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Loans in Texas (TX)

Payday Loans and Installment Loans in Texas (TX)

Everyone deals with financial difficulty, every now and then. Some expenses are sprung upon us, and we hardly know how to cope with them. Or, perhaps you want to make a significant purchase and you don’t have the finances for that. Essentially, since each loan has been created for a specific purpose, you might have some trouble finding the right financing for your needs. This is what we’re here for: to shed some light on the subject. And today we’ll discuss best payday loans and installment loans in Texas.

Payday Loans Texas

Introducing Online Payday Loans and Installment Loans in TX

First and foremost, it’s worth mentioning that Texas is one of the states in the US that doesn’t restrict the limit of money you can borrow. However, it does regulate the repayment period. Hence, to be more specific, for payday loans worth $100 or less, you have to repay the loan in up to six months.

As for payday loans exceeding that limit, there is a maximum of $20 per month to make the repayments.

Another regulation imposed by the state is that a payday loan cannot account for more than 20 percent of the borrower’s monthly income. Aside from that, in the case of personal loans, the number of payments is limited to four, each installment covering 25 percent of the principal amount.

When Should You Choose a Payday Loan?

A payday loan, as its name already points, is the type of financing you can get really fast. Therefore, it is best suited for emergency situations, in which you find yourself in need of cash ASAP.

There are few requirements needed for qualifying for a payday loan. You should have a stable income, an active bank account, and an ID. It’s as simple as this. Nonetheless, note that you should meet specific income requirements. And, as mentioned above, you cannot borrow more than 20 percent of the amount of your monthly income. So, make sure you factor this in beforehand.

In short, a bad credit loan is a sensible option for emergencies, as it shouldn’t be turned into a habit.

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When Should You Choose an Installment Loan?

Installment loans, on the other hand, allow you to make the repayments in installments. Such a loan can be taken for numerous purposes. Nonetheless, your credit history and rating will mostly determine the interest rate you’ll end up paying. Aside from that, in Texas, installment loans cannot be refinanced or renewed, so make sure you can afford to make the repayments before making a financial commitment in this direction.

So, if you need a larger sum of money, but it isn’t necessarily an emergency, getting an installment loan could make sense for you.

To sum up, after reading our article about Texas payday loans and installment loans, it’s up to you to select the type of financing that fully addresses your needs. Most importantly, choose your direct lender carefully, as there are many scammers in the marketplace and you don’t want to be their victim, do you?

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Disclaimer

Short-term loans represent a type of emergency borrowing meant to help you with immediate financial issues. They can only become pricey products once you use them for long-term purposes.

 

MicroPaydayLoans.com‘s operator and owner is not a lender, so he isn’t involved in making credit decisions that include lending and making loan offers. This website actually works as a matching service, helping you contact with lenders and third parties. You are not charged any fee for our service. Moreover, you are not forced to initiate contact with any lender or third party or accept any of their offers.

 

The data that is presented on our website regarding short-term loans and the industry is here for information purposes only. We do not uphold a particular lender, and we’re not responsible for a lender’s actions or inactions. Moreover, MicroPaydayLoans.com doesn’t collect or store your data concerning fees and charges associated with the lenders. Basically, we don’t have access to this data in the first place.

 

Not every state approves of short-term loans. Also, not every lender in our network is able to provide loans of up to $1,000. We don’t guarantee that a consumer will get approval for any loan product or lender or will be matched with a lender. If matched, it doesn’t mean he/she will receive the requested short-term loan.

 

In addition, a lender may want to do a credit verification. This takes place to ensure that you have a reliable credit, and to determine the scopes of credit products to offer. Additional verification may be needed, including your driving license number, social security number, national ID or other documents that help with identification. Keep in mind that scopes vary from one lender to another based on various factors. These factors include the terms determined by each lender and credit standing of the applicant.

 

APR Representative

Annual Percentage Rate, or APR, is the loan rate that’s calculated for the annual term. Considering MicroPaydayLoans.com isn’t a lender and doesn’t own information about any detail of short-term loans offered by individual lenders, they can’t estimate the APR. So, the APR provided won’t be the exact one charged by any of the loan products lenders offer.

 

APRs are very different from one lender to another, one state to another and they depend on various factors, including the credit standing of an applicant. There may be additional charges associated with the loan offer. Some of these charges include late payment, late payment reporting, non-payment penalties, and debt collection actions.

 

These actions have nothing to do with our website. Moreover, we do not have any information about actions taken by the lenders. The financial and non-financial charges and actions can be disclosed in a particular agreement in a clean manner.

 

The APR is calculated as the annual charge, and it’s not a financial charge for a short-term loan.

 

Late Payment Implications

If something happens and you won’t be able to repay a loan on time, it is recommended you contact the lender. Once this happens, late payment charges and fees may be applied. Federal and state regulations may vary from one case to another, and they are determined for late payment cases. Information regarding costs and procedures when it comes to late payment should be discussed before signing any related document. So, make sure you review these with your lender, and they will be disclosed in the loan agreement.

 

Non-payment Implications

If you don’t pay a loan or miss the payment, there may be some financial and non-financial penalties. Any financial charges or fees in case of late payments should be disclosed in the loan agreement. Other actions related to non-payment, renewals, for instance, may be implied upon given consent. Renewal terms are going to be disclosed in each loan agreement individually. Keep in mind that renewal may also come with additional fees and charges.

 

Debt collection practices and any similar procedure will possibly be performed. Any action related to these practices is adjusted to the Fair Debt Collection Practices Act regulations. It is also adjusted to other applicable state and federal laws to ensure the consumers’ protection against negative borrowing and unfair lending experiences. Most lenders don’t refer to outside collection agencies. They will rather collect the debt through in-house means.

 

Late payment and non-payment may significantly impact a borrowers’ credit score and decrease it. Lenders may report these bad experiences to credit bureaus, including Transunion, Equifax, and Experian. If this happens, the consequences of late payment or non-payment will stay in a borrower’s credit reports for a certain amount of time.