Payday Loans in Plano, Texas
Incidents happen, and we often find ourselves in a spot where we have to cover some unforeseen bills. Think about applying for a payday loan in Plano, Texas, to see if you meet the requirements.
The application process is swift and straightforward. To be qualified, borrowers must satisfy a few general criteria.
What is a Payday Advance Loan? What Can It Pay For?
A paycheck advance loan is where the borrower will get a small sum of cash on a short-term agreement. This is considered an unsecured personal loan because no collateral is needed.
When surprise costs come up, like missed rent or utility bills, auto fees, medical or vet fees, and so on, people frequently turn to paycheck advance loans.
Cash Advance Loan Stipulations In Plano, TX
In Plano, Texas, payday loan borrowers are required to meet a few requirements to qualify for a loan.
The borrower has to:
- Provide proof that they are a resident of Plano, Texas
- Must be 18 years of age
- Receive an income that they can prove that's at least $1,000 per month
- Provide active contact information such as cell phone number and email address
- Give their SSN
If a borrower does not meet the above rules, they will immediately be denied a payday loan. Make sure you possess the documentation needed when applying for a loan.
Laws and Rules Regarding Paycheck Advance Loans in Plano, Texas
Texas has ruled paycheck advance lending legal. Still, they have put forth the following rules and laws for the payday advance lending market:
- An individual money lender can't extend a loan for more than $600. Borrowers are not allowed to possess greater than two unpaid loans from different lenders. There is no smallest loan amount.
- The minimum loan term is not determined, the maximum loan term length is 31 days. In Texas, borrowers are not allowed to rollover their loans.
- The fees and charges are different for each loan lender. The service costs enacted by lenders on a cash advance loan do not fall under interest. The service fees apply to each $100 loaned and can range between 11-15%.
- An interest rate must be mutually agreed upon. APR can be as much as 369%.
Will Cash Advance Lenders in Plano, TX, Run Credit Checks? What If I Have Poor/No Credit History At All?
Yes, the lenders we work with will complete a credit check on you, still, even if you have no credit or bad credit, you might still be approved for a loan provided you can prove that you are able to repay the loan. Lenders are generally unbothered by your credit if you possess proof of income and a plan to repay the loan.
Lenders will perform a soft credit check, which will not impact your credit score. This is only to get a look at your credit history and general information.
A hard credit inquiry, on the other hand, requires your explicit consent. These credit checks are utilized for various purposes, such as mortgages, credit card applications, and more.
You can still qualify for a paycheck advance loan with imperfect credit in Plano, Texas, provided that you have proof of repayment.
So, when you apply for a loan, albeit in person or online, make sure that you have your income information ready and any other documents verifying that you can pay back the loan. The more proof you have, the better chance your loan application will be approved.
When Will I See My Money in Plano, Texas?
When you see your cash actually relies on the lender as some lenders offer same-day cash advance loans, which means you will see your payday advance loan on the same day you submit your application, as long as you get an approval.
Much of the time, however, lenders will send the borrower their lump sum on the following business day. Businesses usually close for holidays and weekends. Therefore, if you submit your application on a Friday, you might not receive your money until Monday.
If you're searching for a same-day paycheck advance loan in Plano, TX, you will need to be sure that 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 submit an application earlier than that if able, as it will boost the likelihood that you receive your money on the same day that you submit your application.
One more factor that you should know is despite if the money lender approves your application and posts the deposit to your bank, occasionally the bank won't release that loan at that time. It's important to let your bank know that you plan to receive a payday advance loan, so they could possibly make an exception in releasing the funds earlier.
On the whole, it's best to prepare in advance to receive money on the following business day. That way, you're not surprised if you cannot receive it on the same day.
Consider Working With PaydayLoanRadar
If you have bad credit or no credit and are wanting to secure a payday advance loan, consider applying through us, as you frequently have a higher chance of approval.
We partner with hundreds of different lenders who provide their services online. Most of the time you will see your funds on the following business day so make sure that you plan appropriately.
Although, you can always find the closest cash advance loan store to you and apply in person to increase the chances of seeing your cash on the same business day. When submitting an application in person, ensure that you have your government ID or driver's license; a passport will work as well. Now and again, lenders may require proof of address, so take along a utility bill to the store as well.
To find the nearest cash advance loan store, please use the list below and find your city.
Payday Loan Direct Lender Companies in Plano, TX
Below you will find a list of payday loan companies offering their services in Plano, Texas. If you can't find a lender near your location in Plano, 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 Plano, 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.