Texas is one of the largest states in the United States of America both by area and population. Even though Texas has some very affordable cities a person’s individual financial situation is hardly related to the economy of the state. You may be living in one of the richest states and still face an emergency on your wallet. In fact, you may be one of the well-rounded folks that people tend to give examples of when it comes to financial planning and saving and still may find yourself in urgent need of cash. While you can also be one of those people who live life in every moment and more often than not left with empty pockets. If you fit this last category you should definitely read on.
What if you suddenly need money and you know you have a bad credit history. If you have cad credit you know knocking on the doors of a bank will not help you. Banks usually do not give out loans to high-risk individuals. Any person who has a history of failed credit card payments or missing prior loan payments, or even a bounced cheque may get your name in the bad credit list of a bank. Whatever your previous reasons maybe, the fact is right now you need a loan. Payday loans or installment loans will help you out a great deal in this situation.
bad credit installment loans
- Instant turnaround – this means you will have the money you need in your account within a day.
- Minimal credit check – these lenders verify your monthly income and ensure you can pay back the loan amount on the due date. They are not very concerned about your financial past.
- Installment option – in payday loans the lender may expect you to pay the principal amount and the finance charges together in a lump sum, however, in an installment loan they may give you a monthly installment repayment plan.
However, before going ahead with this payday loan, please understand the laws that Texas office of consumer credit Commissioner has put in place for your safety:
- The government does not define any limit on the loan amount. However, it states that the lender must inform the consumer how much they can borrow and when they have to pay back.
- The maximum tenure can be of 180 days.
- There is no specific limit on the rate of interest, however, lender interest is capped at 10%.
- You can take out any number of loans and can take rollovers as required or as the lender allows, the government does not restrict this. There are no rules related to installments and that may depend completely on the lender.
As the laws surrounding payday lending are not very strict, the consumer must take caution on their own. Though the online lenders usually spell out all the details of the agreement, you should take extra care to read through it to ensure that there are no loopholes in it that may be the cause of your troubles later.
Lenders available in Texas that offer one or both of these type of payday loans online:
- Ace Cash Express
- Speedy Cash
- Opp Loans
- Blue Trust Loans
You can compare these lenders online by checking the amount they lend and the rates they charge. Based on this information you can take a decision and save yourself from the financial emergency you landed in.