Finance Resources You Can TrustFinance Resources You Can Trust
  • Home
  • Personal Loans
  • Insurance
  • Mortgages
  • Student Loans
  • Credit Cards
  • Investing
  • Taxes
  • Small Business
What's Hot

9 Consequences of a Bad Credit Score

July 7, 2022

7 credit card perks you might be missing out on

July 7, 2022

These 7 Credit Score Landmines are Hurting Your Credit

July 6, 2022
Facebook Twitter Instagram
Finance Resources You Can Trust Finance Resources You Can Trust
Facebook Twitter Instagram
Subscribe
  • Home
  • Personal Loans

    Step By Step Guide on how to apply for a personal loan with best rates

    June 26, 2022

    LightStream Personal Loans Review – Read This Free 2022 Guide Before Applying

    December 31, 2021

    Upstart Personal Loans Review – Is it for you?

    December 29, 2021

    Avant Personal Loans Review 2022 – A Free Guide On How To Get Approved

    December 23, 2021

    LendingClub loans Review

    December 23, 2021
  • Insurance

    A Comprehensive Guide To Small Business Insurance

    December 22, 2021

    All You Need To Know About Horse Insurance

    December 22, 2021

    7 Significant Differences Between Petplan and Pet Insurance

    December 11, 2021

    Advantages and Disadvantages of Pet Insurance

    December 1, 2021

    Types of Life insurance in the US

    November 29, 2021
  • Mortgages

    What are FHA Loans and what do you need to know about them?

    November 17, 2021

    Mortgage Refinance – A Complete Guide

    November 17, 2021

    What are mortgages, and how do they work?

    November 17, 2021

    How do mortgages work in the USA? A complete guide on US mortgages.

    November 15, 2021

    Everything You Need to Know About Home Equity Line of Credit

    November 13, 2021
  • Student Loans

    Everything You Need to Know About Student Loan Consolidation

    June 24, 2022

    8 Ways to manage student debt after graduation

    June 24, 2022

    What to know about unsubsidized student loans before applying.

    October 21, 2021

    Federal Student Aid. All you need to know about them.

    October 19, 2021

    Student Loans Deferred? What you need to know about deferment.

    October 18, 2021
  • Credit Cards

    7 credit card perks you might be missing out on

    July 7, 2022

    5 Credit Card Myths You Need to Stop Believing

    June 29, 2022

    Credit Cards 101: Get Insights On How They Work

    June 24, 2022

    Secured Credit Cards 101: How They Work and Why You Should Get One

    June 24, 2022

    5 Ways to Avoid Getting Buried in Credit Card Debt

    June 17, 2022
  • Investing

    A Free Guide To 1031 Exchange: What You Need to Know

    June 28, 2022

    What you need to know about high risk investments

    January 2, 2022

    A Complete Guide On The Stock Market: What you should know.

    January 2, 2022

    Why is investing better than Savings? See The Six Reason Why.

    January 1, 2022

    Advantages and Disadvantages of Investing

    January 1, 2022
  • Taxes

    9 Tips on how to choose the right Tax Preparation Attorney

    June 24, 2022

    A comprehensive Guide to HR block online

    June 19, 2022

    The Top 7 Benefits of Hiring a Tax Preparation Accountant

    June 19, 2022

    Everything You Need to Know About Certified Public Accountants

    June 18, 2022

    Everything You Need to Know About Free Online Tax Filing

    June 16, 2022
  • Small Business

    A Comprehensive Guide To Small Business Insurance

    December 22, 2021

    A Detailed Guide On SBA Disaster Loan

    December 8, 2021

    SBA 7a Loan: A Free 2022 Guide On What To Know About It

    December 8, 2021

    Difference Between SBA 504 and SBA 7(a) Loan

    December 8, 2021

    How to Get A Startup Business Loan Without Collateral

    December 8, 2021
Finance Resources You Can TrustFinance Resources You Can Trust
Home»Personal Loans»Best Payday Loans in Texas – A Free Guide
Personal Loans

Best Payday Loans in Texas – A Free Guide

Biz GeldBy Biz GeldSeptember 29, 2021Updated:January 25, 2022No Comments7 Mins Read
Facebook Twitter LinkedIn Telegram Pinterest Tumblr Reddit WhatsApp Email
Share
Facebook Twitter LinkedIn Pinterest Email

Are you in Texas and in need of some urgent cash to take care of your emergency bills? If so, a payday loan can help you take care of these emergencies. We share the best payday loans in Texas you can get right away, no matter your credit score.

You can take payday loans to quickly pay any unexpected bills like car repairs, forgotten overdue bills, medical bills, etc. You only have to repay this loan on your next paycheck. 

Here are the two best payday loans platforms for Texas residents. These lending platforms have the best interest rates on the market, and the lenders will quickly approve your application.

Caution: Only Use the companies below if you have completely exhausted your options. Payday loans are extremely expensive and dangerous if you can’t repay in full at once. There are other cheaper options and alternatives at the bottom of this article.

speedycash-logo
APPLY HERE
On SpeedyCash Website
Loan Amount
up to $1500 USD
Interest Rate
Around 36%
Min Credit Score
N/A
opploans-logo
APPLY HERE
On OppLoans Website
Loan Amount
$500 – $4000 USD
Interest Rate
59% – 199%
Min Credit Score
N/A

Before applying for payday loans in Texas, there are a few things you must know. These are;

  • What are the State regulations when it comes to payday loans?
  • How much do Texas payday loans cost?
  • What are the requirements in Texas for getting a payday loan?
  • Can you still get a payday loan even if you are unemployed?
  • How to apply for a payday loan if you are a Texas resident?
  • Best payday loan alternatives in Texas.

What are the State regulations when it comes to payday loans?

Texas law offers protection to borrowers by banning lenders from dividing one loan into two to collect more fees. Some unscrupulous lenders used to partake in such shady dealings. But not anymore.

Unlike most US states, payday loans are still legal in the state of Texas. But there are some regulations put in place to protect both lenders and borrowers. I have broken down these regulations into three sections.

1.Statute of limitation:

A statute of limitation refers to the maximum period you can be liable against any criminal proceedings. In the case of payday loans, you are still liable for criminal charges within four years if you default on your loan repayment.

If the lender fails to sue you within these four years, you will be protected by the statute of limitation law. But it doesn’t mean the lender won’t report you to the credit bureau. Reporting you to the credit bureau will significantly damage your credit, affecting your ability to get good loans in the future.

2.The number of payday loans you can have at once:

There is no limit on the number of payday loans you can have in Texas. But do not take more than one payday loan because the interest rates are high. You might end up in a terrible debt trap which could be challenging to escape. Trust me; you don’t want to be in a debt cycle.

3.What happens if you don’t pay back a payday loan in Texas?

Payday lenders could file criminal charges against you if you default on your loan repayment. You can be arrested and go to jail if you don’t repay your loan. 

As a borrower, you have to be responsible by committing to the loan terms and conditions. Failure to respect these terms and conditions will hurt you more than the lender. So, borrow responsibly.

How much do Texas payday loans cost?

In general, payday loans are the costliest loan you could ever find in the loan industry. The interest rates can exceed 400% in annual percentage rate (APR). You will have to pay at least $10 to $30 in interest rates on a 2 to 3 weeks period for every $100 you borrow. Some lenders will also charge origination fees of up to 10% of the total loan amount.

Let’s say you borrow $800, and the interest rate is 15% ($120) for two to three weeks. For some reason, you can’t repay the $800 + $120 when the loan is due. Most payday lenders will ask you to pay the interest rate for extending the due date for another two to three weeks.

So, you will pay $120 for extending the due date of your payday loan and still owe the principal loan amount plus the interest rate ($800 + $120). If you are not careful, you could end up paying $1000s interest rates for only borrowing $800.

You should only take payday loans if you are absolutely sure there is no other way to get the funds you need. Only borrow if you are 100% certain of repaying on time. 

What are the requirements in Texas for getting a payday loan?

Before getting a payday loan in Texas, there are specific essential requirements you need to fulfill. If you don’t meet these requirements, you won’t be eligible for any payday loan in the state. These requirements are;

  • You have a state-issued ID.
  • Be at least 18 years or older.
  • You must be a legal resident in the State of Texas.
  • Your monthly income should at least be $1000.
  • Have proof of income.
  • Have an active checking account.

Although meeting the above requirements could get you a payday loan, some lenders might ask you for additional information. 

Can you still get a payday loan even if you are unemployed?

So what if you are unemployed? Can you still qualify for payday loans in Texas? The simple answer is YES! Your monthly income source could be social benefits, alimonies, or any other means. As long as the monthly amount you receive is at least $1000, you are eligible for a payday loan.

Just make sure you can prove this monthly income in a document format like a bank statement, payslip, or checks. 

How to apply for a payday loan if you are a Texas resident?

You can either go to a payday loan location near you or apply online. You can quickly find a payday loan sign within few 100 meters from your address. There are a lot of payday loan outlets in Texas. 

Whether you choose to apply online or go to a physical location, ensure you have the documents ready to prove your eligibility. Just go to the lender’s location and apply in person. You can get the loan within few hours.

But if you decide to apply online, all you need to do is fill out the short online application form. The lender will ask you for documents to prove your identity, residence, and income. All you need to do is email the copies of these documents to the lender, and the funds will be transferred to your bank account in a few hours.

Payday loan alternatives in Texas

Like I mentioned before, you should only take payday loans if you are out of options. Exploring other options could be a wise decision depending on the circumstance. You are the only one who can better assess your current situation and make a decision. 

Here are seven alternatives to payday loans you could explore right now. 

  1. Assistance Center of Collin County
  2. GRACE
  3. Hill Country Community Action Association
  4. Christian Assistance Ministry
  5. Gulf Coast Community Services Association
  6. Community Loan Center of the Rio Grande Valley
  7. Hebrew Free Loan Association of San Antonio

These organizations will help you in times of need. Just make sure they know you need a loan to take care of your basic necessities. Otherwise, you won’t be able to secure the funds you need. 

Other loan options you could consider

If the above alternatives are not the right solution for you, you can consider getting a personal loan online. Personal loans could be the best choice to get a loan in as little as 2 hours after completing the online application. 

The interest rates on personal loans are way cheaper than payday loans. You can even reschedule a less costly repayment if you default. Below are three lending platforms you can use to get a loan today.

Bottom-Line

Although getting payday loans in Texas is relatively easy, it can quickly trap you in a debt cycle. Instead, go for personal loans because they have lower interest rates and better terms and conditions. 

Share. Facebook Twitter Pinterest LinkedIn Tumblr Telegram Email
Previous ArticleOnline Installment Loans For Bad Credit – No Credit Check
Next Article Federal Vs Private Student Loans. Do you know the difference?
Biz Geld
  • Website

BizGeld provides well-researched and free finance educational content to help you make informed financial decisions. Although we provide unbiased information and recommendations, we are not your typical financial advisor. So before making any financial decision, please contact a professional.

Related Posts

Step By Step Guide on how to apply for a personal loan with best rates

June 26, 2022

LightStream Personal Loans Review – Read This Free 2022 Guide Before Applying

December 31, 2021

Upstart Personal Loans Review – Is it for you?

December 29, 2021
Add A Comment

Comments are closed.

About BizGeld
About BizGeld

Discover, save and make sense of anything to do with finance - from how to start a business, invest in property, find the best credit card, and much more.

Facebook Pinterest

Disclaimer: BizGeld strives to keep its information as accurate as possible and up to date. The information we share might be slightly different from that of a financial institution, service provider, or specific product site. All financial products, shopping products, and services are presented without warranty. When you are evaluating offers, please review the financial institution’s Terms and Conditions. Pre-qualified offers are non-binding. If you find discrepancies with your credit score or information from your credit report, please contact TransUnion® directly.

We're social. Connect with us:

Facebook Twitter Instagram Pinterest YouTube
Latest Resource

9 Consequences of a Bad Credit Score

July 7, 2022

7 credit card perks you might be missing out on

July 7, 2022

These 7 Credit Score Landmines are Hurting Your Credit

July 6, 2022
Get Informed

Subscribe to Updates

Get the latest creative news from FooBar about art, design and business.

© 2023 Bizgeld. Privacy Policy | Prequalification Terms | Terms of Use |

Type above and press Enter to search. Press Esc to cancel.