Payday Loans in Midland, Texas
Events happen, and we usually end up in a situation where we must pay for some surprise costs. Consider applying for a payday loan in Midland, Texas, to see if you qualify.
The application process is quick and simple. To be eligible, loan borrowers have to satisfy a few general conditions.
What is a Paycheck Advance Loan? What Can It Cover?
A cash advance loan is where the borrower will get a petite sum of money on a short-term contract. This is considered an unsecured personal loan due to the fact that no collateral is expected.
When unforeseen bills present themselves, like past due rent or utility bills, vehicle fees, medical or vet bills, and so forth, individuals usually turn to paycheck advance loans.
Cash Advance Loan Criteria In Midland, Texas
In Midland, Texas, payday loan borrowers are required to satisfy several criteria to qualify for a loan.
The borrower must:
- Provide proof that they reside in Midland, TX
- Must be 18 or older
- Have an income that they can prove that's at least $1,000/month
- Give up-to-date contact details including cell phone number and email address
- Provide their social security number
If a borrower does not meet the above rules, they will automatically be denied a payday advance loan. Make sure you can provide the documents required when submitting your application.
Laws and Regulations Concerning Payday Advance Loans in Midland, Texas
The State of Texas has deemed payday advance lending legal. However, they have set the following rules and laws for the payday advance lending market:
- A single lender cannot offer a loan in excess of $600. Borrowers may not take out greater than two active 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 the State of Texas, borrowers are not allowed to rollover their loans.
- The fees and charges vary for each loan lender. The service fees charged by the lender on a cash advance loan are not considered interest. The service fees apply to every $100 loaned and can vary between 11-15%.
- An interest rate must be mutually settled upon. APR can range up to 369%.
Will Cash Advance Lenders in Midland, Texas, Complete Credit Checks? What If I Have Bad/No Credit History At All?
Yes, the lenders we work with will perform a credit check on you, still, even if you possess no credit or bad credit, you may still be eligible for a loan as long as you can prove that you are able to pay back the loan. Lenders are generally unconcerned about your credit history if you offer proof of income and a strategy to pay back the loan.
Lenders will use a soft credit inquiry, which will have no impact on your credit score. This is only to get an idea of your credit history and basic information.
A hard credit inquiry, alternatively, must have your explicit consent. These credit checks are used for a variety of purposes, including mortgages, credit cards, and more.
You may still be approved for a payday loan with poor credit in Midland, Texas, if you can prove you will repay the loan.
So, when you apply, whether it is in person or online, double check that you have your income information ready and any other documents showing that you can repay the loan. The more proof you possess, the more likely your loan request will be granted.
When Will I Receive My Loan in Midland, TX?
When you get your cash really depends on the lender as some lenders advertise same-day payday advance loans, which means you will see your cash advance loan on the same day you request a loan, as long as you receive an approval.
Much of the time, however, lenders will send the borrower their lump sum on the following business day. Businesses generally close for holidays and weekends. Therefore, if you submit your application on a Friday, you may not see your funds until Monday.
If you're wanting a same-day payday advance loan in Midland, TX, you will need to make sure you're applying by 10:30 am. Any and all same-day payments going out that day will be approved by that deadline. However, you should submit an application earlier than that if able, as it will increase the likelihood that you get your cash on the same day that you submit your application.
One more consideration that you should know is despite if the lender grants your loan request and posts the deposit to your bank account, sometimes the bank won't release that loan right away. It's important to let your bank know that you plan to receive a payday loan, so they might make an exception in releasing the money earlier.
On the whole, it's wise to prepare in advance to receive your deposit on the following business day. That way, you're not left in the lurch if you cannot get it on the same day.
Think About Borrowing From PaydayLoanRadar
If you have bad credit or no credit and are needing to get a payday loan, think about applying with us, as you frequently have a higher chance of approval.
We work with over one hundred different lenders who provide their services online. Most of the time you will get your money on the next business day so ensure that you plan accordingly.
Although, you can always locate the closest payday advance loan storefront to you and apply in person to strengthen the chances of getting your loan on the same day. When applying in person, ensure that you have your government ID or driver's license; a passport will work as well. Occasionally, lenders may request proof of address, so take along a utility bill to the store as well.
To find the nearest payday advance loan store, please refer to the list below and search for your city.
Payday Loan Direct Lender Companies in Midland, TX
Below you will find a list of payday loan companies offering their services in Midland, Texas. If you can't find a lender near your location in Midland, 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 Midland, 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.