Cash Advance and Payday Loans in Austin, TX.
Payday loans have unique and relatively strict regulations in Austin, TX. As a result, consumers hoping to get fast funding may not know how to apply and which lenders are trustworthy. That said, let’s have a look at how cash advances and payday loans work in Austin and some of the options you can consider.
Advantages of Taking out Payday Loan in Austin
Financial emergencies can occur anytime, and some people in Austin may not always have sufficient funds at hand to deal with them. Payday loans and cash advances are practical ways to obtain easy and quick funding for Texans. These are the biggest advantages of payday loans and cash advances:
- Fast. The application process for payday loans and cash advances is generally fast. Once you apply, the lender will go over your documents, and if approved, you may see your money in our bank account in as little as one business day.
- Convenient. When in need of fast cash, not all applicants may have the time to go to a physical store for a loan. That’s why many lending companies in Austin offer online services, where you can apply and receive a decision from the comfort of your home.
- Flexible. Even though the lender must check your credit score, some financers may still be willing to work with applicants who have damaged credit scores. These lenders may consider income and credit when determining eligibility.
How to Get a Cash Advance and Payday Loan in Austin
To obtain a payday loan for financial emergencies in Austin, you need to turn to a registered lender. You can begin your loan request by submitting an online application through the lender’s official website. If you’re approved, you may receive the funds in as little as one business day.
Cash Advance and Payday Loan Requirements
Payday loan and cash advance lenders in Austin require applicants to:
- Be 18 or older
- Be a U.S. citizen or a permanent resident of Texas
- Have proof of steady income from a job or other verifiable sources
- Have a valid bank account
Additionally, the applicants will be asked to provide the following information:
- Social Security Number
- Contact information
- Employment history
- Bank account information
Costs and Regulations of Cash Advances and Payday Loans in Austin, TX
Payday loans and cash advances are legal in Texas, but authorities in Austin regulate them at both state and city levels. For example, in Austin, payday loans cannot exceed 20% of the borrower’s monthly income.
The City of Austin does not limit the amount of fees and interest charged by lenders. However, standard APR is usually around 400%. Texas law sets the loan term between seven days and 180 days. Additionally, lenders cannot roll over or refinance the loan more than three times.
Installment Loans in Austin
If you want to borrow more money, you may opt for installment loans instead. Installment loans typically offer borrowers larger sums and longer repayment terms. Consider the following regulations for installment loans in Austin, TX:
- Applicants can request between $1,000 and $5,000
- The minimum APR is 6.63%
- The loan term ranges between 90 days and 36 months
Requesting Title Loans in Austin
Austin residents have the opportunity to offer their cars as collateral for a title loan. However, the city council has certain rules and regulations on car title loans that it heavily oversees.
- A title loan cannot exceed 3% of the applicant’s gross annual income or 70% of the retail value of the car
- A single term for title loans can reach up to 180 days
- The average APR is around 120%
It is important to note that the lender will retain your vehicle’s title until the loan is fully repaid. As a result, if you default on the loan, the lender may sell the vehicle to recoup the loan cost. Therefore, it is important to thoroughly review your finances to determine whether you can afford a title loan in Austin.
Our Favorite Austin, TX, Cash Advance and Payday Loan Companies
There are many payday loan and cash advance lenders in Austin, all with different terms and conditions. Here are a few companies to consider:
Speedy Cash has 14 locations around Austin and offers payday loans and installment loans of up to $3,000 and title loans of up to $25,000. Standard APR ranges from 100% to 500% but may vary depending on your credit score, income, and city ordinances. It is also possible to apply for Speedy Cash loans through their website.
Advance America offers payday loans of $100 to $1,800, installment loans of $200 to $2,500, and title loans. The company has four locations in Austin, but you can apply for their loan products online, too. Additionally, Advance America also offers Western Union services and prepaid VISA cards.
Check ‘n Go
Check ‘n Go has serviced over 50 million loans since 1994. Additionally, the lender has high ratings from Trustpilot and the Better Business Bureau. The company has five locations throughout Austin. Check ‘n Go offers payday loans, installment loans, check cashing services, and prepaid MasterCards.
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