Find the Best Payday Lenders in Waco, TX

Payday lending is illegal and unavailable to consumers in some states. Payday loans usually have very high interest rates and carry risk. As with any loan, consumers should have a clear understanding of the fees, terms and conditions of any payday loan before borrowing.

How to get a payday loan in Waco

A payday loan is a short-term, high-cost cash or check loan. These loans are usually in small amounts, although Texas does not limit how much can be borrowed. A payday loan typically must be repaid in one single payment by the borrower’s next payday (two to four weeks from contract signing). Repayment can be by check, cashier’s check or electronic debit.

About eight percent of residents have taken out payday loans in Texas. Here are common payday loan requirements:

• Active checking account
• Proof of income
• Valid identification
• 18 years or older

In Texas, customers typically pay a $23 fee for every $100 borrowed. You may also hear it referred to as a 23 percent interest charge. This is not to be confused with your annual percentage rate (APR), which is used as a way to compare the cost of a loan from one company to another. For example, that 23 percent interest rate would add up to a whopping 574 percent APR for a two-week loan.

Not all lenders have the same fees; there are some low-interest rate payday loans in Waco. To find the best rate, you should compare options from a variety of lenders, including online and storefront payday lenders.

Online payday loans are quick and convenient but susceptible to scams. Storefront payday lenders are a more traditional option if you have questions you want answered in person. You can find out if a payday company is legitimate by checking customer reviews and verifying their listing with the Better Business Bureau.

However, a payday loan may not be the right solution for you. Here are alternatives when you need cash fast:

• Ask a relative or friend
• Open a low-interest credit card
• Ask about a payment plan with your creditors
• Take out a personal loan
• Request a paycheck advance

Here are commonly asked questions about payday loans in Waco:

Are payday loans legal in Texas?

Yes. Texas has very weak laws regulating payday loans. There are no legal limits to maximum loan amounts, maximum finance rates and fees (for Credit Access Businesses, such as payday loan companies), finance charges or APRs.

If you live in Waco, can you get a payday loan with bad credit?

Can you go to jail for not paying back a payday loan in Waco?

No. Failure to pay back a loan is not a criminal offense and it is illegal for a lender to threaten a borrower with arrest or jail time. The Consumer Financial Protection Bureau says that anyone who is threatened with arrest by a payday loan lender should contact the state attorney general’s office