Arlington, TX Cash Advance Loans
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Advantages of Taking Out a Payday Loan in Arlington
Payday loans can provide short-term cash relief for Arlington, Texas residents who may need help making ends meet between paydays. Payday loans are short-term loans that borrowers pay back in full on their next payday.
Many consumers opt for payday loans for a number of reasons. These include:
- Approval processes that can be fast and secure
- Being able to use the loan for any purpose
- Online convenience to apply at all hours
- Easier loan approvals than those associated with traditional banks and credit unions
Short-term loans can not only come in handy during cases of financial emergency but can also help to cover basic living expenses, such as buying a new appliance, paying medical bills, helping a stranded family member, or mitigating child-related expenditures. Cash advances can also be used for home or auto repairs and even provide funds to take advantage of business opportunities. Residents who decide on a payday loan may also be able to save on late fees, penalties, and returned check fees.
How to Apply for a Payday Loan
Arlington residents can apply for a payday loan at a storefront lender or online. The application process can take as little as 15 minutes in some cases, and eligible borrowers may be able to access their funds within a few business days.
Although payday lenders run credit checks, applicants with bad credit and history are still eligible to apply. Lenders may also consider applicants’ debt-to-income ratio to determine whether an applicant can afford the terms of a payday loan.
Licensed 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.
Potential borrowers should note that short-term loans often carry high-interest rates. The APR Texas can be as high as 662%. While interest rates typically only accrue for two weeks, if borrowers are unable to pay their loans on time, loans may be rolled over and continue to generate high-interest charges.
Some consumers may opt for another loan to repay their original loan debts, but this can trap borrowers in a cycle of debt that may be unsustainable, as payday loans are not meant to serve as long-term financial solutions.
Despite this, a CFPB report found that more than 80% of payday loans were rolled over and that 70% of borrowers were using their loans on recurring expenses, rather than on short-term emergency cash needs.
Planning for a Payday Loan
Residents who are considering getting a payday loan in Texas should first determine their ability to afford a loan with a lump-sum payment. Financial experts suggest that consumers create a budget to determine loan affordability and to ensure that a payday loan works as intended.
In fact, more Americans are becoming aware of the benefits of creating a budget and know how much of an impact it can make on finances. A 2019 survey found that 67% of respondents were utilizing a budget for their families. And younger individuals are more likely to make a budget than older folks. Seventy-four percent of respondents ages 38 and younger, reported having a budget.
If a loan is not affordable, borrowers can consider other options, such as getting a loan from a friend or employer, selling unwanted items, getting a secured loan, or applying for a long-term installment loan.
Applicants can also reduce expenses to free up a larger percentage of their next paycheck, which can make affording a payday loan easier. Consumers can save money by eating at home, couponing, foregoing expensive beverages and snacks, and borrowing entertainment materials from the local library.
Arlington residents can also save money by visiting free or low-cost local attractions for recreation and entertainment, such as the Frame4Frame Festival, the Living Science Center, Southwest Nature Preserve, and the Levitt Pavilion Arlington.
Opting for a payday loan or cash advance in Arlington, TX, can prove useful and can provide a buffer for families that are temporarily low on cash. Eligible residents can apply to see if they are approved.