Payday Loans in El Paso, Texas
Incidents happen, and we often find ourselves in a situation where we have to cover some surprise costs. Consider submitting an application for a paycheck advance loan in El Paso, TX, to see if you are eligible.
The loan process is fast and painless. To qualify, you have to satisfy a couple of simple conditions.
What is a Payday Loan? What Can It Be Used For?
A paycheck advance loan is where the borrower will receive a petite amount of money on a short-term basis. This is thought of as an unsecured personal loan as no collateral is required.
When unforeseen costs arise, such as past due rent or utility costs, car fees, medical or vet payments, and so forth, people usually turn to paycheck advance loans.
Payday Loan Requirements In El Paso, Texas
In El Paso, Texas, payday advance loan borrowers need to meet several stipulations to qualify for a loan.
The borrower has to:
- Prove that they live in El Paso, TX
- Must be 18 or older
- Have a steady stream of income that they can provide proof of being at least $1,000/month
- Provide current contact details including phone number and email address
- Provide their social security number
If a borrower does not abide by the above requirements, they will automatically be denied a payday loan. Ensure that you can provide the documents required when requesting a loan.
Laws and Rules Regarding Payday Loans in El Paso, TX
The State of Texas has ruled payday advance lending legal. Although, they have set the below rules and laws for the paycheck advance lending market:
- An individual lender can't offer a loan in excess of $600. Borrowers may not take out more than two unpaid loans from different lenders. There is no minimum loan amount.
- The minimum loan term is not set, the maximum loan term length is 31 days. In Texas, borrowers cannot rollover their loans.
- The fees and charges change for each lender. The service costs enacted by the lender on each loan or transaction do not fall under interest. The service fees apply to each $100 borrowed and can vary from 11% up to 15%.
- An interest rate is required to be mutually decided upon. APR can be as much as 369%.
Will Paycheck Advance Lenders in El Paso, Texas, Perform Credit Checks? What If I Have Bad/No Credit History At All?
Yes, the lenders we have a relationship with will perform a credit check on you, but, even if you have no credit or poor credit, you may still be eligible for a loan provided you can show that you can repay the loan. Lenders are typically unbothered by your credit if you have 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 simply to get a feel of your credit history and basic information.
A hard credit inquiry, on the other hand, needs your permission. These credit pulls are utilized for a variety of purposes, including mortgages, credit cards, and more.
You can still be approved for a cash advance loan with bad credit in El Paso, Texas, as long as you can prove you will repay the loan.
So, when you apply for a loan, albeit in person or online, ensure that you have your income information at hand and any other documents verifying that you can repay the loan. The more proof you provide, the better chance your loan application will be approved.
When Will I Get My Loan in El Paso, TX?
When you see your deposit actually relies on the lender as some lenders advertise same-day payday loans, which means you will get your cash advance loan on the same day you request a loan, as long as you get an approval.
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. Therefore, if you submit your application on a Friday, you may not see your cash until Monday.
If you're needing a same-day cash advance loan in El Paso, 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 cut-off. However, you should request a loan earlier than that if possible, as it will increase the likelihood that you get your money on the same day that you submit your application.
One more factor that you should be aware of is despite if the lender grants your loan request and posts the deposit to your bank account, sometimes the bank won't release that deposit right away. It's important to let your bank know that you plan to receive a payday advance loan, so they could possibly make an exception in releasing the deposit earlier.
On the whole, it's best to prepare in advance to receive money on the following business day. That way, you're not surprised if you cannot receive it on the same day.
Think About Borrowing From Us
If you have bad credit or no credit and are needing to get a payday advance loan, think about applying through us, as you frequently have a better chance of approval.
We partner with over one hundred different lenders who provide their services online. Most of the time you will see your cash on the following business day so make sure that you plan correctly.
Although, you can always find the nearest cash advance loan storefront to you and apply in person to strengthen the chances of getting your cash on the same business day. When applying in person, ensure that you have your government ID or driver's license; a passport is sufficient. Occasionally, lenders may ask for proof of address, so take along a utility bill to the store too.
To locate the nearest payday advance loan storefront, please refer to the list below and locate your city.
Payday Loan Direct Lender Companies in El Paso, TX
Below you will find a list of payday loan companies offering their services in El Paso, Texas. If you can't find a lender near your location in El Paso, 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 El Paso, 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.