Know the laws in Longview to prepare yourself before taking on a short-term loan.
Payday lending can be complicated, so when you’re in need, take a moment to review the ordinances set by Longview to protect you from predatory lenders. And when you’re ready to borrow, consider both your online and in-store options to get started.
How are payday loans regulated in Longview, Texas?
Payday loans are regulated under a number of financial codes throughout Texas and a set of ordinances specific to Longview. Because of the regulations, you’re unlikely to borrow directly from a lender, but rather go through a Credit Access Business (CAB).
Longview’s local ordinances require CABs to register every year with the Longview police department, maintain a record of all transactions, verify borrowers’ income, display a Certificate of Registration and provide borrowers with nonprofit agencies.
As far as the loan you borrow, you can only borrow up to 20% of your gross income. Your term may be no shorter than seven day. And if you’re unable to repay on the due date, you can refinance up to three times after you’ve paid off at least 25% of the original loan amount.
Consider these lenders for a payday loan in Longview, Texas
Why a payday loan in Longview might work for you
- Easy application. Applications can take as little as five minutes, and you can get a decision shortly thereafter.
- Get cash fast. If you apply and are approved in store, you can walk out with your cash same-day. It typically takes one business day to transfer your funds via ACH if you apply online.
- Poor credit accepted. Most short term lenders focus more on your current financial situation, rather than your credit score. As long as you meet other eligibility criteria, it’s likely that poor credit won’t impact their decision.
How to apply for a payday loan
You can find payday loan stores throughout the Longview area, and there are also multiple lenders that work online. If you want to complete an online application, follow these steps:
- Compare your payday loan options in the table above and click Go to Site when you’re ready to apply.
- Fill out your application with details about yourself, including your Social Security number and bank account details.
- Provide information about your employment status and income. You may have to send proof to your lender.
- Submit your application and wait for an approval notification. It may take a day or two to fully process your application.
To be eligible, you’ll have to meet a few basic requirements:
- You must have a steady source of income
- You must be a US citizen or permanent resident
- You must be at least 18 years old
A map of payday loan locations in Longview, Texas
Where to find payday loans in Longview, Texas
Here are loan offices locations in Longview:
- Community Loans of America, Inc. 1421 W Loop 281 # C, Longview, TX 75604
- Covington Credit. 308 TX-63 Spur, Longview, TX 75601
- Rapid Payday & Title Loans. 1614 Judson Rd, Longview, TX 75601
- Texas Star Title & Loans. 2199 Gilmer Rd, Longview, TX 75604
- Western-Shamrock Finance. 306 TX-63 Spur, Longview, TX 75601
What are my other short-term loan options?
Because Texas has very few regulations when it comes to short-term loans, you’ll also be able to borrow installment loans and auto title loans when you live in Longview.
- Installment loans. Installment loans work similarly to payday loans, but you’ll have multiple months to pay off what you borrow. This can make it easier to repay, but you will likely pay more in interest than with a payday loan.
- Auto title loans. Auto title loans use your vehicle’s title as collateral, which generally makes them cheaper than other short-term loans. Texas also has a few regulations you should be aware of, however, you still risk losing your car if you default.
You may also want to
consider a personal loan if you’re looking to improve your credit and have a steady source of income.
If you live in Longview, Texas and are looking for a payday loan, it makes sense to know the regulations of Texas before you borrow. Make sure your lender follows the ordinances listed above, and always consider your payday loan alternatives in addition to a short-term loan.
Frequently asked questions
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