Learn the ins and outs of payday lending in Dallas
When you’re struggling to pay the bills, a short-term loan may be what you need to make it through. Take a look through this guide to see if there is a loan that will work for you.
What are the regulations for payday lending in Dallas?
Dallas has passed local ordinances in order to protect borrower which requires all credit access businesses (CABs) that operate within city limits to register with the city of Dallas. Outside of city ordinances, there are a number of laws that govern short-term lending in the state. These laws apply to lenders that operate in-store and online.
While there is no limit on how much you can borrow, it’s best to only take out as much as you need. Payday lending can lead to a cycle of debt that is hard to climb out of. The less you take out, the better your chances of repaying your loan.
Every city is differentIn order to combat the high costs of payday loans, Texas cities have taken it upon themselves to limit the amount lenders can charge and what lenders must do to protect borrowers. These ordinances differ by city, so check your local laws before borrowing.
Because of this, many large payday lending chains will go through local lenders when you apply online. Check your contract and the lender’s website if you’re unsure where your loan is coming from.
Consider these lenders for short term loans in Dallas
Why a short term loan in Dallas, Texas might work for you
- Easy application. Most payday lenders have a simple application process that guides you through the questions you’ll need to answer and what information you’ll need to give. Usually, these can be completed in a matter of minutes.
- Restrictions on rollovers. You must pay at least 25% of the loan principal before you roll over you loan. This is to keep you from accumulating large amounts of interest when you’re already struggling to pay back what you owe.
- Variable acquisition charges. How much you’re charged in acquisition fees depends on how much you borrow. You can read more about this on our Texas state page.
Struggling to make it work after a bad accidentAfter Zach totaled his car, he didn’t have much money to get to his next paycheck. A few days after the accident, he paid his water bill and knew he would need some financial assistance. Since Zach’s credit cards were maxed out, he applied for a payday loan with a local lender.
Zach borrowed a loan of $100, which he would need to pay back by his next paycheck in two weeks. The loan contract clearly stated that he would need to pay back $128.38, which included an acquisition fee, a monthly maintenance fee and interest.
On his next payday, the lender debited his account directly since Zach approved an automatic payment during the application process. Zach had enough money to pay back the loan in full and didn’t have to worry about rolling over the loan or taking out another to cover the expenses.
Here’s how to apply for a short-term loan in Dallas
Before you apply, there are some basic eligibility requirements you will have to meet: be at least 18 years old, have a regular source of income and be a citizen or permanent resident of the US.
Although all applications differ, you’ll likely have to provide personal information, including your name, email, Social Security number and your gross monthly income. If you’re applying online, you’ll likely be required to give the lender access to your checking account so it can deposit your loan and debit the payment when it’s due.
Short-term loans near you in Dallas, Texas
Here’s where you can get a short-term loan in Dallas
- Advance America. 5521 Greenville Ave, Ste. 106-B, Dallas, TX 75206
- Atlas Credit Co., Inc. 222 W Jefferson Blvd B, Dallas, TX 75208
- Cash Store. 13249 Montfort Dr, Dallas, TX 75240
- CashMax Title & Loan. 5200 Lemmon Ave #106, Dallas, TX 75209
- Check ‘n Go. 2427 W Kiest Blvd, Dallas, TX 75224
- Check-N-Title Loans. 3211 W Northwest Hwy, Dallas, TX 75225
- Dallas Payday Loan Services. 2618 Main St, Dallas, TX 75226
- Power Finance Texas. 8500 N Stemmons Fwy #4040, Dallas, TX 75247
- Speedy Cash. 10201 Lake June Rd, Dallas, TX 75217
- Texas Car Title & Payday Loan Services, Inc. 4018 W Camp Wisdom Rd, Dallas, TX 75237