Darryl founded Smith Financial Advisors Inc. in 2006 after over 30 years experience in financial services including Mergers & Acquisitions, Investment Banking and traditional Commercial Banking activities at Bank One. Smith Financial Advisors is a Registered Investment Advisor in the State of Illinois. The firm specializes in Investment management, financial planning, and retirement planning.
Best Payday Lenders in Texas, TX
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Loans for Payday Lending Regulators
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Payday loans for bad credit are simplified and short term. And by short-term, we mean no longer than 2 weeks. They can be accessed by online payday loans direct lenders that access storefronts, but you can also receive a loan online.
Payday lenders will verify checking account and bank information. They will verify the income to find out if you’re able to pay off their offer. Make sure that their offer conditions are reasonable, as you’ll have to pay off the loan sooner or later.
Once your loan request is approved, the funds will be deposited in your bank account. Even more important, the lender will ask you to write a postdated check in payment of the interest and the initial loan cost.
How Do Payday Loans in Texas, TX Work?
Let’s say that your car is damaged and you have to borrow $300 repairs from a payday lender. You will be sent a post-dated check for around $340 (along with a $40 finance fee) sent to the lender.
You’ll enter this information online when searching for payday loans in Texas, TX on the internet. The lender will send you a $300 advance, usually for 14 days. After this period ends, you’ll pay your lender $340 in cash.
The lender will deposit the post-dated check or write another check for that amount (with the finance fee included). If you are unable to pay off the debt at the end of the term, then you will be charged an additional late fee.
Here are the most common characteristics amongst payday borrowers:
Earn below $40,000 a year
No 4 Year College Degree
Separated or Divorced
Payday loans no credit check are great if you need emergency financing. By paying it back on time, you’ll increase the chances of lowering the interest rate and have better loan offers.
How Much Can You Borrow with a Payday Loan?
Payday loan online amounts range from $50-$1,000 based on the state laws. But the structure can be something around $15-$100. Some states have a cap based on the fee amount, so keep that in mind when shopping around for payday loans.
Payday lenders charge an interest of $15-$20 for every $100. Calculated on their Annual Percentage Rate (APR) - the same metric that's used for credit cards, auto loans, mortgages, etc. - the APR ranges from 391% - 521% for payday loans.
When considering getting a payday loan in Texas, TX, you have to be proactive. If you're able to pay off the loan, create payment plans to ensure that you're not late. This will make it easier to pay off the loan, and reduce the chances of getting losing points on your credit score or other financial difficulties.
How to Get A Payday Loan in Texas, TX?
Before taking out a payday loan, you need to gather your important financial and personal information. This includes information about your current income (bank statements, pay stubs) that shows how much you've earned.
Generally, every state lender will want to know that you’re a resident in the state you’re applying for. This means that you will have to provide a State ID, drivers license or an identification card.
Search around online for lenders that are willing to offer you a payday loan. Look up the company's name through the Better Business Bureau to ensure that they are legitimate. Also, you should conduct a general internet search to view the company and its overall reputation.
After that, you need to find the lender that offers the most reasonable rate. While payday loans are viewed as "predatory," you need to find a lender who allows you to pay off the loan within 14 days-3 months. If not, consider looking elsewhere.
What Are The Requirements For A Payday Loan?
Payday loan requirements can vary from lender to lender. So you have to be careful when looking for loans, reading each line of it until you're able to accept their conditions. Here are some general guidelines:
Must be a verified U.S. Citizen
18+ years of age
You must have an active and open checking account.
Obtaining consolidate payday loans is a simple process. Obtaining emergency cash you need doesn’t have to be complicated. Best of all, it doesn’t require a bank.
Check the terms and conditions of the loan off you’ve received. If certain metrics such as the APR, Monthly payments, payback date, etc don’t measure up to your standards, you can look for another loan.
And the internet makes that possible. You can apply online on multiple sites and find the right payday loan within 40 minutes. Utilize the resources you have, and you'll be rewarded with a loan to help pay for certain life expenses (funeral, marriage, hospital fees).
How Much Does A Payday Loan Cost?
Since the best payday loans in Texas, TX can vary, you need to have a basic understanding of calculating the cost. The APR is one metric that can be easily calculated. To calculate the APR, you'll need three pieces of information:
The amount in interest for the loan. This also called the "finance charge."
The repayment term length, or how long the loan will last before it expires.
The principal loan amount (how much money you’re borrowing).
To make it easier, we’ll make an example:
Principal loan amount; $400
Finance charge/Interest rate of $80 (a rate of about $20 per $100 borrowed)
14 Day Repayment Terms
First, divide the finance charge by the principal loan amount
$80/$400 = $0.2
This will tell you how much you’re paying in relation to how much you’re borrowing. 0.2 is the rate of 20%. This means you’re paying 20 cents on the dollar that you want to borrow.
Next, you'll have to multiply this 0.2 result by 365 (365 days in the air)
0.2 x 365 = 73
Then, you’ll want to divide that result from the repayment term
73/14 = 5.21
The final result shows that if the loan is outstanding for a full year, you will pay more than 5 times the amount that you've borrowed in interest or fees. To convert this to the APR, move the decimal point, two places to the right and add the percentage. Now you've found your APR!.
Traditional payday loans are designed to place you in a cycle of debt. When there’s an emergency, and you have no savings or credit, it will seem like you’ve had no other choice.
But there’s still hope. There are some online sites that will offer you a payday loan at a reasonable rate. By checking through these sites, you’ll be able to select through multiple offers faster than the traditional method.
After getting approval, we suggest that you use that loan money for the emergency cost. Use the loan wisely, as you don’t want to waste the offer that’s been given to you. This ensures that you’ll solve the financial issue while still having time to pay off the loan.
Don't be afraid to take out same day payday loans in Texas, TX. You have to be responsible and help pay it off on time. By doing so, you'll have proven your lenders that you're trustworthy, leading to more offers and a potential increase in your credit score.
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