Do you ever wonder why Texas has so many online payday loan companies? It’s no wonder that Online Payday Loans has a reputation as the “Wild West” of the payday lending business. The new ACE Cash Express and Speedy Cash shops cropping up in communities throughout the state help reinforce that view.
As a result of this approach, many Texans have seen predatory loans eat up a significant portion of their monthly income. Sometimes the risks of payday loans online don’t become clear until after borrowers have already committed to one.
The average APR for a two-week payday loan is between 391% and 521%, costing borrowers, particularly those who become stuck in a never-ending cycle of debt, hundreds of dollars in fees alone per year.
Payday Loans Explained – Loans That Can Make Your Debt Free
Even though the interest rates on payday loans online are very high (sometimes up to several hundred percent), millions of Americans use them every year.
Instant Payday loans, which are also called cash advance loans, short-term loans, installment loans, delayed deposits, or credit access, are offered by many traditional brick-and-mortar businesses, financial institutions, and a growing number of online payday lenders. You must pay a typical payday loan back in two to four weeks, and the average amount borrowed is less than $500.
Even if you have bad credit, getting one of these loans is easy, but they cost a lot. Because of this, most financial advisors tell people not to use payday loans.
Instant online payday loans in Texas are small loans that can help people when needed. Most of the time, the borrower has to pay back these loans right before their next paycheck. They help you pay for the costs of things that come up out of the blue. Depending on how much money you make, you can get a payday loan in just a few minutes for up to $1,250. A Payday Loan doesn’t have a flexible payment plan like a modern installment loan.
It’s easy and quick to borrow money from a payday lender. You can complete in-store cash advances in as little as 15 minutes and receive the fund the next business day.
Payday Loan Requirements
Before a lender gives you an online loan, they will check your income, savings, and how you can be found. They will also need a check with a future date for the full amount of the loan plus fees. The date on your check will match the date your employer pays you, usually within two weeks. You might also have to give the lender permission to take money from your checking or savings account.
The process is easy, but there is no guarantee that people who apply for loans will get them. If you fail to meet some of their requirements, you could be turned down. These include: Being under 18 years, having recent check bounces, having a new checking account, and being recently employed. If you have also recently filed for bankruptcy, you will be less likely to secure a loan.
You’re a serving member of the armed forces. Most payday loan companies won’t work with service m