Payday Loans in Mexia, 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 paycheck advance loan in Mexia, Texas, to see if you are eligible.
The loan process is quick and effortless. To qualify, you have to satisfy a few basic requirements.
What is a Payday Loan? What Can It Be Used For?
A payday loan is where the borrower will be extended a petite amount of funds on a short-term contract. This is deemed to be an unsecured loan because no collateral is needed.
When unforeseen expenses arise, for example late rent or utility payments, car fixes, health or vet bills, and so forth, individuals usually seek out payday loans.
Payday Advance Loan Criteria In Mexia, Texas
In Mexia, TX, payday loan borrowers need to satisfy a few criteria to qualify for a loan.
The borrower is required to:
- Prove that they reside in Mexia, TX
- Must be 18 years old
- Have a steady stream of income that they can provide proof of being at least $1,000/month
- Give active contact information such as phone number and email address
- Give their SSN
If a borrower does not abide by the above criteria, they will immediately be denied a cash advance loan. Make sure you have the documents needed when requesting a loan.
Laws and Rules Regarding Cash Advance Loans in Mexia, TX
Texas has deemed paycheck advance lending legal. Still, they have set the following rules and laws for the cash advance lending market:
- A single money lender cannot offer a loan for more than $600. Borrowers cannot possess greater than two outstanding 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 are unable to rollover their loans.
- The fees and charges are different for each lender. The service costs charged by lenders on a cash advance loan do not fall under interest. The service fees apply to each $100 borrowed and can range between 11-15%.
- An interest rate must be mutually decided upon. APR can be as much as 369%.
Will Payday Advance Lenders in Mexia, TX, Run Credit Checks? What If I Have Bad/No Credit History At All?
Yes, the lenders we partner with will run a credit check on you, but, even if you possess no credit or less than stellar credit, you may still be approved for a loan as long as you can show that you can pay back the loan. Lenders are typically unconcerned about your credit if you have proof of income and a strategy to pay back the loan.
Lenders will perform a soft credit inquiry, which will not impact your credit score. This is only to get a feel of your credit history and general information.
A hard credit inquiry, dissimilarly, needs your permission. These credit checks are performed for various purposes, including mortgages, credit cards, and more.
You may still qualify for a payday advance loan with bad credit in Mexia, Texas, as long as you have proof of repayment.
So, when you apply, albeit in person or online, make sure that you have your income information available and any other documents showing that you can pay back the loan. The more evidence you have, the more likely your loan request will be granted.
When Will I See My Loan in Mexia, Texas?
When you see your funds truly relies on your lender as some lenders offer same-day payday loans, which means you will get your paycheck advance loan on the same day you submit your application, as long as you get an approval.
Most of the time, however, lenders will send the borrower their lump sum on the following business day. Businesses often close for holidays and weekends. Because of this, if you submit your application on a Friday, you might not see your money until Monday.
If you're needing a same-day cash advance loan in Mexia, TX, you will need to make sure you're applying by 10:30 am. Any and all same-day funds going out that day will be approved by that time. However, you should request a loan earlier than that if possible, as it will boost the likelihood that you see your loan on the same day that you submit your application.
One other factor that you should know is even if the money lender approves your application and posts the credit to your checking account, occasionally the bank won't release that loan at that time. It's vital that you 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.
Overall, it's wise to prepare ahead of time to receive your funds on the following business day. That way, you're not left in the lurch if you cannot receive it on the same day.
Consider Working With Us
If you have less than great credit or no credit and are wanting to get a payday advance loan, consider applying with us, as you usually have a better chance of approval.
We partner with hundreds of different lenders who provide their services online. Most of the time you will get your cash on the next business day so make sure that you plan appropriately.
Although, you can always find the closest paycheck advance loan storefront to you and apply in person to increase the chances of seeing your funds on the same business day. When applying in person, ensure that you have your government ID or driver's license; a passport will work as well. Infrequently, lenders may ask for proof of address, so bring a utility bill to the store as well.
To find the nearest payday loan storefront, please navigate to the list below and search for your city.
Payday Loan Direct Lender Companies in Mexia, TX
Below you will find a list of payday loan companies offering their services in Mexia, Texas. If you can't find a lender near your location in Mexia, 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 Mexia, 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.