Being short on cash is always stressful, especially when unexpected expenses suddenly pop up. The good news is that the lending industry in Texas is evolving, allowing borrowers to get money quickly, often on the same day. But are there any options available to people with bad or no credit?
The answer is yes! Online payday loans are one of the fastest ways to access extra cash for Irving residents. However, there are some things you should know about before getting payday loans online in Texas. Let's find out whether payday loans can meet your needs and what alternatives you can access quickly in TX.
What Are Online Payday Loans?
An online payday loan is a short-term, high-cost loan with a completely online process. Online payday loans allow borrowers to access up to $1,000, depending on the lender, income, and state of residence. While Texas law doesn't set any caps for online payday loan amounts, states like California and Alaska limit payday loans to $300 and $500.
As the name suggests, payday loans are typically due on a borrower's next pay date. Therefore, loan terms are usually from 2 to 4 weeks. There are no installment payments allowed, so you must repay your total loan cost in one lump sum. This, along with high interest rates, makes payday loans a risky borrowing option. It can be difficult to manage them for people who already experience financial problems.
Can I Legally Get Payday Loans in Texas?
Payday loans in Texas are legal, so Irving residents can easily get them. The payday lending industry in Texas is regulated by 7 Tex. Admin. Code and Tex. Fin. Code Ann. §§342.251 et seq. Any credit access business must be licensed to operate in the state.
The maximum loan amount is not stated, but the average is about $800. The minimum and maximum loan terms are 7 and 180 days, accordingly. An average Texas payday loan carries an annual percentage rate of over 400%.
When Should You Consider Getting Texas Payday Loans Online?
Payday loans online can be a viable option when you need money right away without changing your current plans. Short-term loans can be a great option if you face a medical emergency, have an urgent bill to pay, or need money to repair your car. People also use payday loans to cover some critical routine expenses, such as groceries or rent payments.
Are Online Payday Loans Available to Texas Residents with Bad Credit?
An online payday loan is a no credit check loan, meaning that payday lenders don't review your credit profile via three major credit bureaus. Therefore, your credit score is not used to determine your creditworthiness. Online lenders are more focused on getting their money back, so you have a high chance of being approved if you have a verifiable source of steady income.
Where to Get a Payday Loan in Texas?
If you're looking for a storefront lender to get a payday loan in Texas, 1F Cash Advance is a commonly chosen provider.
The company has been operating since 2019 and has gained a strong reputation for credible and secure services. Irving residents are welcome to apply for payday loans in Fort Worth, which is the nearest store that is conveniently located at 3329 Winthrop Ave, Fort Worth, TX 76132. It will take you only about half an hour to get there. If you prefer to apply online, the company allows you to complete the process via its website, too.
The application process typically takes 10-15 minutes. All you need to apply is your valid government-issued ID, bank account details, and income confirmation. Please note that you must reach the age of 18 to qualify for Texas payday loans.
How to Apply for Texas Payday Loans?
The application process is typically simple. Below are a few steps to follow:
- Fill out a loan application form. You can do it online or in a lender's store. You will need just basic information, such as your full name, email, cell phone number, permanent address, bank account details, Social Security number, and more.
- Get feedback from the lender. If you apply online, the loan provider will send you a loan decision via email shortly after reviewing your application details for eligibility. The process typically takes 10 to 15 minutes.
- Review the offer. If approved, read your loan agreement carefully. Make sure you understand your loan terms. Accept an offer by signing the contract if everything suits you.
- Receive the funds. Most lenders send money to borrowers via direct deposits as soon as the next business day. If you apply in a store, you can get money on hand after providing the lender with a post-dated check.
Concerns Regarding Payday Loans in Texas
Payday loans come with the potential danger of getting into a debt trap. This is because of their high costs and short repayment terms. Many Texas borrowers find it difficult to repay the funds in one lump sum within several weeks. Thus, they end up renewing their loans or getting completely new ones, often at higher interest rates. Borrowers who fail to repay the money on time face high late fees and are forced to overpay. Additionally, late payments can damage your credit score, making it even more difficult to get a loan in the future. Therefore, it's not recommended to use payday loans regularly or get them when you already experience permanent financial problems.
Alternative Options for Bad Credit Loans in Texas
Even if you find the best payday loans available in Texas, they may not meet your needs for various reasons. Some people may need a longer-term solution, while others are looking for less expensive options. Below are a few alternative ways to get fast cash with less-than-ideal credit.
Apply for Online Title Loans in Texas
Online title loans provide Texas residents with extra cash against collateral, which is typically a car. You will be able to get up to 50% of your vehicle's price, and you're still allowed to use it while it's pledged. Just like with payday loans, the repayment is made by the time of your next paycheck. If you fail to pay on time, a lender can seize your car.
Consider Getting an Installment Loan
Installment loans work similarly to regular personal loans. Instead of repaying the whole amount on a specific date, you can make loan payments over a period of up to 24 months. The maximum amount available is usually $5,000, but the exact sum you can get depends on your income. Unlike a traditional personal loan, an installment loan can be obtained with any credit. However, the interest rate will be higher. In some cases, installment loans can turn out to be more expensive than payday loans due to longer repayment terms.
Try a Credit Card Cash Advance
If you're looking for guaranteed same-day loans, credit card cash advances are an option to consider. To get one, you're not required to go through an application or verification process. Instead, you need to have a valid credit card that allows you to withdraw money from its balance. Then, you simply visit an issuer's store or ATM with the card in hand and get the needed amount within the set limit. Just keep in mind that it's an expensive option. Make sure to understand the terms before making a withdrawal.
