Texas Payday Loans

Taking care of unexpected expenses can be difficult. With the last three years forming one of the most difficult economic periods in history, both for the United States and many other countries, a laundry list of ‘what do I do?’ type situations has appeared. From simple bills to surprising costs, even the most trivial of expenses is often enough to push the average consumer into a deep hole.

It’s a hole known as the ‘money pit,’ a figurative trap in which anyone, even the most financially responsible of people, can get caught up in. From credit card debt to electrical bills, small costs, one-off fees, and other unexpected expenses can pile up over time, and suddenly be released on unsuspecting and out-of-cash professionals at a tough, emotional, or inconvenient moment.

There are various ways to tackle this kind of tight financial situation. Some people turn to their credit cards as a one-off solution, taking on debt that’s held at a high interest rate, and likely to grow into an uncontrollable expense. Others opt to seek help from friends and family, borrowing money to cover their short-term expenses and paying it back over the long term – again, a risky strategy.

But there are other options, many of which are designed to suit this specific type of situation. One of the most common, and an option that’s grown rapidly in popularity over the past few years, is to use a payday loan to cover your short-term expenses, and repay it in a timely manner. With Texans amongst the nation’s top spenders, it’s a particularly popular and accessible option within the state.

In this guide, we’ll look at payday loans with a single-state focus, viewing only the option available to borrowers based in Texas. Although payday loans are a major industry, and a highly useful type of short-term lending, around the country, it’s our job to bring you the most valuable, versatile, and affordable options for short-term lending within the state of Texas.

Unlike many other states, particularly those in the Northeast, Texas has relatively few limitations on payday loans for both borrowers and lenders. Accessing short-term loans is relatively simple, with a lender typically found on many inner-city and suburban blocks. Likewise, finding payday loans on the internet is fairly simple, with hundreds of online merchants offering their services in Texas.

There are several ways to go about finding a payday loan, whether to cover a short-term expense or merely to carry over a bill or credit card payment. One of the most popular is to look offline, going from one lender to another and comparing their options. With payday lenders in many strip malls, a wide range of shopping malls, and other venues, this isn’t a particularly difficult strategy.

In doing this, you’ll find a rather large gap between the rates charged by one payday lender, and the rates charges by another. You’ll also be able to observe a wide range of different fees and other costs for payday loans, allowing you to separate cost-effective lenders from poor options. Finally, you’ll gain an understanding of who each lender is and how they operate, giving you negotiating power.

There are disadvantages to this strategy, however. While there are hundreds of payday lenders in major centers such as Dallas-Fort Worth, Houston, Midland, and Austin, there are relatively few choices for those based in small towns. Likewise, there’s a noticeable price gap between the rates offered by offline lenders, and the lower rates found with Texas-based online payday lenders.

By placing a search through Google or Yahoo, you’ll be able to find targeted listings for payday lenders based in Texas. Many of these lenders specialize in online lending, offering a telegraphic transfer or ACH bank transfer in place of a cash or check loan. As such, they’re accessible for all residents of the state, and a number of people based in other nearby locations.

The benefits of using an online lender are numerous. The first, and most well-known, is the lower overall interest rates that online payday lenders are able to offer. With fewer overheads, no need to pay for a retail outlet or consumer-based office, an online payday loan lender typically offers much better value for money than their offline counterparts, even on small loans.

There’s also the convenience of using an online lender. The balance of your loan will be transferred to your bank account within a day, and often even more rapidly. This requires little activity on your part, aside from the initial loan application. As such, it’s a preferable option for busy professionals, people with other family-based commitments, and those that live in remote or rural areas.

It’s important to note that, as with any type of loan, there are risks associated with taking out a payday loan. There’s the possibility of the loan growing over time, trapping you in a debt spiral. There’s also the possibility of your loan being subject to hefty fees for late payments and other events – another risk that deserves attention before your loan application is written and filed.

However, when the situation calls for it, a payday loan is both a useful financial tool and a fairly necessary short-term risk. Whether for your monthly bills, a surprise vehicle-related expense, or even a missed lease payment, a payday loan can provide you with the money needed to deal with short-term financial obligations in a quick, convenient, and stress-free manner.

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