Payday Loans in Melissa, Texas
Incidents happen, and we often wind up in a spot where we have to cover some unforeseen costs. Think about applying for a payday advance loan in Melissa, Texas, to see if you meet the requirements.
The loan process is quick and painless. To be eligible, you have to meet a few straightforward conditions.
What is a Payday Advance Loan? What Can It Be Put Towards?
A paycheck advance loan is where the borrower will receive a petite amount of money on a short-term basis. This is deemed to be an unsecured loan as no collateral is needed.
When unforeseen bills present themselves, for example past due rent or utility fees, vehicle costs, health or vet fees, and so on, people commonly turn to payday loans.
Cash Advance Loan Requirements In Melissa, Texas
In Melissa, TX, paycheck advance loan borrowers need to meet several criteria to be eligible for a loan.
The borrower is required to:
- Provide proof that they reside in Melissa, Texas
- Must be 18 years of age
- Have a steady stream of income that they can prove that's at least $1,000 per month
- Provide current contact information including cell phone number and email address
- Give their SSN
If a borrower does not abide by the above requirements, they will immediately be denied a cash advance loan. Ensure that you can provide the documents required when applying for a loan.
Laws and Rules Concerning Payday Loans in Melissa, TX
The State of Texas has ruled cash advance lending legal. However, they have put forth the below rules and laws for the paycheck advance lending industry:
- An individual money lender cannot offer a loan in excess of $600. Borrowers are not allowed to take out 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 the State of Texas, borrowers cannot rollover their loans.
- The fees and charges are different for each lender. The service fees charged by lenders on a loan do not fall under interest. The service fees apply to each $100 borrowed and can vary from 11% up to 15%.
- An interest rate must be mutually agreed upon. APR can be as much as 369%.
Will Payday Lenders in Melissa, Texas, Complete Credit Checks? What If I Have Bad/No Credit History At All?
Yes, the lenders we have a relationship with will complete a credit check on you, still, even if you have no credit or less than stellar credit, you may still be eligible for a loan as long as you can show that you can repay the loan. Lenders are generally unconcerned about your credit history if you possess proof of income and a strategy to repay the loan.
Lenders will rely on a soft credit pull, which will have no impact on your credit score. This is only to get a feel of your credit history and general information.
A hard credit pull, on the other hand, requires your permission. These credit pulls are done for a plethora of purposes, including mortgages, credit card applications, and more.
You might still qualify for a cash advance loan with imperfect credit in Melissa, TX, if you have proof of repayment.
So, when you apply, albeit in person or online, ensure that you have your income information ready and any other documents verifying that you can pay back the loan. The more evidence you possess, the better chance your loan application will be approved.
When Will I Get My Loan in Melissa, Texas?
When you see your cash really depends on your lender as some lenders advertise same-day payday loans, which means you will see your cash advance loan on the same day you submit your application, as long as you're approved.
Much of the time, however, lenders will give the borrower their lump sum on the next business day. Businesses often close for holidays and weekends. So, if you submit your application on a Friday, you might not see your cash until Monday.
If you're needing a same-day cash advance loan in Melissa, Texas, you will need to be sure that 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 possible, as it will increase the likelihood that you receive your cash on the same day that you submit your application.
One additional consideration that you should understand is despite if the money lender approves your application and posts the credit to your checking account, sometimes the bank won't release that credit at that time. It's important to let your bank know that you plan to receive a payday loan, so they could possibly make an exception in releasing the loan earlier.
Overall, it's best to prepare ahead of time to get your loan on the following business day. That way, you're not surprised if you cannot receive it on the same day.
Consider Working With Us
If you have bad credit or no credit and are looking to secure a cash advance loan, think about applying with us, as you usually have a higher chance of approval.
We partner with more than one hundred different lenders who provide their services online. Much of the time you will get your money on the following business day so ensure that you plan appropriately.
Although, you can always find the nearest payday advance loan storefront to you and apply in person to strengthen the chances of seeing your money on the same day. When applying in person, make sure that you have your government ID or driver's license; a passport will work as well. Occasionally, lenders may ask for proof of address, so bring a utility bill to the store as well.
To locate the nearest payday loan storefront, please use the list below and find your city.
Payday Loan Direct Lender Companies in Melissa, TX
Below you will find a list of payday loan companies offering their services in Melissa, Texas. If you can't find a lender near your location in Melissa, 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 Melissa, 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.