Payday Loans in Rendon, Texas
Life happens, and we usually find ourselves in a place where we must cover some unforeseen expenses. Think about applying for a payday loan in Rendon, Texas, to see if you qualify.
The loan application process is swift and effortless. To be eligible, you have to meet a few general criteria.
What is a Payday Loan? What Can It Cover?
A cash advance loan is where the borrower will receive a small sum of money on a short-term agreement. This is deemed to be an unsecured personal loan because no collateral is required.
When unexpected costs come up, like past due rent or utility costs, auto repairs, health or vet payments, and so on, individuals often turn to payday loans.
Cash Advance Loan Criteria In Rendon, TX
In Rendon, TX, paycheck advance loan borrowers must satisfy a few criteria to be eligible for a loan.
The borrower must:
- Provide proof that they are a resident of Rendon, TX
- Must be at least 18
- Receive a steady income that they can prove that's at least $1,000 per month
- Give current contact information like cell phone number and email address
- Give their SSN
If a borrower does not meet the above criteria, they will immediately be denied a paycheck advance loan. Ensure that you can provide the documents required when submitting your application.
Laws and Regulations Concerning Cash Advance Loans in Rendon, TX
The State of Texas has deemed cash advance lending legal. However, they have put forth the following rules and regulations for the payday lending industry:
- A single lender can't offer a loan in excess of $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 determined, 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 are different for each money lender. The service costs enacted by the lender on a cash advance loan are not considered interest. The service fees apply to every $100 borrowed and can vary from 11% up to 15%.
- An interest rate must be mutually decided upon. APR can be as much as 369%.
Will Payday Advance Lenders in Rendon, Texas, Perform Credit Checks? What If I Have Dismal/No Credit History At All?
Yes, the lenders we have a relationship with will run a credit check on you, still, even if you have no credit or poor credit, you might still be approved for a loan as long as you can prove that you can pay back the loan. Lenders are typically unbothered by your credit history if you possess proof of income and a plan to pay back the loan.
Lenders will use a soft credit check, which will not impact your credit score. This is solely to get an idea of your credit history and basic information.
A hard credit check, dissimilarly, must have your explicit consent. These credit pulls are performed for various purposes, including mortgages, credit cards, and more.
You might still qualify for a payday loan with imperfect credit in Rendon, TX, if you can prove you will repay the loan.
So, when you apply for a loan, albeit in person or online, double check that you have your income information easily accessible and any other documents verifying that you can repay the loan. The more proof you provide, the better chance you are to be approved.
When Will I Receive My Cash in Rendon, Texas?
When you receive your deposit truly relies on your lender as some lenders advertise same-day payday advance loans, which means you will see your payday loan on the same day you request a loan, as long as you're approved.
Most of the time, however, lenders will send the borrower their lump sum on the next business day. Businesses often close for holidays and weekends. So, if you submit your application on a Friday, you might not receive your funds until Monday.
If you're needing a same-day payday loan in Rendon, TX, you will need to make sure you're applying by 10:30 am. All same-day deposits going out that day will be approved by that time. However, you should request a loan earlier than that if able, as it will increase the likelihood that you see your money on the day that you apply.
One more factor that you should understand is even if the lender approves your application and posts the funds to your bank, sometimes the bank won't release that funds right away. It's paramount that you let your bank know that you plan to get a paycheck advance loan, so they could possibly make an exception in releasing the loan earlier.
Overall, it's best to prepare in advance to get your deposit on the following business day. That way, you're not surprised if you cannot get it on the same day.
Consider Working With PaydayLoanRadar
If you possess poor credit or no credit and are searching to get a payday loan, think about applying through us, as you most likely have a better chance of approval.
We work with over one hundred different lenders who offer their services online. Much of the time you will get your deposit on the following business day so make sure that you plan accordingly.
However, you can always locate the nearest payday advance loan store to you and apply in person to increase the chances of receiving your cash on the same day. When requesting a loan in person, make sure that you have your government ID or driver's license; a passport will work as well. Now and again, lenders may ask for proof of address, so take along a utility bill to the store as well.
To find the nearest cash advance loan store, please refer to the list below and locate your city.
Payday Loan Direct Lender Companies in Rendon, TX
Below you will find a list of payday loan companies offering their services in Rendon, Texas. If you can't find a lender near your location in Rendon, 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 Rendon, 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.