Payday Loans in San Juan, TX
For cash-strapped Americans, loans are hard to come by. Thankfully, all is not lost. Payday loans are perfect for when you need quick cash to cover an unexpected expense.
A payday loan, also called a payday advance or salary loan, is a short-term, unsecured loan given to customers to pay back when they receive their next paycheck. A borrower writes a postdated check to the lender for the total amount needed plus fees in exchange for instant cash. The lender can redeem the check on the due date, which is typically two to four weeks out.
Different states have varying legislation regarding payday lending. Texas is among the states that do allow payday lending. Therefore, getting payday loans in San Juan, TX, is pretty straightforward.
Advantages of Payday Loans in San Juan, TX
Payday loans in San Juan, TX, come with countless benefits. These include:
- No restrictions on how you spend the cash – Payday loans can help the borrower fulfill any financial emergency or cover any small loan expense.
- Suitable for those with bad credit – People with poor credit ratings encounter numerous challenges when looking for loans. Payday lenders don’t perform credit checks before giving loans, provided you can prove that you have a steady income source. This makes it the best source of instant cash for this group of people.
- Quick application process – Applying for payday loans is pretty straightforward. The online application simply requires you to have your devices connected to the internet, follow just a few steps, and get the cash. Once approved, the lender deposits the money into your account within minutes, sometime later, but on the same day or within one business day.
- Minimal documents required by the lender – To apply for payday loans, you need fewer requirements than when applying for other loans.
How to Get Payday Loans in San Juan, TX
You can obtain payday loans in San Juan, TX, by either applying online or in-store. To apply for a loan in-store, you just need to walk or drive to the nearest storefront and negotiate a good deal.
Applying for payday loans online, on the other hand, is quick, and you don’t have to leave your office or home. You only need to complete a few steps with your smartphone or PC to get the cash. Just ensure that you have all the necessary personal and financial details, fill out the form, and submit it.
Requirements for Payday Loans in San Juan, TX
While payday loans are available to almost everyone, anyone that doesn’t have all the requirements can be denied a loan. To qualify for a loan, here are the few requirements you must meet:
- Must be a person of legal age, meaning over 18 years old
- Should possess an active checking account
- Must reside in San Juan, TX
- Should have valid identification, such as an ID or a driver’s license
- Must have a constant source of income and prove they get paid monthly
- In some instances, lenders ask for a social security number
APR and Fees
Payday loans may be available even to those with bad credit, but that makes it a high-risk type of loan. To compensate for the high level of risk, most lenders charge high interest and processing fees.
In Texas, the APR for payday loans can go beyond 400%. In addition, you must also pay other fees like finance charges, which can be around $30 for every $100 borrowed. This means that payday loans are some of the most expensive loan types. So, unless direly needed, don’t make them your first choice.
How We Can Help
Searching for a lender is an equally challenging task. If you don’t carry out enough research on them, it’s easy to fall into the hands of loan sharks.
Fortunately, AdvanceSOShas done prior research and has partnered with legit and reputable loan companies in Texas. So, if you need a payday loan in Texas, you can click on get started on our website. All you need to do is fill out a form with all of your details, and the lender will get in touch.
Before you get into a loan agreement with any lender, read their terms and conditions. This will help you avoid getting trapped in the wrong hands.
Amanda is a senior writer at AdvanceSOS. She has more than six years of journalism experience, mostly in the finance sector. She graduated with a Bachelor’s Degree from Drew University.