Payday Loans in Bowie, Texas
Life happens, and we often end up in a spot where we have to cover some surprise expenses. Think about applying for a cash advance loan in Bowie, Texas, to see if you are eligible.
The application process is swift and painless. To qualify, borrowers have to satisfy a few basic conditions.
What is a Payday Loan? What Can It Cover?
A paycheck advance loan is where the borrower will receive a petite sum of funds on a short-term contract. This is thought of as an unsecured personal loan because no collateral is expected.
When unforeseen costs arise, like past due rent or utility fees, vehicle costs, health or vet fees, and so on, people often seek out payday loans.
Payday Advance Loan Requirements In Bowie, TX
In Bowie, TX, payday advance loan borrowers need to meet a few requirements to be eligible for a loan.
The borrower is required to:
- Show proof that they reside in Bowie, Texas
- Must be at least 18
- Receive a steady stream of income that they can provide proof of being at least $1,000 per month
- Give active contact information like cell phone number and email address
- Give their social security number
If a borrower does not abide by the above criteria, they will automatically be denied a paycheck advance loan. Ensure that you can provide the documents required when submitting your application.
Laws and Rules Regarding Payday Advance Loans in Bowie, Texas
Texas has deemed cash advance lending legal. Still, they have put forth the following rules and laws for the payday lending industry:
- A single lender cannot offer a loan for more than $600. Borrowers may not possess greater than two active loans from different lenders. There is no minimum loan amount.
- There is no minimum loan term, the longest loan term length is 31 days. In Texas, borrowers may not rollover their loans.
- The fees and charges vary for each lender. The service fees charged by the lender on a payday loan are not considered interest. The service fees apply to every $100 borrowed and can vary between 11-15%.
- An interest rate must be mutually settled upon. APR can be as much as 369%.
Will Cash Advance Lenders in Bowie, TX, Perform Credit Checks? What If I Have Poor/No Credit History At All?
Yes, the lenders we partner with will run a credit check on you, still, even if you have no credit or bad credit, you might still be approved for a loan as long as you can show that you can pay back the loan. Lenders are generally unbothered by your credit history if you provide proof of income and a strategy to repay the loan.
Lenders will perform a soft credit pull, which will not impact your credit score. This is only to get an idea of your credit history and basic information.
A hard credit pull, on the other hand, must have your permission. These credit inquiries are used for a plethora of purposes, including mortgages, credit card applications, and more.
You may still qualify for a cash advance loan with imperfect credit in Bowie, TX, as long as you can prove you will repay the loan.
Therefore, when you apply, whether it is in person or online, double check that you have your income information at hand and any other documents verifying that you can repay the loan. The more evidence you show, the more likely your loan application will be approved.
When Will I Receive My Deposit in Bowie, Texas?
When you receive your deposit really relies on the lender as some lenders offer same-day payday loans, which means you will receive your payday loan on the same day you submit your application, as long as you get an approval.
Most of the time, however, lenders will send the borrower their lump sum on the following business day. Businesses often close for holidays and weekends. Because of this, if you submit your application on a Friday, you may not receive your deposit until Monday.
If you're wanting a same-day payday advance loan in Bowie, TX, you will need to ensure you're applying by 10:30 am. All same-day funds 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 increase the likelihood that you see your loan on the day that you apply.
One additional factor that you should understand is despite if the money lender approves your application and posts the credit to your checking account, occasionally 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 get cash on the next business day. That way, you're not out of luck if you cannot get it on the same day.
Consider Working With PaydayLoanRadar
If you possess bad credit or no credit and are looking to get a payday advance loan, think about applying through us, as you usually have a higher chance of approval.
We partner with more than one hundred different lenders who offer their services online. Most of the time you will get your money on the following business day so ensure that you plan correctly.
However, you can always find the closest paycheck advance loan store to you and apply in person to increase the chances of receiving your funds on the same business day. When applying in person, ensure that you have your government ID or driver's license; a passport is sufficient. Infrequently, lenders may require proof of address, so bring a utility bill to the store too.
To locate the nearest payday advance loan store, please refer to the list below and find your city.
Payday Loan Direct Lender Companies in Bowie, TX
Below you will find a list of payday loan companies offering their services in Bowie, Texas. If you can't find a lender near your location in Bowie, 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 Bowie, 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.