Do you need money fast, but aren’t sure of the best place to get a payday loan in El Paso, TX? You might be surprised by your loan options.
Installment loans, for example, are straightforward funding. These loans give you money up front and you pay it back over time. Car loans, personal loans, and mortgages are some of the most common types of installment loans.
Payday loans, on the other hand, are short-term financing. Keep reading to learn more about payday loans, as well as what alternatives to payday loans are available in El Paso.
Before you get a payday loan, you’ll want to understand what they are and how they work.
Payday loans are short-term financing designed to help you get money fast. They’re commonly used to cover unexpected expenses, like an emergency car repair.
These loans can also help put a little extra cash in your pocket, such as for a vacation. Many payday lenders don’t check your credit.
This means payday loans with no credit check in El Paso, TX could be an option if you’re worried about credit approval and need money quickly.
The downside to a payday loan is the short repayment period. Most payday loans in El Paso require you to pay back the loan amount in full with your next paycheck.
You’ll also have to pay interest costs and fees. If you can’t afford to pay the full amount back, some lenders will let you roll the existing loan into a new loan. Be aware, however, that rolling your loan into a new one often comes with additional fees, and paying the minimum payment may only pay the interest rather than the actual money you borrowed.
You may have noticed payday loan offices in El Paso before, but you don’t have to visit a store to apply for a loan. Many lenders offer payday loans online in addition to in-person. Both options let you apply for a loan and get money quickly if you’re approved.
The big advantage of online payday loans is the chance to do more research before committing to a loan. When you shop for a payday loan online, you can check important information before signing up, such as:
Online loans deposit money directly into your bank account. Depending on your loan and bank, you may be able to access your funds in minutes, or it could take a few days. In-person payday loan offices often give you the option to take your loan in cash. This means there are no potential delays to get your loan funds.
You may notice that your payday or installment loan in Texas has two different businesses involved. In Texas, payday loans are made by Credit Access Businesses (CAB) and lenders. The lender provides the actual money for the loan and the CAB completes all of the administrative work to process the loan, such as collecting borrower information and approving the loan.
Except for Lender and CAB relationships, the state of Texas has little-to-no restrictions on payday loans. Unlike other states, Texas doesn’t limit the loan amount a lender can offer nor does the state place specific limits on the length of the term.
However, El Paso has local ordinances in place to help protect consumers from predatory payday loan practices. The restrictions to offer a payday loan in El Paso, TX include:
There are several local and national lenders offering payday loans in El Paso.
We put together a quick list of in-person cash stores and online payday loan lenders to help you evaluate your options.
Payday loans aren’t the right choice for everyone. Between the high-interest rates, unexpected fees, and short repayment time, payday loans can quickly become more of a hassle than a convenience.
The good news is there are great alternatives to payday loans in El Paso. Installment loan lenders like Possible Finance make getting the cash you need quick and easy, without the short repayment time frame. In addition to easier repayment options, installment loans often have lower fees than many payday loans.
Possible Finance offers fast disbursement on your short-term installment loan. Qualified borrowers can get up to $500 while spending less on fees than a traditional payday loan.
Other benefits of an installment loan from Possible Finance include:
Many traditional loans, such as a car loan, require you to have fair to good credit to be approved. If you’re dealing with bad credit and need cash quickly, the last thing you want to worry about is getting approved for a loan. Luckily, some payday lenders offer loans with no credit check.
If you’re looking for payday loans with no credit check in El Paso, TX, these loan companies may be an option:
Keep in mind, some lenders require a credit check to determine your eligibility for a loan. Your credit score is often used as a measure of how likely you are to pay back money that you borrow. By checking your credit score, a lender can decide if they believe you’ll be able to pay back your loan on time.
Credit scores, of course, don’t always tell the full story. If your credit is less than ideal, it can be difficult to find the funding you need. Lots of factors can cause you to have bad credit, but it doesn’t mean you shouldn’t be able to get money to pay for your needs.
Some online lenders, including Possible Finance, don’t require a credit check to get approved for a loan. Instead, these lenders ask for income verification to make sure you have the income to pay back your loan.
A payday loan gives you access to fast cash and often doesn’t require a credit check. However, high fees, short repayment terms, and high interest rates make payday loans a less appealing choice.
Installment loans from lenders like Possible Finance make it easy to get the money to cover financial needs with the repayment terms that fit your situation. With fast disbursement of loan funds and the ability to reschedule your payments, an installment loan from Possible Finance is a great choice over a payday loan in El Paso.
Fill out a loan application on our website or mobile app today!