Payday loans in Houston with no hard credit check are the standard for payday lenders. They often run a soft check to verify the information you provide on the loan request form. Your traditional credit scores are not important as your current income which is the best indicator of your ability to repay your loan when it is due. When you need cash for an urgent expense, a payday loan can be a good solution.
A payday loan (also called a cash-advance loan, a check-advance loan, a post-dated check loan, or a deferred deposit loan) is a short-term, high-interest loan from a check cashing business or a finance company. These loans are often cash advances secured by personal checks or electronic transfers, and often have a very high annual percentage rate (APR).
houston texas payday loans
Below you will find references to the Texas laws that govern payday loans. If you find these statutes difficult to understand, you may want to look at the "Understanding the Law" resources on this page or speak to an attorney.
The best payday lenders in Houston offer speedy cash with few application requirements and a competitive APR. Payday loans might be an option for unexpected bills between paychecks, including bills for vehicle repairs, home repairs or a medical crisis. Our recommended Houston payday loan providers are listed below.
Online lender offering payday loans, installment loans, and line of credit products. Can lend up to $800 with loan terms anywhere between 8 and 31 days. Borrowers apply online and receive an instant lending decision.
Lender with 25 years in business offers payday loans up to $1,000 and title loans up to $25,000 with easy application process. Consumers can get funds the next business day. Installment loans and lines of credit also available.
Loan repayment terms are limited to 180 days, and most payday loans having terms of 14 or 30 days. Late fees are limited to $7.50 or 5% of the loan amount, whichever is greater, and lenders generally assess late fees after your payment is 10 days overdue. There is a legal limit on how many times the company can refinance the loan.
Some applicants might also need to provide a Social Security number for in-person and online payday loans. A few Houston cash advance companies also ask for proof of address. For a full guide on how to pick a payday lender, check out our list of considerations when choosing a payday lender.
Your Loan Depot offers payday advance loans of up to $1,000 at several locations in the Houston area. It accepts online or in-person applications. You can pay back the loan in one lump sum in 14 or 30 days or make multiple payments for up to 168 days. For a single-payment loan, the fee is $30 per $100 borrowed (approximately 370% APR for a $300 loan) and 10% lender interest. If you choose to make multiple payments, the APR on a $300 loan is about 653%. Every loan comes with a 72-hour cancellation period. Services are available in Spanish.
Houston Payday Loans offers payday loans with no credit check. Houston Payday Loans compiles loan offers from hundreds of payday lenders, so you might be eligible to choose from different options. You can apply online, by phone or in person. Funds are typically available in less than one hour.
Texas Car Title & Payday Loan offers payday loans of up to $1,200 to Houston residents. Customers can begin the application process over the phone and receive their payment within 24 hours. Texas Car Title & Payday Loan requires that customers are at least 18 years old and have an active checking account and a current pay stub. Terms, fees and APR are determined upon approval.
Lenders of payday loans are flexible in terms of the source of income for people applying for a payday loan. A loan can be obtained by any person who has a permanent source of income, e.g. a disability pension, retirement pension, employment contract or a fixed-term contract.
Do you need to access cash fast, but have a less than perfect credit record? B3 Cash Solution offers a range of payday advance loans, title loans, and installment loans to people across Houston, Texas.
In our store in 253 W Greens Rd, Houston, TX 77067, we offer payday cash advances without a hard credit check. We provide the people of Texas with small quick personal loans for emergencies, as well as installment loans with monthly payments, and title loans.
Payday loans and cash advances are best used in cases of emergency; they are not long-term financial solutions and should be used responsibly. Though it is not advisable to rely on payday loans, they can also help you cover overdue and current expenses.
Borrowers should be aware that Texas payday loans carry a high-interest rate compared to other states. Rollovers are not allowed for loans. Fees and other charges are also dependent on the loan amount offered.
The average interest rate in the USA for payday loans is 200% - 1386%. If you need an installment loan, the average rate is 6.63% - 225%. After completing your application, a customer will be shown exact terms and rates for a loan option. The decision will be reached within several minutes. A client is eligible to accept it or refuse it.
Regulations proposed earlier this month by the federal Consumer Financial Protection Bureau might have changed Abbott's experience with payday loans. The rules, which cover payday loans and auto title loans in which a car title is put up as collateral, would require lenders ensure a borrower can afford to pay for a new loan and still afford existing loan payments and their basic living expenses each month. They would limit the number of times a loan can be extended and require that each monthly payment make progress toward paying down the principal.
Abbott's experience is especially common in Texas, where 8 percent of people have used payday loans, according to the Pew Safe Small-Dollar Loans Research Project, compared to the national usage rate of 5.5 percent. The Center for Responsible Lending, a group that fights predatory lending practices nationally, says that annual interest rates on payday loans in Texas are among the highest in the nation at 662 percent, second only to Ohio.
While government regulations are in flux, Texas nonprofit and faith-based groups have stepped up their efforts to create affordable small-dollar loan alternatives to payday and auto title loans. Business and Community Lenders of Texas launched a program in Dallas in 2011 that allows employees of participating businesses to access small loans at an interest rate of 18 percent; the program has since expanded to cover 39,000 Texans. Raquel Valdez, chief operating officer, projects that 50,000 people will be eligible in the next two years.
For Leonard Abbott, who started working at the Capitol four years ago after a long trucking career, payday lending seemed like his only option when he suddenly couldn't make ends meet. He felt too ashamed to ask his two adult children for help, and the loans piled up.
Short-term loans are not intended to be long-term financial solutions. Customers with credit difficulties should seek credit counseling. A single payday advance is typically for two to four weeks. However, borrowers often use these loans over a period of months, which can be expensive.
Perryman said about one in 15 Texans have taken out a payday or auto title loan. Beyond the $16 billion, Perryman said the true toll of payday and auto title loans is much larger, if the tally includes the collateral consequences.
Texas has some of the laxest regulations on payday and auto title loans in the nation, and Texans pay some of the highest rates. The Center for Responsible Lending found the average annual rate on a $300 payday loan in Texas was 664% last year, higher than any other state. Many payday lenders charge even higher rates.
A Pew Charitable Trusts report found that consumers in states, including Texas, that offer few consumer protections end up paying four times more for payday loans than consumers in states that have comprehensive regulations on the industry.
Black and Latino communities are disproportionately affected by payday and title loans, due in large part to a long history of racial discrimination in the financial industry. A LendingTree study found counties with higher rates of Black residents were more likely to have payday lending establishments. The lenders are also disproportionately located in lower-income neighborhoods. Researchers at the University of Houston found lenders targeting people of color when advertising payday loans.
Chronic financial insecurity drives people to use the loans. Perryman said at victims of domestic abuse are seven times more likely to take out payday or title loans. Military veterans are also disproportionately in debt to payday and title lenders, Baddour said, even though the federal government caps interest rates for loans going to active servicemembers.
Baddour says there are a growing number of alternatives to payday loans. Multiple national banks have begun offering affordable, small, short term loans. National groups like Capital Good Fund and local nonprofits like Saint Vincent de Paul offer loans and financial literacy programs to help people get out from under payday loans. Many credit unions have also launched affordable, small, short-term loans.
During desperate financial times, many people in Houston turn to payday loans for help. When you are low on cash and have bad credit, payday loans seem like the easy solution. However, even though these loans might offer a temporary fix, most loans have repayment durations less than two weeks, and borrowers have trouble repaying the loan when it is due. When this happens, they often resort to extending, or rolling over, their loan, which results in fees that add to the total amount they owe. To avoid this, Houston residents who need access to quick cash should consider other options to payday loans.
You do not have to turn to payday loans to solve your debt problems. MaxLend offers a solution that will keep you from getting in a payday loan trap. If you need quick cash, apply today at MaxLend for an installment loan that offers flexible repayment options that can better fit your budget. Funds are often deposited as early as the next business day. Apply for an installment loan with MaxLend today! 2ff7e9595c
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