Can I Apply For A Paycheck Advance If I Have Existing Debt?

A paycheck advance can give you quick cash in 1-2 days for emergencies. And while this all sounds good, one of the most frequent questions we get is how existing debt affects a customer’s chances of getting a payday loan. We here at Texas Title and Payday Loan Services, Inc. offer several ways to connect you with a representative who can help you determine your eligibility.

One thing to know is that a high debt-to-income ratio can be overwhelming, and it can in fact limit the options you have when you need to get a loan for help. This is why you need to know how a payday advance differs from traditional lending options so you can determine if your current debt will prevent you from being able to get approved for one. Keep reading to learn more.

Am I Eligible For Paycheck Advance With Existing Debt?

If you have certain things on your credit report, you can count yourself out from most traditional loans. They usually require a lot of open credit and a high credit score; not to mention a lot of paperwork and red tape. Applying for a paycheck advance is different. This means you can still qualify for approval even if you have debt. In fact, you can apply for a payday loan — and actually stand a good chance of getting approved — even if you find yourself in one of the following situations:

  • Existing debt.
  • Bankruptcy.
  • Bad credit.
  • Outstanding balances.
  • Late payments.

couple with debt need paycheck advance

We accept a wide range of applicants because we understand that difficult times can happen at any time, even when you’ve already accumulated other debt. In fact, a lot of emergencies tend to happen only when money is tight and your resources are limited. With that in mind, you must be wondering what exactly we do consider when deciding if you qualify for approval. Well, we base your eligibility on your income and your ability to repay the loan.

Using Your Paycheck Advance

As with any loan, you should always use a paycheck advance responsibly. Your loan representative doesn’t have to clear your intent for the loan, but we do recommend that you use payday loans wisely, so as not to end up with even more debt with nothing to show for it. As we said, we base eligibility on whether you can repay the loan. This means you don’t want to repay a loan that wasn’t necessary in the first place. To help you out, here are a few ways you can use your payday loan:

  • Pay unexpected bills - A broken water heater or car engine repairs are just two examples of the many things that you might not be prepared to handle at the moment. A payday loan could give you just enough cash to handle any emergency that pops up.
  • Medical expenses - A trip to the emergency room can cost hundreds, even thousands. In an emergency, the last thing you should have to worry about is how much medical care will cost, but, unfortunately, for a lot of Americans, that’s the case.
  • Bridge the gap in the case of unemployment or extended absence - Whether it’s a personal injury or a family illness that keeps you from working, lack of regular income only makes things worse. 

If you’re already under a mound of debt and one of these things happens, you can feel defeated and desperate. But with a quick and easy payday loan process that won’t take you hours to complete, you could have access to up to $1,200 for any emergency expenses you may have. All you have to do is begin the process and we can let you know if you are approved!

payday loan for existing debt

Submit Your Information Online For A Head Start

Texas Title and Payday Loan Services, Inc. has always welcomed customers to walk into one of our many Texas stores to sit down with a loan representative to apply for a paycheck advance. And we also give you the option of applying right online and then coming to the store to finish everything! All you have to do is submit your information with the form on our website, and you’ll be well on your way to getting approved.

After your information has been received by the nearest store location, a loan representative will give you a call to discuss the details of the rest of the process and what required items you need to bring in for us to see. We will set up a meeting for you to come in and allow us to assess your items. If we do decide you do qualify for approval, you can get the money either later that same day or the next bank business day at the latest.

Get The Payday Loan You Need Today

If you have existing debt, but you’ve found yourself in need of a little extra money and payday is still days away, a paycheck advance could be the option to help you out. You don’t have to let your debts get in the way when you need quick cash to help with your emergency expenses. We can quickly let you know your odds of getting this loan and how much we can lend you. So give us a quick call or fill out the inquiry form today to allow us to help you begin the process.


Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.

Mason Roberts

Mason Roberts is a seasoned economics writer and blogger with a knack for breaking down and simply communicating the ever-changing world of finance. He is philosophically committed to the premise that financial knowledge equals financial freedom.