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Cash Advance Loans in Texas

If you are in need of a short term solution to a lack of funds, or if you have had a financial emergency and your next paycheck is still weeks away, a payday loan could be the answer. A cash advance is a short term advance of funds that is guaranteed by the borrower’s next paycheck. These transactions are given to those who are gainfully employed and can prove their employment. These loans can serve as an option for those individuals that are in need of financial assistance and need cash in hand.

Payday advances are not federally regulated in the United States of America and are instead regulated and managed on a state level. Each state either provides legislation regulating these small personal loans or has no specific legislation about the loans. While some states outlaw these loans, the majority of states allow them and provide rules and legislation to protect both the borrower and the lender. In the state of Texas, there are laws that regulate the way the loans are handled. The laws in Texas set a maximum on the amount of time a loan can be taken for as well as the amount of money that a loan can be taken for. The laws in Texas also regulate the amount of interest that can be charged and whether or not the loans can be rolled over.

How To Obtain A Payday Loan

Once you have decided that you are in need of a Texas payday loan for temporary financial assistance, there are some pieces of information that you should know. For a potential borrower, the first step in the cash advance process is finding a lender who best suits your needs. A lender can be found either locally in the state of Texas or online. Online lenders can provide a loan quickly and easily, as the cash amount can be deposited directly into the bank account of the borrower. When the time comes for the borrower to repay the loan amount and any additional fees and interest, the amount can be repaid to the lender via electronic transaction.

Once a Texas payday loan company has been found, they will generally need a few things from a potential borrower in order to assure that the cash will be repaid and that the loan will be given legally. Although the items that a lender might require can vary between lenders, a potential borrower will generally need to provide the following:

  • Personal identification (the borrower can use a state issued I.D. card such as a driver’s license or other form of photo identification).
  • Proof that the borrower is employed (this is provided though pay stubs or bank receipts showing past payments).
  • A valid checking account (some lenders require that the borrower has had a valid checking account for at least three months).
  • Repayment security (this is usually a postdated check or authorization for withdraw of funds from the borrower’s bank account).

Regulations For Applying For A Payday Loan in Texas

Once again, payday loans are legal in the state of Texas and they are also regulated. A borrower in the state of Texas can find a lender with a local storefront, or they can use an online lender. The total amount of cash that one individual can have cannot exceed $500 and rollovers are not permitted. These laws protect both the borrower and the lender.