What is a Payday Loan? The Basics of Payday Lending
Exactly what is a payday loan? If you need cash fast and can’t wait for payday to roll around; Texas payday loans just might be what you are looking for. Discover what a payday loan is, the basics of what is needed to apply, and how payday lending works to find out if it is the loan for you.
What is a Payday Loan?
To understand the basics of what a payday loan is, you needn’t look further than the loan name. In short, payday loans are loans for a small sum of money where the amount of the loan takes your average pay into consideration when applying. Then payday loans act as an advancement of your upcoming paycheck.
A Short-term Loan
When a need arises and requires the use of funds you would otherwise have by your next payday, a long-term loan is unnecessary. That’s why payday loans are designed as short-term loans to bridge the financial gap between paychecks.
As such, payday loans are typically required to be paid back to the lender by your next payday- once again earning its name.
How Does Payday Lending Work?
Remember, this is like an advancement of your upcoming paycheck. Your qualification, approval, and loan amount all depend on how much you get paid. This means that when you apply for a payday loan, you will need to supply your lender with your most recent paystub.
Your lender will use your most recent paystub to:
- Determine your weekly, or bi-weekly income
- Assess your ability to repay the loan
- Find out how much you qualify for in loan amount
Therefore, your most recent paystub is a required item needed to apply for a payday loan. You will also need to provide your lender with the following required documents:
- Driver’s license or state-issued I.D. showing you are 18 years of age or older and eligible to apply.
- A blank check from an active checking account in your name. This will be cashed by your lender on your next payday to close out your loan agreement.
When you have all three of these documents gathered, you can present them to your lender and begin the in-person application process. The application process can take as little as 30 minutes to find out if you are approved and how much you are approved for; putting the fast in fast cash. This application process is made both simple and effortless so that customers can get what they need quickly. You can see below just how simple the application process is.
How to Apply
- Contact your local payday lender either by calling or putting in an online request form to have a representative call you within minutes.
- Confirm with the representative that you have the required documents and set up an appointment for the in-person portion of the application. Be sure to bring the required documents with you!
- The loan representative will examine the documents and determine how much you qualify for.
- Finalize the paperwork and receive your funds as soon as the same day you apply or by the following business day.
In just four steps, you can potentially get the funds you need. This is one of the many reasons why payday loans come in handy for financial emergencies. Both the time it takes to complete the application and receive the funds allows an individual to get money in no time when needed.
Where to Get a Texas Payday Loan
If Texas payday loans are what you are shopping for, you won’t need to look further than Texas Car Title and Payday Loan Services, Inc.
Texas Car Title and Payday Loan Services, Inc.
With Texas Car Title and Payday Loan Services, Inc., you will get 5-star customer service when embarking on the easy and fast application process. Texas Car Title and Payday Loan Services, Inc. offer their customers the following:
- Texas payday loans of up to $1,200
- Quick in-person approvals
- Same-day cash!
They also offer their customers convenient payday loan store locations with over one hundred facilities found throughout the state of Texas. With so many locations to choose from, you are bound to find one close to you!
In fact, when you submit an online form, you can rest assured that a store representative from their nearest location will reach out to you. When they go over the application process, they will inform you of exactly where their nearest store location is.
Submit an Online Form Today
Now that you can answer the question of just what a payday loan is, you can get started on getting the loan you need in one simple step. Contact your local Texas Car Title and Payday Loan Services, Inc. by submitting an online form today!
Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.