Make sure you know what you’re getting when you take out a short term loan in Laredo
If you have a financial emergency and less than perfect credit, you may be consider a short term loan. This guide will help you navigate the laws and ordinances around short term lending in Laredo.
Are payday loans legal in Laredo?
Yes, payday loans are legal in all of Texas. Financial Code Ann. §341.001, §342.007 and §342.008, §342.251 et seq., §342.601 et seq., §393.221 et seq. and §292.604 et seq., as well as §83.6004 and §83.1001 et seq. all govern short term lending in and outside of Laredo. These laws apply to lenders who operate in store, online and over the phone.
If you need to report a lender, you can file a complaint with the Texas Office of Consumer Credit Commissioner.
Check into Cash Loans
Check into Cash allows you to directly apply for a payday loan and have your cash when you need it.
- Min. Loan Amount: $50
- Loan Term: Varies by state
- Turnaround Time: 1–2 business days
- Total Costs: Varies depending on the amount and your state of residency.
- Must be 18+
- No security needed
- Confidential and secure
Consider these lenders for a short term loan in Laredo
Check out these short term lenders to see if they operate in your state:
Why a short term loan in Laredo might work for you
- Easy application. Whether it’s in person or online, you can complete an application in as little as five minutes, and get a decision shortly after.
- Get cash fast. Funds will be sent to your account via ACH in as little as one business day if you apply online. If you apply in store, you could walk out with your cash on the same day.
- Poor credit accepted. Short term lenders focus on your current financial situation, rather than your past. This means that as long as you meet the basic eligibility criteria, your credit score will probably not hinder you.
Is there any protection when you take out a short term loan in Laredo?
- Rollover. If you’ve paid off at least 25% of the original amount of your loan you may refinance it up to three times.
- Loan amount. Loans cannot total to more than 20% of your gross income.
- Loan term. There is a seven day minimum for loan terms.
Here's how much a short term loan might cost in Laredo
Lucas had an emergency medical bill pop up that he couldn’t pay outright, and that he couldn’t set up payment plans for. A small mistake in his past meant that his credit wasn’t perfect, so he couldn’t take out a personal loan. In order to pay the bill off in time, Lucas decided to take out a short term loan.
He applied online for a $700 loan, which would be due in two weeks when he was paid next. The lender made it clear that there would be a fee of $178.35 before Lucas agreed to the loan.
On his next payday the total amount due was debited from his checking account. Because the payment was made automatically, Lucas had to budget for the extra expense.
If his payment was late, there would be a fee of $35, and if he had insufficient funds when the lender debited his account, he would have received a non-sufficient funds (NSF) fee of $30.
Need to apply for a short term loan in Laredo? Here’s how
Before you apply, there are some basic eligibility requirements you will have to meet:
- At least 18 or older
- American citizen or a permanent resident of the US
- Steady source of income
- Checking account for online applicants
In order to complete the application successfully, you’ll have to provide some personal information:
- Your name, home address, email address and phone number
- Your date of birth, social security number and an acceptable form of ID
- Your employer’s name, address and phone number
- Details about your income
- If applying online, your checking account details
Short term loans near you in Laredo, Texas
Short term loan offices near you in Laredo
If you’d like to apply for a short term loan in Laredo by visiting a physical store, here are some of your options:
- Fast and Easy Payday Loans. 602 Lafayette St, Laredo, TX 78041
- Speedy Cash. 2119 E Saunders St, Laredo, TX 78041
- Star Loans of Texas. 2108 Chihuahua St # 5, Laredo, TX 78043
- Texas Car Title & Payday Loan Services, Inc. 4301 McPherson Rd, Laredo, TX 78041
- Western-Shamrock Finance. 4501 McPherson Rd, Suite 15 A, Laredo, TX 78041
Where else are payday loans available?
Compare payday loans in your state
There may be better personal finance options for you
Short term loans can be good in an emergency, but they may not fit your needs.