Payday Loans in McAllen, Texas
Things happen, and we often find ourselves in a spot where we have to cover some unexpected bills. Think about submitting an application for a paycheck advance loan in McAllen, TX, to see if you meet the requirements.
The loan application process is swift and effortless. To qualify, you must meet a couple of straightforward criteria.
What is a Cash Advance Loan? What Can It Be Used For?
A payday advance loan is where the borrower will receive a small amount of funds on a short-term basis. This is deemed to be an unsecured loan because no collateral is required.
When surprise financial needs arise, such as late rent or utility expenditures, auto bills, health or vet costs, and so on, people frequently seek out cash advance loans.
Payday Loan Requirements In McAllen, TX
In McAllen, TX, cash advance loan borrowers need to meet a few requirements to be eligible for a loan.
The borrower is required to:
- Show proof that they live in McAllen, Texas
- Must be 18 years old
- Receive a steady stream of income that they can provide proof of being at least $1,000 per month
- Provide active contact information like phone number and email address
- Give their SSN
If a borrower does not satisfy the above requirements, they will immediately be denied a paycheck advance loan. Ensure that you possess the documentation needed when requesting a loan.
Laws and Rules Regarding Cash Advance Loans in McAllen, TX
Texas has ruled payday lending legal. Although, they have enacted the below rules and regulations for the paycheck advance lending industry:
- An individual money lender can't extend a loan greater than $600. Borrowers cannot have more than two unpaid loans from different lenders. There is no smallest loan amount.
- The minimum loan term is not set, the longest loan term length is 31 days. In Texas, borrowers cannot rollover their loans.
- The fees and charges change for each money lender. The service costs enacted by lenders on a payday loan do not fall under interest. The service fees apply to each $100 borrowed and can range from 11% up to 15%.
- An interest rate is required to be mutually decided upon. APR can be as much as 369%.
Will Payday Advance Lenders in McAllen, TX, Perform Credit Checks? What If I Have Dismal/No Credit History At All?
Yes, the lenders we have a relationship with will do a credit check on you, but, even if you have no credit or less than optimal credit, you might still be approved 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 conduct a soft credit pull, which will not impact your credit score. This is solely to get a feel of your credit history and general information.
A hard credit check, dissimilarly, needs your permission. These credit inquiries are done for a plethora of purposes, such as mortgages, credit card applications, and more.
You can still qualify for a cash advance loan with imperfect credit in McAllen, TX, provided that you have proof of repayment.
Therefore, when you apply for a loan, albeit in person or online, ensure that you have your income information easily accessible and any other documents proving that you can pay back the loan. The more evidence you have, the better chance you are to be approved.
When Will I Get My Funds in McAllen, Texas?
When you receive your loan truly relies on your lender as some lenders provide same-day paycheck advance loans, which means you will get your payday advance loan on the same day you apply, as long as you get an approval.
Most of the time, though, lenders will give the borrower their lump sum on the next business day. Businesses often close for holidays and weekends. Because of this, if you apply on a Friday, you might not get your money until Monday.
If you're searching for a same-day payday loan in McAllen, Texas, you will need to ensure you're applying by 10:30 am. All same-day loans going out that day will be approved by that time. However, you should apply earlier than that if possible, as it will boost the likelihood that you receive your loan on the day that you apply.
One other factor that you should understand is even if the money lender approves your application and posts the loan to your checking account, occasionally the bank won't release that funds immediately. It's vital that you let your bank know that you plan to get a cash advance loan, so they could possibly make an exception in releasing the deposit earlier.
Overall, it's best to prepare ahead of time to get your funds on the next business day. That way, you're not surprised if you cannot receive it on the same day.
Consider Working With Us
If you possess less than great credit or no credit and are looking to secure a cash advance loan, consider applying through us, as you usually have a better chance of approval.
We partner with more than one hundred different lenders who offer their services online. Often you will see your deposit on the following business day so make sure that you plan appropriately.
However, you can always find the nearest payday loan store to you and apply in person to increase the chances of receiving your cash on the same business day. When requesting a loan in person, make sure that you have your government ID or driver's license; a passport is sufficient. Sometimes, lenders may require proof of address, so bring a utility bill to the store too.
To locate the nearest cash advance loan storefront, please use the list below and find your city.
Payday Loan Direct Lender Companies in McAllen, TX
Below you will find a list of payday loan companies offering their services in McAllen, Texas. If you can't find a lender near your location in McAllen, 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 McAllen, 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.