Cash Advance and Payday Loans in Fort Worth, TX.
Fort Worth has unique payday loan and cash advance laws as it is governed by both state and city regulations. These differences can be confusing, but we’re here to clear them up so you can make informed financial decisions.
Advantages of Taking Out Payday Loans in Fort Worth
Often financial emergencies occur at the worst times, and many Fort Worth residents may not have enough cash on hand to address the issues. Payday loans and cash advances are useful in these instances because they can offer quick and easy financing to cash-strapped Texans. The following are some of the perks of payday loans and cash advances:
- Flexible. Many payday lenders offer flexibility in choosing loan amounts and repayment dates. As a result, borrowers can pick their repayment dates close to their payday. Additionally, some Fort Worth lenders may be willing to work with applicants who have less than stellar credit scores. These lenders may consider income and credit when determining eligibility.
- Convenient. With busy schedules, some applicants may not be able to go to a brick-and-mortar lender to find financing. Online payday lenders can be a convenient alternative that offer consumers accessibility anytime from anywhere. Borrowers can submit an online request from the comfort of their homes.
- Fast. When faced with an unexpected expense, many people seek fast financing options. Medical and maintenance bills often cannot wait, which makes payday loans a viable option. Fort Worth residents seeking cash advances typically enjoy easy and quick application processes. If approved, the funds may be directly deposited within one business day.
How to Get a Cash Advance and Payday Loan in Fort Worth
When faced with a financial emergency, the last thing you need is to jump through hurdles to find funding. Luckily, payday lenders try and make the financing process quick and easy. To begin, you will need to apply. The application form will require personal and financial information. The lender will review the information, and if the applicant is approved, the funds may be provided in as little as one business day.
Cash Advance and Payday Loan Requirements
Payday lenders in Fort Worth require the applicant to:
- Be 18 years old
- Provide proof of U.S. citizenship or permanent residency
- Provide proof of income
Also, lenders will typically require the following personal information:
- Contact information
- Social Security number
- Employment history
- Banking information
Costs and Regulations of Cash Advances and Payday Loans in Fort Worth, TX
As previously mentioned, payday loans and cash advances are regulated by state and city ordinances in Fort Worth, TX. Therefore, it is important to understand both laws before applying for financing.
State law requires all lenders to be licensed to operate in Fort Worth. Additionally, Texas law sets loan terms between seven and 180 days. Texas does not have limitations on APR; however, standard amounts range over 400%.
Fort Worth city regulations set a limit on the loan amount, capping it at 20% of the borrower’s gross monthly income. Lastly, borrowers can obtain three rollovers.
Installment Loans in Fort Worth
Fort Worth consumers seeking larger-sum loans may opt for installment loans. These types of loans range between $1,000 and $5,000, and loan terms are around 12 months. As with payday loans, installment loans are also subject to stricter city ordinances. According to Fort Worth regulations, these loans must be repaid in four installments.
Requesting Title Loans in Fort Worth
Fort Worth residents who have a vehicle may choose to offer it as collateral for a title loan. Typically, consumers opt for title loans because they offer larger-sum financing compared to payday loans. The Lone Star State has limited regulations regarding title loans. However, consumers may receive $1,000 to $50,000 for their vehicle. APR is around 120%, and the maximum term is 180 days.
Note that the lender will keep the car’s title until the loan is repaid. As a result, the financer may repossess and sell the vehicle if the borrower cannot repay the loan. Therefore, it is crucial to assess your finances and ensure you can make the payments.
Our Favorite Fort Worth, TX Cash Advance and Payday Loan Companies
In addition to cash advances and payday loans, Advance America also offers installment loans, title loans, and lines of credit. Additionally, Advance America provides prepaid VISA cards and Western Union services. The lender offers payday loans ranging from $100 and $1,800 with APR in the triple digits. Installment loans are between $200 and $2,500, whereas title loans are from $2,000 to $25,000. Advance America has eight locations in Fort Worth, TX.
Speedy Cash offers both online and in-store loan options. Their financial products include payday loans, installment loans, title loans, business loans, and lines of credit. Your qualified amounts can range between $200 and $25,000. Standard APR fluctuates between 100% and 500%. However, keep in mind that the approved amount and APR are subject to change based on credit scores, income, and city ordinances.
Additionally, Speedy Cash also provides financial services, such as check cashing, money orders, and money transfers. Speedy Cash has three locations in Fort Worth, TX.
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