Payday Loans in Mercedes, Texas
Incidents happen, and we often find ourselves in a place where we have to cover some surprise costs. Consider applying for a payday loan in Mercedes, Texas, to see if you qualify.
The loan request process is quick and simple. To be eligible, loan borrowers must satisfy a couple of straightforward criteria.
What is a Paycheck Advance Loan? What Can It Be Used For?
A payday loan is where the borrower will receive a petite sum of money on a short-term basis. This is considered an unsecured personal loan as no collateral is expected.
When surprise costs present themselves, for example missed rent or utility costs, auto repairs, health or vet fees, and so on, individuals usually turn to cash advance loans.
Paycheck Advance Loan Requirements In Mercedes, Texas
In Mercedes, TX, payday loan borrowers must satisfy a few requirements to be eligible for a loan.
The borrower is required to:
- Provide proof that they live in Mercedes, TX
- Must be 18 years of age
- Have an income that they can provide proof of being at least $1,000/month
- Give active contact details including phone number and email address
- Provide their SSN
If a borrower does not meet the above criteria, they will automatically be denied a cash advance loan. Make sure you have the documents required when submitting your application.
Laws and Rules Concerning Paycheck Advance Loans in Mercedes, Texas
The State of Texas has deemed payday lending legal. Still, they have created the below rules and regulations for the payday lending market:
- A single money lender can't offer a loan for more than $600. Borrowers are not allowed to possess greater 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 are not allowed to rollover their loans.
- The fees and charges vary for each lender. The service fees enacted by lenders on a loan do not fall under interest. The service fees apply to every $100 borrowed and can vary from 11% up to 15%.
- An interest rate must be mutually settled upon. APR can be as high as 369%.
Will Payday Lenders in Mercedes, Texas, 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, still, even if you have no credit or less than stellar credit, you may still be approved for a loan provided you can prove that you can repay the loan. Lenders are commonly unbothered by your credit if you provide proof of income and a strategy to repay the loan.
Lenders will use a soft credit check, which will have no impact on your credit score. This is solely to get an idea of your credit history and basic information.
A hard credit pull, on the other hand, needs your permission. These credit checks are performed for a variety of purposes, such as mortgages, credit cards, and more.
You may still be approved for a paycheck advance loan with less than great credit in Mercedes, Texas, if you can prove you will repay the loan.
Therefore, when you request a loan, whether it is in person or online, ensure that you have your income information available and any other documents showing that you can repay the loan. The more evidence you provide, the more likely your loan application will be approved.
When Will I Receive My Deposit in Mercedes, Texas?
When you see your cash truly relies on your lender as some lenders advertise same-day paycheck advance loans, which means you will see your cash advance loan on the same day you submit your application, as long as you're approved.
Most of the time, though, lenders will send the borrower their lump sum on the next business day. Businesses typically close for holidays and weekends. Therefore, if you submit your application on a Friday, you might not receive your funds until Monday.
If you're wanting a same-day payday advance loan in Mercedes, 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 apply earlier than that if possible, as it will increase the likelihood that you receive your funds on the same day that you apply.
One more consideration that you should know is even if the lender grants your loan request and posts the funds to your checking account, occasionally the bank won't release that funds immediately. It's paramount that you let your bank know that you plan to get a payday loan, so they might make an exception in releasing the cash earlier.
Overall, it's best to prepare in advance to get cash on the next business day. That way, you're not surprised if you cannot get it on the same day.
Consider Borrowing From Us
If you have bad credit or no credit and are searching to get a payday loan, consider applying through us, as you usually have a higher chance of approval.
We work with more than one hundred different lenders who offer their services online. Often you will see your money on the following business day so ensure that you plan correctly.
However, you can always locate the nearest cash advance loan storefront to you and apply in person to strengthen the chances of getting your money on the same day. When requesting a loan in person, ensure that you have your government ID or driver's license; a passport will work as well. Sometimes, lenders may ask for proof of address, so take along a utility bill to the store as well.
To find the nearest paycheck advance loan storefront, please use the list below and search for your city.
Payday Loan Direct Lender Companies in Mercedes, TX
Below you will find a list of payday loan companies offering their services in Mercedes, Texas. If you can't find a lender near your location in Mercedes, 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 Mercedes, 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.