Payday Loans in Muleshoe, Texas
Life happens, and we usually wind up in a place where we have to pay for some surprise costs. Think about applying for a payday loan in Muleshoe, Texas, to see if you are eligible.
The loan request process is quick and simple. To be eligible, you must satisfy a few straightforward requirements.
What is a Payday Loan? What Can It Cover?
A payday advance loan is where the borrower will be extended a petite sum of funds on a short-term contract. This is considered an unsecured personal loan as no collateral is required.
When surprise financial needs arise, like late rent or utility expenditures, auto fees, health or vet payments, and so on, individuals often seek out payday advance loans.
Cash Advance Loan Criteria In Muleshoe, TX
In Muleshoe, TX, payday advance loan borrowers are required to meet a few stipulations to be eligible for a loan.
The borrower is required to:
- Prove that they are a resident of Muleshoe, Texas
- Must be 18 years old
- Receive a steady stream of income that they can prove that's at least $1,000/month
- Give up-to-date contact information like cell phone number and email address
- Give their SSN
If a borrower does not abide by the above requirements, they will automatically be denied a payday advance loan. Make sure you can provide the documents needed when applying for a loan.
Laws and Regulations Regarding Cash Advance Loans in Muleshoe, TX
The State of Texas has deemed paycheck advance lending legal. Still, they have set the below rules and regulations for the payday lending industry:
- A single lender cannot extend a loan for more than $600. Borrowers are not allowed to have more 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 may not rollover their loans.
- The fees and charges vary for each money lender. The service fees enacted by lenders 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 is required to be mutually agreed upon. APR can be as high as 369%.
Will Paycheck Advance Lenders in Muleshoe, TX, Run Credit Checks? What If I Have Dismal/No Credit History At All?
Yes, the lenders we partner with will perform a credit check on you, still, even if you possess no credit or bad credit, you might still be approved for a loan as long as you can prove that you are able to repay the loan. Lenders are usually unconcerned about your credit if you possess proof of income and a plan to repay the loan.
Lenders will use a soft credit pull, which will have no impact on your credit score. This is simply to get a feel of your credit history and general information.
A hard credit check, on the other hand, must have your explicit consent. These credit checks are used for various purposes, including mortgages, credit cards, and more.
You may still be approved for a payday advance loan with imperfect credit in Muleshoe, Texas, as long as you can prove you will repay the loan.
Therefore, when you request a loan, whether it is in person or online, double check that you have your income information available and any other documents proving that you can repay the loan. The more proof you provide, the more likely your loan request will be granted.
When Will I Get My Money in Muleshoe, TX?
When you see your money truly depends on the 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 get an approval.
Most of the time, however, lenders will give the borrower their lump sum on the following business day. Businesses typically close for holidays and weekends. Because of this, if you apply on a Friday, you might not get your deposit until Monday.
If you're looking for a same-day cash advance loan in Muleshoe, TX, 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 cut-off. However, you should request a loan earlier than that if possible, as it will boost the likelihood that you get your funds on the same day that you apply.
One other factor that you should be aware of is despite if the lender grants your loan request and posts the loan to your bank account, sometimes the bank won't release that deposit right away. It's paramount that you let your bank know that you plan to receive a cash advance loan, so they could possibly make an exception in releasing the money earlier.
Overall, it's best to prepare ahead of time to get your deposit on the next business day. That way, you're not left in the lurch if you cannot receive it on the same day.
Think About Borrowing From Us
If you have underwhelming credit or no credit and are looking to secure a payday advance loan, think about applying through us, as you frequently have a better chance of approval.
We work with hundreds of different lenders who provide their services online. Most of the time you will receive your funds on the next business day so make sure that you plan accordingly.
Although, you can always find the closest cash advance loan store to you and apply in person to boost the chances of seeing your cash on the same business day. When submitting an application in person, make sure 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 take along a utility bill to the store too.
To locate the nearest cash advance loan storefront, please navigate to the list below and locate your city.
Payday Loan Direct Lender Companies in Muleshoe, TX
Below you will find a list of payday loan companies offering their services in Muleshoe, Texas. If you can't find a lender near your location in Muleshoe, 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 Muleshoe, 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.