway 83, Ste 1, Zapata, TX 78076
EZMONEY Loan Services 170 N Texas Ave, Mercedes, TX 78570
World Finance Corporation 1121 S Magnolia St, Woodville, TX 75979
Loanstar Title Loans 15526 Northwest Blvd, Robstown, TX 78380 +1 (361) 752 - 6006
Security Bank 211 S Main St, Quanah, TX 79252 +1 (940) 663 - 6331
PFS Auto Finance 1778 N Plano Rd 112, Richardson, TX 75081 +1 (972) 613 - 4700
Western Finance 1245 Clarksville St, Paris, TX 75460
Advance America 1301 Farm-To-Market Rd 2218 Ste. 400, Richmond, TX 77469 +1 (281) 232 - 6851
ACE Cash Express 130 N Hwy 77 ste a, Waxahachie, TX 75165 +1 (972) 938 - 3633
Advance America 2851 Matlock Rd 400, Mansfield, TX 76063 +1 (682) 518 - 7244

Payday Loan Companies in Nearby Cities

If there are no payday loan companies in Woodlawn, TX, you can try to find different companies in big cities near by. Check out the following pages here: Payday Loans in New Braunfels, TX, Guaranteed Loans in North Richland Hills, TX, No Credit Check Loans in Odessa, TX, Payday Loans in Pasadena, TX, Online Loans in Pearland, TX, Payday Loan Without a Credit Check in Pflugerville, TX, Payday Loans in Pharr, TX and Bad Credit Loans in Plano, 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 Woodlawn, TX.

Are Payday Loans Legal In Woodlawn, 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

Woodlawn, TX payday loan calculator

Payday Loans in Woodlawn, Texas – Understanding the Essentials

When it comes to financial needs, not everyone is lucky enough to have savings or friends/family to turn to in times of dire need. However, there are options such as payday loans, which can help individuals get quick access to funds with minimal hassle. While payday loans have been scrutinized in some states for their high interest rates and potential for debt traps, they are legal in Texas. This article delves into the basics of payday loans in Woodlawn, Texas.

What are Payday Loans?

Payday loans are small, short-term loans that are meant to be paid back along with the fees and interest rates when the borrower receives their next paycheck. These loans are often used in situations of urgent financial need, such as unexpected medical bills, car repairs, or other unexpected expenses. In the state of Texas, payday loans can be acquired for a maximum term of 31 days and the maximum loan amount is $1,800.

How do Payday Loans Work in Woodlawn, Texas?

In Texas, payday lenders are required to be licensed by the Office of Consumer Credit Commissioner. Once the borrower meets the necessary criteria, they can fill out an application, providing proof of income, identification, and an open bank account. If approved, the lender will provide the borrower with the loan amount, minus a fee. The fee varies depending on the lender and the amount borrowed. However, according to state law, the annual percentage rate (APR) cannot exceed 10 percent.

What are the Benefits of Payday Loans in Woodlawn, Texas?

The primary benefit of payday loans is the quick availability of funds. In many situations where a person might need emergency cash, traditional loans might not be practical due to longer processing times or higher credit score requirements. With payday loans, funds can be available as soon as the next business day, which can be a significant advantage in emergency situations.

Additionally, payday loans can help individuals with poor credit scores or no credit history to access financing they might be otherwise unable to secure. Since most payday lenders do not check credit scores, the application process is usually fast and straightforward, providing many people with access to the funds they need without the stress of traditional requirements.

What are the Risks of Payday Loans in Woodlawn, Texas?

One of the most significant risks of payday loans is the potential for debt traps. With high-interest rates and short repayment terms, many individuals are unable to pay back the loan in full and end up taking out another loan to cover the cost. This creates a cycle of debt that can be challenging to break free from.

Additionally, payday loans in Texas can come with high fees and interest rates that can make them more expensive than traditional loans. Some lenders may also engage in unscrupulous practices, such as charging extra fees or threatening to take legal action, which can make it challenging for people to repay their loans.

Interesting Facts and Statistics about Payday Loans in Woodlawn, Texas

  • According to a 2016 report from the Center for Public Policy Priorities, Texans who take out payday loans often end up paying more in fees than the original loan amount.
  • With the current economic crisis caused by the pandemic, the demand for payday loans has increased drastically in Texas.
  • According to a 2019 report from the Texas Fair Lending Alliance, 75 percent of payday loan borrowers in Texas cannot repay their loans by the due date and usually renew or refinance their loans multiple times.

The Guarenteed Loans Connects You with Lenders

If you are in need of a payday loan in Woodlawn, Texas, TheGuaranteedLoans is a connecting service that can help you find lenders. We pride ourselves on providing a simple, easy-to-use service that can connect you with a lender that fits your needs and situation. Keep in mind that we are not a direct lender, and we can only facilitate the connection between you and potential lenders.

To apply for a payday loan, visit our website and fill out the online application. The process is straightforward and can be completed in minutes. If we connect you with a lender, they will require additional information and may contact you to complete the loan process.

Final Thoughts

While payday loans can be a helpful financial resource in times of need, they also come with significant risks and drawbacks. It is crucial to understand the terms and fees associated with the loan and make sure that you are comfortable with the repayment schedule. Additionally, it is essential to only borrow what you can afford to payback to avoid being caught in the debt trap cycle. Before applying for a payday loan, research lenders to find the best option for your situation and make sure that it is a reputable company.

F.A.Q.

Can I be sued or have my wages garnished if I default on a payday loan in Woodlawn, Texas?

Yes, if you default on a payday loan in Woodlawn, Texas, the lender may take legal action against you to collect the debt. This could include filing a lawsuit or obtaining a court order to garnish your wages. It is important to communicate with your lender and seek legal advice if you are unable to make your loan repayment.

Are there any alternatives to payday loans in Woodlawn, Texas?

Yes, there are several alternatives to payday loans in Woodlawn, Texas, such as small consumer loans, credit union loans, and installment loans. These options may have lower interest rates and more flexible repayment terms, but it is important to compare the terms and conditions of each option before deciding on a lender.