Getting a cash advance against your next paycheck is something that most of us would not want to do normally, but if the unexpected strikes, it is an option that is well worth considering. If you have a medical bill to cover, must pay the rent, or need to meet some other financial obligations and are short of cash, then taking a payday loan might be your best option. Amongst the advantages of this form of borrowing is that most lenders do not take your credit history or financial affairs into account - as long as you are an adult, US citizen, employed, and earn at least $1000 per month, then you are likely to be eligible. This permits almost anyone to take such loan and the procedure is also considerably simplified and speedy.
In almost all states specific legislation exists, which address the various aspects of cash advances such as the maximum amount and terms, the interest rate, and the fees. If you want to get a payday loan in Texas, then keep in mind that the state does not have a specific legislation, which allows the lenders to charge any fee as long as the borrowers are willing to pay it. However, the legislation requires the lenders to make certain disclosures to military borrowers and also restricts the lenders form taking certain actions against defaulting military borrowers.
The effective annual payday loan in Texas interest rate is 309% and although this might sound unreasonably high, when the short-term nature and the relatively small amounts of the loans are taken into account, the rate is within the norm. As always, getting a cash advance against a paycheck comes with its pros and cons: the most often cited disadvantage is the cost of the loan, while the simplified application process and the very high approval rate are what make these loans sought after. Certain alternatives are available in some states such as short-term credits over mobile phones and virtual credit advances, which are typically available to people, whose paychecks are deposited directly into their bank accounts.
Many payday loan lenders have online presence, where the application can be filled out and submitted in a matter of minutes and the loan approved within a few short hours. The actual deposit is typically made one business day after the approval and the money and the fees are deducted from the same checking account one day after the paycheck is deposited into it. If you are applying for a payday loan, you should know that the law requires the lenders to make full disclosure of the loan details, which includes the borrowed amount and the full amount due at maturity. The lenders also have to provide address, business name, and telephone number, even if they operate primarily online.
Even after you apply for a loan, you are not obliged to get it and if you do not like the offered terms, you can seek another lender. Once you find a provider, which offers reasonable terms, then make sure to familiarize yourself with the conditions, the fee payments schedule, and the full amount that you have to repay. Keep in mind that if you do not repay the loan at the agreed date, additional charges are likely to be imposed! However, in tough times, getting a cash advance can help you stay afloat, pay some relatively small bills, and see you through your next paycheck.
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