Cash Advance and Payday Loans in El Paso, TX
Cash advances and payday loans are alternative financing options designed to meet small funding needs until the next paycheck. This type of loan may be suitable for people with a low credit score. A low credit score may be okay as long as borrowers display proof that they have the means to pay back the loan by the next paycheck.
Advantages of Taking Out Payday Loans in El Paso, TX
One of the most significant advantages of taking out payday loans in El Paso is speed. The payday loan application process is relatively quick compared to other money lending businesses. The lender may also approve the loan on the spot.
Another advantage of payday loans is that consumers can access lenders quite easily. Most online lenders operate 24/7, and storefront lenders don't require an appointment to schedule a meeting.
Lastly, borrowers may not need to present collateral to secure their loans.
How to Get a Cash Advance and Payday Loan in El Paso, TX?
Applying for a loan in El Paso can be done online or by visiting a lender in person. Prior to the application, borrowers are encouraged to check and prepare the required documents to speed up the process and address their needs sooner.
Cash Advance and Payday Loans Requirements
Those searching for short-term funding should first make sure they meet the basic El Paso requirements. To be eligible for a loan in El Paso, clients must be Texas residents of at least 18 years of age and present an ID, proof of income, and an active bank account.
If granting a loan, the lender may deposit the borrowed amount in the customer's active bank account. Some lenders have the option to lend the money in person if the borrower is in need of cash and wants to avoid a trip to the bank.
Costs and Regulations of Cash Advances and Payday Loans in El Paso, TX
The Texas law doesn't state a minimum or a maximum loan amount that customers can borrow. The law doesn't specify the maximum financing fee, either. This makes the average annual percentage rate sometimes around 662%. The maximum loan term, fees, and other applicable charges to the loan vary according to the loan amount and from one lender to another.
Rollovers are not allowed, and all lenders must disclose the term, fees, interest, repayment period before the loan documents are signed.
Installment Loans in El Paso, TX
Installment loans are another type of unsecured loan, similar to cash advances and payday loans. However, the difference is that installment loans offer a larger amount of money for an extended period of time. Customers can borrow loans up to $5,000 and pay it back in equal payments over a period of six months to two years. Regarding the circumstances, some lenders may extend the term to up to three years.
Requesting Title Loans in El Paso, TX
A title loan uses the borrower's car title as collateral. If the client fails to pay back the borrowed amount, the lender can take possession of the vehicle. When applying for a title loan in El Paso, whether online or in-person, borrowers must present their ID, address, pictures of the vehicle, and proof of insurance. The lender checks the year, the make, the model, the mileage, and the trim of the car and, based on those, assesses the amount of money that can be offered.
Borrowers can pay back the loan in up to three years. However, they can pay off the loan earlier if they want to. When taking out a title loan, customers can continue using their vehicles normally.
Favorite El Paso, TX Cash Advance and Payday Loan Companies
Customers have many options from which they can request a loan in El Paso. Two well-known cash advance companies in El Paso are Check ‘n Go and Advance America. Both companies operate in several locations across the country. They offer payday loans, installment loans, check cashing, and more. Customers can apply for a loan from Check ‘n Go and Advance America online or by visiting one of their stores in person.