Editor's choice: OppLoans Installment Loans
- Easy online application
- Quick approval
- Long repayment terms
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You might be facing a financial situation that’s out of your control. An unexpected bill can be difficult to get over when you’re already struggling to keep up with your regular expenses. A payday loan is designed to help in this situation. Read our article to find out how you can use one as a quick patch to get you by when you’re in need.
Payday loans in San Antonio are governed by multiple Texas laws, the main one being Texas Financial Code Ann. §§342.251 et seq. Loan terms vary depending on how much you borrow, but can be broken down as follows:
There isn’t a limit on the amount a lender in Texas can charge in the form of financing fees, but acquisition charges depend on how much you borrow. If you default on your loan, you’ll also be responsible for collection charges.
Read your loan contract carefully before signing to be sure you can afford the full cost of your loan.
Because Texas has failed to pass legislation that would help control payday lending in the state, many cities have taken it upon themselves to enact ordinances that control credit access businesses (CABs).
In San Antonio, consumers can borrow no more than 20% of their gross monthly income. All loan contracts must include a bilingual form that states how payment and interest works and the alternative options to payday loans. Additionally, you may renew a loan three times but must first reduce the principal by 25%.
These ordinances are designed to help protect people from predatory loans that attempt to trap consumers in a cycle of debt.
Application forms vary from lender to lender, but you’ll generally need the following details on hand to complete your application.
Lenders often require that you be at least 18 years old, have a regular source of income and that you are a citizen or permanent resident before they will issue you a loan.
If you’re looking for short term loan lenders in San Antonio that operate out of storefronts, here are some options:
This South Texas lender offers business loan basics, and has almost no information available online.
You won’t be able to apply for a new loan unless you’re a returning customer.
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Though fast, it’s not up front about rates and fees.
Find out what short-term loans and other services are available where you live.
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With storefronts in nearly half of the US, you may be able to get cash the same day you apply.
With stores spread across 14 states, you can apply for a short-term loan, cash checks and more.
Apply online or at 10 branches across the Lone Star State — but watch out for high APRs.
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