Payday Advance Texas
Many Texan families live paycheck to paycheck, and money can become even tighter during an economic downturn. Many people have also had their savings dwindle away to a point where they have very little money saved or none at all. It is during such tough economic times that emergencies can wreak havoc on families who do not have the cash available to fix broken down vehicles, pay unexpected bills, repair malfunctioning home appliances or systems, get medical treatment, buy needed medications, etc.
Luckily, Texas payday advance loans are available to those living in the Lone Star State. Payday loans can be acquired quickly--usually within a day--and requires little information. Payday cash advances also do not normally require credit checks, so you can apply for and obtain one even if you have no credit or bad credit. Access to such fast cash can be a great relief to families struggling financially.
Texas Payday Loans Explained
Payday loans are a good option when you need cash quickly to overcome unexpected situations between paychecks. Payday cash advances are loans that are repaid in a short period of time, usually within a month or on your next payday. Because lenders use your proof of income as collateral, little of your information is required, the application process is fast, and cash is provided within hours.
Texas payday loans can be used to meet a variety of sudden situations that catch you short on cash, or they can be used for less threatening activities such as to attend special events or take a vacation. Payday advances usually have high interest rates and fees attached, but they are also repaid quickly, which lessens the burden of long-term debt.
Texas Payday Loans and How to Apply
If you are a Texan in need of cash to meet a critical situation, you can apply for a Texas payday loan and get the money you need to handle your crisis. The first step is to find a cash advance lender from whom you want to borrow. You can either seek out Texas payday loan lenders or online payday loan lenders who offer advances to Texas residents.
When you have chosen a lender, you will be asked to complete a short form and submit it along with bank account information, proof of income via either paycheck stubs or bank statements, and personal identification. Your loan application will be promptly processed with approval normally occurring within 24 hours. Upon approval, the loan amount is deposited into your bank account.
When the agreed upon due date arrives, you can make your payment directly to the office of your Texas lender or allow them to deduct the amount from your account. Some lenders request that you provide them with a check that has been post-dated so that they can cash it in on the due date. Online payday loan lenders on the other hand usually make electronic withdrawals from bank accounts since they are distant providers.
Texas Payday Loan Laws and Specifications
Payday advance Texas lenders can operate within the state as long as they meet legal specifications governing payday loans. Online payday loan lenders must also adhere to Texas payday loan laws.
The maximum amount of Texas payday loans is not specified under the law, but CSO (Credit Service Organization) loans can be upwards of $1,800. There are also no caps on annual interest rates, which can be as high as 1,000%. Therefore, it is highly advisable to shop around for the best rates on Texas payday loans. Also, no rollovers (loan extensions) are allowed, which means payday advances that you borrow must be repaid in the designated time period (between seven and thirty-one days).
As of May 2013, there is legislation in the Texas Senate that seeks to set limits on Texas payday loans.
Information on Texas Payday Loans
To find out more about Texas payday loans, or to get current information on Texas payday loan laws contact:
Texas Office of Consumer Credit Commissioner
2601 North Lamar Blvd.
Austin, TX 78705
Phone: 512-936-7600 or 800-538-1579