Payday Loans in The Colony, Texas
Things happen, and we usually find ourselves in a situation where we have to cover some unforeseen expenses. Consider applying for a cash advance loan in The Colony, Texas, to see if you meet the requirements.
The loan application process is swift and simple. To qualify, borrowers have to meet a couple of simple conditions.
What is a Payday Loan? What Can It Pay For?
A payday advance loan is where the borrower will receive a small sum of money on a short-term contract. This is thought of as an unsecured loan due to the fact that no collateral is expected.
When surprise bills arise, such as past due rent or utility bills, vehicle costs, medical or vet costs, and so forth, people usually rely upon cash advance loans.
Cash Advance Loan Criteria In The Colony, TX
In The Colony, TX, payday advance loan borrowers are required to meet several criteria to qualify for a loan.
The borrower has to:
- Show proof that they live in The Colony, Texas
- Must be 18 years of age
- Have an income that they can provide proof of being at least $1,000 per month
- Provide current contact details such as cell phone number and email address
- Give their social security number
If a borrower does not meet the above criteria, they will immediately be denied a paycheck advance loan. Make sure you have the documents required when requesting a loan.
Laws and Rules Concerning Paycheck Advance Loans in The Colony, TX
Texas has deemed cash advance lending legal. Still, they have set the below rules and regulations for the payday lending industry:
- An individual lender cannot extend a loan in excess of $600. Borrowers cannot have 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 the State of Texas, borrowers may not rollover their loans.
- The fees and charges vary for each lender. The service fees charged by the lender on a payday loan do not fall under interest. The service fees apply to each $100 loaned and can vary from 11% up to 15%.
- An interest rate must be mutually agreed upon. APR can be as much as 369%.
Will Cash Advance Lenders in The Colony, TX, Run Credit Checks? What If I Have Bad/No Credit History At All?
Yes, the lenders we partner with will do a credit check on you, but, even if you have no credit or bad credit, you might still be approved for a loan given that you can show that you are able to pay back the loan. Lenders are usually unbothered by your credit history if you provide proof of income and a plan to pay back the loan.
Lenders will perform a soft credit check, which will not impact your credit score. This is simply to get a look at your credit history and general information.
A hard credit pull, dissimilarly, must have your permission. These credit inquiries are performed for a plethora of purposes, including mortgages, credit cards, and more.
You can still qualify for a payday advance loan with bad credit in The Colony, TX, as long as you have proof of repayment.
So, when you apply, whether it is 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 evidence you have, the better chance your loan application will be approved.
When Will I See My Cash in The Colony, Texas?
When you see your funds truly relies on your lender as some lenders advertise same-day payday advance loans, which means you will see your payday advance loan on the same day you submit your application, as long as you're approved.
Most of the time, however, lenders will give the borrower their lump sum on the next business day. Businesses typically close for holidays and weekends. So, if you apply on a Friday, you may not get your money until Monday.
If you're wanting a same-day payday advance loan in The Colony, Texas, you will need to make sure you're applying by 10:30 am. All same-day loans going out that day will be approved by that deadline. However, you should apply earlier than that if able, as it will boost the likelihood that you get your funds on the day that you submit your application.
One more consideration that you should be aware of is even if the money lender approves your application and posts the credit to your bank account, occasionally the bank won't release that funds right away. It's important to let your bank know that you plan to receive a cash advance loan, so they could possibly make an exception in releasing the funds earlier.
On the whole, it's best to prepare ahead of time to get money on the next business day. That way, you're not out of luck 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 secure a payday advance loan, think about applying through us, as you usually 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 see your cash on the next business day so ensure that you plan appropriately.
However, you can always locate the nearest payday loan store to you and apply in person to boost the chances of receiving your loan on the same day. When submitting an application in person, make sure that you have your government ID or driver's license; a passport is sufficient. Infrequently, lenders may require proof of address, so bring a utility bill to the store too.
To find the nearest cash advance loan storefront, please refer to the list below and search for your city.
Payday Loan Direct Lender Companies in The Colony, TX
Below you will find a list of payday loan companies offering their services in The Colony, Texas. If you can't find a lender near your location in The Colony, 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 The Colony, 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.