If you live in Texas and currently need emergency financial assistance, you may consider personal payday loans. One advantage of taking out a loan in Texas is that the state does not cap interest and fees on direct lender loans, although some local authorities have stepped in to formulate regulations. But still, this means that you should always be careful when taking out an instant loan in the Lonestar State because of the steep price. In fact, Texas has one of the highest average no credit check loan interest rates in America with over 660%.
Luckily, if you are in need of emergency loans, there are plenty of options in Texas for you and they may have a little bit longer payment period and incredibly lower interest rates, which could make these loans more manageable.
What loans are offered in Texas?
There are various types of personal loans in the state of Texas for virtually any use. Whether you are looking for tribal loans or unsecured loans with small installments, you can get cash on the same day you get approved.
Most loans in Texas have fixed rates and are designed conveniently for the best consumer experience. Many lenders in Texas offer a mix of same-day loans, personal loans, secured loans, bad credit loans, and direct lender loans.
Residents of the Lonestar State take out instant loans online with a seamless application process and guaranteed approval. The state is home to a wide range of lenders regulated by the federal government and therefore if you want to work on or repair your credit, consider taking out unsecured loans.
Credit requirements depend on the lender you choose, with some requiring no credit check while others requiring above-average credit scores.
But most lenders place less weight on your credit history and score provided you can show demonstrate you can pay back the loan.
The average payday loan amount in the Lonestar State is $470 and the average origination fee on each $100 borrowed is around $22.85.
The biggest type of instant loan offered in Texas is auto title loans. These loans are secured and require the borrower to put up their car for collateral. But it is important to note that the state of Texas authorizes lenders to repossess vehicles in case the borrower fails to repay the loan.
The important thing for any borrower in Texas is to always do homework on the lender and establish if they are legit. One way to do this is by asking for an OCCC license since every payday loan lender in Texas is required to be licensed with the OCCC.
What are the benefits of loans in Texas?
There are many advantages of taking out a loan in Texas. Payday loans are very popular in Texas, in fact, there are as twice as many number of payday loans in the Lonestar State as McDonald’s restaurants. To be precise, there are more than eight instant lenders for every 100k residents in the state. This means that accessing instant credit is very easy in Texas. But there are other benefits of loans in Texas.
Ease of access
Perhaps the most important advantage for borrowers is that no credit check loans are extremely convenient and easy to access.
Unlike most traditional lenders such as banks, borrowers can apply for same day loans online in a few clicks and funds could reach your account on the same day.
For many borrowers, this is what they are looking for rather than going through a convoluted process and then waiting for several days for the money to reach your account.
This is what borrowers want – to take out loans instantly to cover unforeseen costs such as hospital bills or car repair.
Get approved with no credit
Most installment loan lenders are highly likely to approve personal loans even with bad credit – something that we can’t say of traditional lenders.
The reason for this is that these lenders are less interest in your credit history and more interested in your earning capabilities to repay the loan.
Many borrowers are mostly attracted to same-day personal loans because their acceptance criteria are usually less strict compared to other lending categories.
Borrowers with poor credit scores and history as well as lower-income tend to get guaranteed approval by direct lenders even if they don't completely meet the fundamental eligibility criteria of traditional lenders and high street credit unions.
In addition to the above, it is possible for borrowers to get approved for loans without using an asset as collateral.
On the contrary, banks and other traditional lenders will require borrowers to stake an asset such as a house, car, or any other valuable asset as collateral in case they fail to repay the debt.
But payday lenders usually offer unsecured loans, which mean you are not putting your personal asset at risk.
Two weeks cooling-off period
Just like any other type of borrowing that falls under the Consumer Credit Act of 1974, instant loans came with a two-week cooling-off period, which means you are can cancel the agreement within this timeframe if you decide to change your mind about the loan.
Why choose us for loans in Texas?
So why choose us for your loans in Texas? There are plenty of reasons, including:
Confidential and secure
At Micro Enterprise Works, we treat your personal and sensitive information sensitively and seriously. We make sure that your information remains safe while processing the cash you need. Our main concern is your privacy, and we will do everything in our power to ensure your sensitive information remain safe.
No credit needed
Unlike high street lenders, our loans are no credit checks. This means that we don't require your credit score or history to arrange the loan for you.
Easy, fast, and convenient
Your loan application is evaluated in just one minute! Our quick approval process ensures that you will receive the funds you urgently need quickly. When a disaster strikes, the last thing you want is lengthy loan approval.
Loans in Texas are available from a range of lenders. Some specialize in lending only to individuals while others to businesses. But majority specialize in lending to both individuals and businesses.