Cash Advance and Payday Loans in Arlington, TX
A payday loan is a short-term cash advance that can be granted to borrowers upon the agreement of repayment as soon as the borrower’s next paycheck arrives.
It is possible for certain consumers to get a payday loan in Arlington, Texas. Nonetheless, there are some laws and regulations for these transactions.
Advantages of Taking Out a Payday Loan in Arlington
There are many advantages of short-term cash advances. Some of those benefits include:
- A fast and secure approval process. Lenders can usually process your loan request faster than traditional loan institutions; they also strive to transfer the cash more quickly, sometimes as soon as the next business day.
- The loan amount can be used for any purpose. Unlike traditional lending systems, there may not be any restrictions on how to spend the cash.
- Their online convenience allows applying at all hours. Whether you meet a financial difficulty at two in the morning or midday, online payday loans are easily accessible.
- An applicant’s credit score may not be as crucial as with traditional lenders. Online lenders will conduct credit checks; however, other factors such as income may play an important role in granting the loan.
- Payday loans relieve you from the stress of borrowing from friends and family. They also help you avoid bank rejections.
Payday loans are not only beneficial during emergencies but may also help cover necessary expenses. They can fund home or auto repairs and can even be used to boost your business plans.
How to Get a Cash Advance and Payday Loan in Arlington?
Residents of Arlington, TX, can apply for a payday loan online or at storefront lenders. The application process only takes a few minutes, as long as the applicant has all the required information ready.
Filling out the online request form may require:
- Personal information, such as your name, address, phone number, and email address
- Bank account number
- Employer name or revenue source
Depending on the lender, you may need additional information as well.
Cash Advance and Payday Loan Requirements
To request a payday loan in Arlington, Texas, the borrower may need to meet the following criteria:
- You must be 18 years or older to apply.
- You must provide your Social Security number.
- You must be a legal resident of the U.S. You will need to show proof of residence.
- You must have a stable source of income of at least $1,000/month.
- You must provide a phone number and email address.
- You must not be in debt or bankruptcy.
These requirements are not the same for every lender.
Cost and Regulations of Cash Advance and Payday Loans in Arlington, TX
The laws revolving around cash advances and payday loans in Arlington, TX, are many. Texas does not have a maximum loan amount, meaning the amount you can borrow is at the lender's discretion. However, the minimum loan term should not be less than seven days, and the maximum loan term is determined based on the amount borrowed.
Potential borrowers should note that short-term loans often carry high-interest rates. The APR in Texas can be as high as 662%. Rollovers are not allowed.
Finance charges range depending on the bracket a loan falls into. Finance charges in Texas are as follows:
- $1 per every $5 for loans under $30
- 1/10 of the loan amount for loans of $30 to $100
- $3.50 per month for loans of $35 to $70
- $10 plus $4 per month per every $100 for loans over $100
Arlington lenders are required by law to disclose all loan terms, interest, fees, repayment period information, and other conditions before an applicant signs for a loan. There will be a set due date for the borrower to repay the cash borrowed, typically designated as the day after the borrower receives their next paycheck.
Installment Loans in Arlington
An installment loan is just another type of short-term cash advance. While typically installment schedules are applied to larger loans, many online lenders also offer installment payment plans to small payday loans. Often, some lenders go as far as offering a full year to repay the loan.
Requesting Title Loans in Arlington
A title loan is yet another type of short-term cash advance. With these loans, the borrower’s vehicle is set as collateral. Cars, trucks, and motorcycles can all be used as collateral.
Generally, the process of requesting and receiving a title loan is similar to that of a payday loan. You will be asked to present general information along with the hard copy of your vehicle title. Once you do so, the lender will examine the presented collateral’s value to determine its value.
Arlington residents may need to present the following information when applying for a title loan:
Valid government-issued photo identification
- Proof of residence
- Name, address, email address, and phone number
- Photos of vehicle
- Name of employer or revenue source
- Lien-free car title
It should be your priority to repay the borrowed amount to release the lien from your car. Otherwise, you will not be able to apply for a title loan using that vehicle.
Favorite Arlington, TX, Cash Advance and Payday Loan Companies
Arlington, TX, presents many storefronts and online payday loan options.
Check n’ Go is a prominent payday loan company with a couple of storefront locations in Arlington. They also have a reliable website where you can read more about their services and even apply online.
Other companies, such as Check N Title Loans, offer storefront title loan products suited for walk-in customers. Their online website also shows other services such as installment loans.
Other companies in Arlington, TX, include Power Finance Texas, Fast Cash, CashMax Title & Loan, Speedy Cash, First Cash Advance, Sun Loan Company, Fiesta Loans, ACE Cash Advance, and Advance America.
You can visit the National Conference of State Legislatures’ website for more information regarding the loans and its regulations. On their website, you can learn more about the licensing and laws in Arlington, TX