Payday Loans in Addison, Texas
Incidents happen, and we usually find ourselves in a place where we have to pay for some unexpected bills. Think about applying for a payday advance loan in Addison, Texas, to see if you qualify.
The loan application process is fast and straightforward. To be eligible, loan borrowers have to meet a couple of general conditions.
What is a Cash Advance Loan? What Can It Cover?
A cash advance loan is where the borrower will get a small amount of funds on a short-term contract. This is considered an unsecured personal loan due to the fact that no collateral is expected.
When unexpected costs present themselves, like past due rent or utility expenditures, auto repairs, medical or vet payments, and so forth, individuals commonly rely upon payday advance loans.
Payday Loan Requirements In Addison, TX
In Addison, Texas, paycheck advance loan borrowers must meet several criteria to be eligible for a loan.
The borrower has to:
- Provide proof that they are a resident of Addison, Texas
- Must be 18 years old
- Receive a steady stream of income that they can provide proof of being at least $1,000/month
- Give active contact information like cell phone number and email address
- Give their social security number
If a borrower does not meet the above requirements, they will immediately be denied a paycheck advance loan. Make sure you possess the documents required when requesting a loan.
Laws and Regulations Regarding Paycheck Advance Loans in Addison, Texas
The State of Texas has ruled payday lending legal. However, they have created the following rules and regulations for the payday lending market:
- A single lender cannot offer a loan in excess of $600. Borrowers cannot possess more than two active loans from different lenders. There is no smallest loan amount.
- The minimum loan term is not set, the maximum loan term length is 31 days. In Texas, borrowers may not rollover their loans.
- The fees and charges are different for each loan lender. The service fees charged by the lender on a payday loan are not considered interest. The service fees apply to each $100 borrowed and can range between 11-15%.
- An interest rate must be mutually agreed upon. APR can range up to 369%.
Will Paycheck Advance Lenders in Addison, TX, Perform Credit Checks? What If I Have Bad/No Credit History At All?
Yes, the lenders we partner with will do a credit check on you, but, even if you possess no credit or bad credit, you might still be eligible for a loan provided you can show that you are able to repay the loan. Lenders are commonly unbothered by your credit history if you provide proof of income and a plan to repay the loan.
Lenders will use a soft credit check, which will have no impact on your credit score. This is only to get a look at your credit history and basic information.
A hard credit check, on the other hand, needs your permission. These credit pulls are performed for a plethora of purposes, including mortgages, credit card applications, and more.
You might still qualify for a paycheck advance loan with poor credit in Addison, TX, if you can prove you will repay the loan.
Therefore, when you apply, whether it is in person or online, make sure that you have your income information at hand and any other documents verifying that you can repay the loan. The more evidence you possess, the better chance you are to be approved.
When Will I Receive My Money in Addison, Texas?
When you see your loan really depends on your lender as some lenders offer same-day payday advance loans, which means you will get your payday advance loan on the same day you submit your application, as long as you get an approval.
Much of the time, however, lenders will send the borrower their lump sum on the following business day. Businesses usually close for holidays and weekends. So, if you submit your application on a Friday, you may not receive your money until Monday.
If you're needing a same-day cash advance loan in Addison, TX, you will need to be sure that you're applying by 10:30 am. All same-day payments going out that day will be approved by that cut-off. However, you should submit an application earlier than that if able, as it will boost the likelihood that you see your deposit on the day that you submit your application.
One additional factor that you should understand is even if the money lender approves your application and posts the credit to your bank, sometimes the bank won't release that deposit immediately. It's important to let your bank know that you plan to receive a cash advance loan, so they might make an exception in releasing the money earlier.
On the whole, it's wise to prepare in advance to receive your loan on the following business day. That way, you're not left in the lurch if you cannot receive it on the same day.
Think About Working With PaydayLoanRadar
If you have underwhelming credit or no credit and are needing to secure a payday advance loan, consider applying with us, as you probably have a higher chance of approval.
We partner with hundreds of different lenders who offer their services online. Much of the time you will see your cash on the following business day so make sure that you plan appropriately.
Although, you can always find the nearest payday advance loan store to you and apply in person to boost the chances of getting your loan on the same business day. When submitting an application in person, ensure that you have your government ID or driver's license; a passport will work as well. Infrequently, lenders may ask for proof of address, so take along a utility bill to the store too.
To find the nearest cash advance loan store, please use the list below and locate your city.
Payday Loan Direct Lender Companies in Addison, TX
Below you will find a list of payday loan companies offering their services in Addison, Texas. If you can't find a lender near your location in Addison, consider applying in a nearby city in Texas. Alternatively, you can apply online on our website and get a decision almost instantly.
If you can't find a lender near your location in Addison, consider checking out payday loan lenders in nearby cities. Alternatively, apply online on our website and get an instant decision. If approved, you will get your cash the same or next business day.