In recent years, the amount of unsecured personal lending that traditional banks provide has declined considerably. While getting a personal loan from a bank may be very challenging, those that are looking for financing could still get cash quickly by taking out a payday loan.
Payday loans have very loose requirements and could be used for a variety of purposes. The way that these loans are governed varies from state to state. The State of Texas has different payday loan laws, which can differ from the laws set forth in any other state.
One regulation in the State of Texas is that all consumers that take out one of the loans need to be made fully aware of all of the risks that come with them. The lender is required to explain to a borrower what all of the costs are, what the interest rate is, and how much the interest rate could accumulate over time. This practice ensures that the borrower is aware of everything and is not caught by surprise.
Another law in the State of Texas regarding payday loans is that there is a limit to how much money can be taken out at any time. In some states, the amount of money that is taken out is unlimited. While most lenders do not give out very large loans anyways, in the State of Texas they are not allowed to give out any loans more than $1,800. This law also disallows any borrower from taking out multiple loans, if the total balance of these loans is more than $1,800. While there is a limitation of how much money can be taken out, there is no limit to the amount of interest or fees the payday lender can charge.
Another regulation regarding payday loans is that there are no criminal rights for the lender if a person goes into default. In some states, going into default purposely on a loan can be considered a criminal violation. In the State of Texas, if you default on a loan with a payday lender, you cannot be charged in a criminal court. However, you can still be charged in a civil court, which means that the lender could pursue judgment against you or force you into bankruptcy.
Fast Payday Loans
Emergencies never happen when it is convenient, nor do they ever seem to occur when you have enough money to cover the unexpected event. The good news is that when this happens, if you have Internet access, you have the ability to access quick cash.
Fast payday loans are available online at any time. These loans have been made easy to apply for, and you can receive an approval in as little as one hour. Some companies even offer instant approval on smaller loans.
It is very simple to apply for fast payday loans online. Most initial applications can be completed in less than five minutes.
Depending on your lender, you may be required to fill out additional information once the loan process has begun, but this will not take much time. To receive approval for a fast loan, you should expect the following:
You will need to have an active checking account. Online lenders require that you have an account so that they can wire money directly into your account once you are approved. Some companies will issue a check, but this can delay the loan by ten or more days.
You will need proof of income. You will need current information about your employer or your disability benefits. Some lenders may require you to fax in proof of your income.
You will need a working phone number. The phone can either be a home phone or a cell phone.
You will need to be at least 18 years old and an American citizen or resident alien to receive the loan. Lenders are not allowed by law to issue loans to non-residents.
You cannot be an active member of the military. The U.S. Military strictly prohibits service members from using quick loan services.
You are not required to have good credit to qualify. Most lenders do not check credit reports on small loans.
Each lender may have additional requirements that are necessary to qualify for their individual loan programs.
When you are search for fast payday loans no fees, you should understand that “no fee” means that there are no fees attached to processing the loan. It does not, however, mean that there is no interest attached to the debt. All payday loans have interest charges.
Consumers that use a quick payday advance should also understand:
Loans must be repaid in full on the next pay date. This includes the full amount of the loan and the appropriate interest.
Loans not paid in full may be subjected to fines and penalties. Some lenders may extend the loan program for an additional pay check by allowing the client to pay interest only, however this can quickly add up.
Each lender has set their own interest rates and terms and conditions for their payday advance program. You should carefully review these rates and terms before accepting a loan.
Payday loans can be a very helpful financial tool during an emergency. It should be noted, however, that these loans should be used only in a time of emergency and not to cure financial problems. Abusing payday loans or receiving too many advances from multiple companies at one time can harm your financial stability. If you are having financial problems, it is always best to seek the advice of a professional financial counselor.