Payday Loans in DeSoto, Texas
Things happen, and we usually find ourselves in a situation where we must cover some unexpected expenses. Think about submitting an application for a payday advance loan in DeSoto, TX, to see if you qualify.
The loan application process is swift and simple. To qualify, borrowers must meet a couple of general requirements.
What is a Paycheck Advance Loan? What Can It Be Put Towards?
A payday advance loan is where the borrower will get a petite sum of money on a short-term contract. This is considered an unsecured personal loan as no collateral is needed.
When surprise expenses come up, such as past due rent or utility costs, vehicle fees, medical or vet fees, and so forth, people frequently turn to payday advance loans.
Paycheck Advance Loan Requirements In DeSoto, TX
In DeSoto, TX, cash advance loan borrowers need to satisfy several requirements to be eligible for a loan.
The borrower is required to:
- Show proof that they are a resident of DeSoto, TX
- Must be at least 18
- Have a steady stream of income that they can provide proof of being at least $1,000/month
- Provide current contact details such as cell phone number and email address
- Give their SSN
If a borrower does not abide by the above criteria, they will automatically be denied a cash advance loan. Ensure that you possess the documents required when requesting a loan.
Laws and Regulations Concerning Payday Loans in DeSoto, TX
The State of Texas has ruled payday lending legal. Although, they have put forth the following rules and regulations for the paycheck advance lending industry:
- An individual lender can't offer a loan in excess of $600. Borrowers cannot take out greater than two active loans from different lenders. There is no minimum loan amount.
- There is no minimum loan term, the maximum loan term length is 31 days. In Texas, borrowers may not rollover their loans.
- The fees and charges are different for each money lender. The service fees charged by lenders on a loan are not considered interest. The service fees apply to every $100 loaned and can vary from 11% up to 15%.
- An interest rate must be mutually settled upon. APR can be as much as 369%.
Will Paycheck Advance Lenders in DeSoto, TX, Perform Credit Checks? What If I Have Bad/No Credit History At All?
Yes, the lenders we partner with will perform a credit check on you, still, even if you possess no credit or less than optimal credit, you may still be approved for a loan provided you can prove that you are able to pay back the loan. Lenders are typically unbothered by your credit if you offer proof of income and a strategy to pay back the loan.
Lenders will rely on a soft credit check, which will not impact your credit score. This is only to get a look at your credit history and general information.
A hard credit inquiry, on the other hand, must have your permission. These credit pulls are utilized for a variety of purposes, such as mortgages, credit card applications, and more.
You can still qualify for a cash advance loan with poor credit in DeSoto, TX, if you have proof of repayment.
So, when you apply, whether it is in person or online, double check that you have your income information available and any other documents proving that you can pay back the loan. The more proof you show, the more likely you are to be approved.
When Will I Get My Funds in DeSoto, TX?
When you see your deposit really relies on your lender as some lenders provide same-day cash advance loans, which means you will receive your paycheck advance loan on the same day you request a loan, as long as you're approved.
Most of the time, though, lenders will give the borrower their lump sum on the following business day. Businesses usually close for holidays and weekends. So, if you apply on a Friday, you might not receive your money until Monday.
If you're wanting a same-day payday loan in DeSoto, TX, you will need to make sure you're applying by 10:30 am. Any and all same-day deposits going out that day will be approved by that deadline. However, you should submit an application earlier than that if able, as it will boost the likelihood that you receive your cash on the day that you submit your application.
One other factor that you should understand is even if the lender approves your application and posts the deposit to your bank account, sometimes the bank won't release that credit right away. It's important to let your bank know that you plan to receive a paycheck advance loan, so they could possibly make an exception in releasing the deposit earlier.
On the whole, it's wise to prepare in advance to receive your deposit on the following business day. That way, you're not out of luck if you cannot get it on the same day.
Think About Working With Us
If you possess less than great credit or no credit and are wanting to secure a paycheck advance loan, consider applying with us, as you frequently have a higher chance of approval.
We partner with more than one hundred different lenders who provide their services online. Most of the time you will see your money on the next business day so ensure that you plan correctly.
Although, you can always locate the closest payday loan storefront to you and apply in person to increase the chances of seeing your funds on the same business day. When submitting an application in person, ensure that you have your government ID or driver's license; a passport is sufficient. Sometimes, lenders may ask for 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 search for your city.
Payday Loan Direct Lender Companies in DeSoto, TX
Below you will find a list of payday loan companies offering their services in DeSoto, Texas. If you can't find a lender near your location in DeSoto, 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 DeSoto, 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.