If you live in the Lone Star State, there’s a super good chance that you have some cash stashed away in savings. In fact, according to Zillow, the median household income in Texas is $61,904 as of 2018. These factors mean that there are many people who could use an extra cash infusion—and fast! If you’re looking for a place to get a loan from a bank or credit union and don’t have time to wait around for them to approve your application, then an online lender might be your best bet. The first thing that you should know about lenders in the Lone Star State is that they tend to be pretty friendly towards their customers. Even if you’re new in town, they probably want to do business with you because it will mean more depositors for them. The second thing is that they tend to offer fairly competitive rates on loans, which means that if you need money fast and don’t have much time to shop around for the best deal, then this may be your best option. Here we will review everything you need to know about payday loans and other types of small lending institutions in Texas.
What is a Payday Loan?
Payday TX loans are small, quick cash advances that are primarily designed to be repaid within a short period of time, maybe just a few weeks. Usually the loan amount is $100 to $1,000 and it will be due back to the lender at the end of the period. A payday loan is a short-term, high-cost financing tool that is designed to help borrowers with immediate cash needs. The borrower must pay the lender back on the borrower’s next pay date. The borrower must give the lender the funds on the borrower’s next payday. The borrower usually incurs a fee for this service.
How Did Payday Loans Start in Texas?
According to Texas Law Online, the first payday loan was launched in 1923. It was a relatively new service for the time and allowed for a person to borrow money that was repaid on the borrower’s next paycheck. The service was an immediate hit because it provided a quick and easy way for consumers to obtain cash when needed. For example, some workers do not receive a paycheck on the same day every week, so a payday loan can give them an instant infusion of cash to cover an unexpected expense.
Pros of Getting a Payday Loan
One of the best things about payday loans in Texas is that they are usually very easy to get. These days, most payday loan companies offer a simple online application process that allows you to apply for a loan in minutes. They also tend to offer short application processes that mean that you can often get a loan approve in just a few short business days. The final benefit of payday loans is that they are generally quite affordable.
Cons of Getting a Payday Loan in Texas
Although they are a good option for someone who needs cash fast, there are some serious risks associated with taking out a payday loan. First, these loans tend to have high fees that can quickly add up to a small loan amount. Second, once the due date comes around, you usually have just two weeks to pay it back.
The Best Online Lenders for Small Loans in Texas
Here are the top online payday loan companies in Texas. + Advance America – Advance America is a well-known online lending company that has been in business since 1999. They offer short-term cash advances that come in a few different loan amounts, like $100, $300, and $600. They require a cash advance fee of $15, $30, or $50, depending on the loan amount. + CashnetUSA – CashnetUSA is another well-known online lender that offers a variety of small loans. These include $300 and $500 loans that have a quick approval process and a cash advance fee of $25. + Cash USA – Another Texas-based cash advance lender is Cash USA. It’s a well-known brand in the industry that offers a variety of small loans ranging from $300 to $1,000 with a $25 fee for the cash advance. + Easy Payday Loan – Easy Payday Loan is another brand in the Texas payday loan scene. They offer a variety of short-term loans from $500 to $1,000 with a $25 cash advance fee. + Post Office – The final online lending company to consider is the Post Office. This company has been around in Texas since the 1930s and is one of the most trusted brands in this niche.
With an easy application process, low fees, and a variety of loan amounts, payday loan lenders in Texas are a great option for someone who needs cash and doesn’t have much time to wait around for a bank to approve a loan application. And if you’re looking for a truly friendly lender, then you should consider these online lenders. For a fairly competitive rate, there’s no reason to wait in line at the bank. To apply for a loan here; https://www.paydaytx.com/apply-now