Texas Payday Loans Law – How to get quick cash
The area of Texas was first visited by Spanish explorers in the 16th century In 1685 at Matagorda Bay. There was a short-lived establishment of a French colony. After that, Texas was under Mexican control, which ended with the Americans taking over. Texas became a state in 1845 and between 1846-1848, the disputes about the border led to the Mexican War.
Texas is an industrial giant and a big agricultural producer. Only the state of Alaska produces more cattle, oil, cotton and sheep than Texas. The state of Texas has lots of farms that produce a huge number of eggs, wheat, dairy products, peanuts, rice and all kinds of vegetables and fruits. Every year, millions of tourists visit Texas state parks, spending more than $50 billion a year.
Texas is the second biggest state in America and is the second most populous. Even though the state’s giant economy is beneficial to its residents, there are still many people struggling with their finances.
Life is full of unexpected events which often catch us off-guard. Most people need financial assistance sand one of the best way to get it is by taking out a loan. Payday loans are a very popular kind of short-term loan as most borrowers who have to handle emergency expenses find them really helpful. Payday loans are fast and easy to get and when you cannot really afford to wait for weeks or even months for a traditional loan or you cannot qualify for one, payday loans can be a good, temporary way to solve your financial issues. Find places to get loans near me in Texas.
What is a payday loan and how it works
A payday loan is a short-term loan and is also known as cash advance The borrower gets out a certain amount of funds (usually not exceeding $500) that he must repay within a period of two weeks. Of course, every state has different payday loan laws, therefore the terms and conditions may vary. Since they are easy to get and are short-term by nature, payday loans have a higher annual percentage rate than most type of loans.
To qualify for a payday loan, the borrower needs to have a steady source of income in order to be able to repay the loan on time. Other factors like credit history are almost irrelevant when requesting a payday loan. If the borrower fails to repay the loan on time, he may have to pay for a number of fees and charges. So unless you are sure in your ability to repay a payday loan, you would most likely want to skip it as a loan option.
Texas payday loan laws
Lending payday loans in Texas is legal and the companies can provide loans to their borrowers according to the state regulations in 7 Tex. Admin. Code 1.605; Tex. Fin. Code Ann. 342.251 et seq. In Texas, the length of a payday loan can go up to 180 days. The maximum amount a borrower can acquire is an amount computed under Subchapter C, Chapter 341, by using 100 dollars as a base reference amount.
The annual percentage rate on a two-week $100 payday loan in Texas cannot exceed 410%. Every payday loan lending company in Texas should have all terms and conditions posted at their offices and website. The contract agreement must be in a written form and should include the amount of the loan, name of the lending company as well as all loan fees.
Why loans could be a workable borrowing option?
Traditional loan lending institutions often claim that payday loans are dangerous for the borrowers and yet so many people find them more than useful. Many borrowers are choosing payday loans as their choice for financial assistance because despite the risks that they carry, they can also be quite beneficial. Here are some feature that make payday loans popular:
Texas payday loans are extremely fast loans to get
When dealing with an emergency, the most important thing a borrower must consider when taking out a loan is the speed of the service. When the expenses are knocking on your door, you cannot afford to sit around for days and weeks waiting for a loan approval from your bank. With payday loans, you can get the money you need as soon as within a few hours. The application process itself takes no more than a couple of minutes and it can be done at a payday loan lender’s office or online.
Having bad credit is not an issue
For most borrowers, having a bad credit score has proven to be a loan deal-breaker. The reason being is that most traditional loan lending institutions almost never give out loans to people with bad credit history. With payday loans, however, your credit score is almost irrelevant. Most lending companies want to know if you can repay the loan, not the state of your credit score.
Many payday lenders to choose from
With the amount of lenders for payday loans are increasing dramatically in the past 10 years, it is likely that you will find a payday lender’s office near your house or your work. You also have the choice to start requesting a payday loan online. In case you decide to go for the online option, you may get your money a little slower, but you will have it towards the end of the next business day.
Spend the loan for any purpose
Payday loan lending companies do not pay any attention to what you do with your loan money. This spending freedom is something that you do not get when taking a loan from traditional institutions. Whatever your emergency is, you can deal with it without having to worry about any limitation set by your payday loan lender.
Loans eligibility requirements in Texas
As you know by now, texas payday loans are pretty easy to get. That does not mean that there are no requirements you must meet in order to be eligible for one. To make sure you qualify for your loan, here are some things you must know. You should be 18 or older to get a payday loan. You also have to be a permanent resident of the area that you’re applying from or have an American citizenship.
In order to get your loan, you also must have a stable income so that you would be able to repay the amount on the given date. If you meet these requirements, you will need some basic information to submit an application for a payday loan. You should give details about your salary and employment, a valid form of identification, your birth name, phone number, your current address and your social security number.
Texas cities where you can find a lending company
- Grand Prairie
- Missouri City
- Round Rock
- San Angelo
- San Antonio
- Sugar Land
- The Woodlands
- Wichita Falls
- College Station
- Corpus Christi
- El Paso
- Fort Worth