Do You Need a Payday Loan in Arlington?
An OppLoans Guide to Getting The Help (and The Loan) You Need
Life in Arlington can be costly. Every now and then we all experience financial strain that we never saw coming. A sudden medical bill, loss of a job, a car accident, these are all financial setbacks that can make it difficult to put food on the table. These challenges can be even more difficult to handle if you don’t have a credit card or can’t get a loan from a traditional bank. Luckily, there are programs and organizations in Arlington that can help people in tough situations so you don’t have to resort to a title or payday loan.
If you need help and don’t know where to turn, maybe you just need a little direction on where to look.
Borrowing Money in Arlington
There are several ways to get money quickly in Arlington. There are loans available online and at storefront lenders all over town. A lot of these places will advertise that they can get you cash fast. In reality a lot of these loans can be dangerous and make your financial situation worse. Choose your loan option carefully and find the one that’s right for you; below are some of the loans you should use caution when considering.
Payday Advance Loans in Arlington
A solution that likely only leads to more debt.
There are plenty of fast cash options available in Arlington. One option is a payday loan. Payday loans can get you money quickly, but in fact they usually lead to more debt.
How do payday loans work? You get a small, short-term cash loan that you pay back on your next payday. It may seem straightforward, but these loans often lead to more debt because they are almost completely unregulated in Arlington. Without much regulation, payday lenders can charge excessive fees and interest rates.
Similar to title loans, Texas has created few laws to curb the predatory lending that takes advantage of low-income earners. Due to this lack of regulation, payday loans in Arlington can cost you double what they cost in other states.(2) Due to the high cost of these loans, a lot of borrowers cannot pay them back on time. These borrowers are then forced to take on fees to extend the loan. This is how people often get deeper in debt through payday loans. Unfortunately for many who pursue these loans, the cycle of debt continues.
In some cases in Texas, it’s even possible for a borrower to receive jail time for falling behind on payday loan payments.(3)
Don’t get caught in a predatory loan. Explore your options before choosing where to get cash in Arlington. If you already have a payday loan, or you have questions contact the Texas Fair Lending Alliance.
Title Loans in Arlington
Using your car as collateral is extremely risky.
Most folks in Arlington depend on a car to get around. Chances are you depend on your vehicle to get to work. Taking out a title loan could mean losing that vehicle you rely on to get where you need to go. Here’s why car title loans are a bad idea.
If you own a car getting a title loan in Arlington is easy. The lender uses your vehicle as collateral, so having bad credit won’t necessarily affect your chances of getting a title loan. If you miss payments, the lender has the option to seize your car. This is what’s known as repossession.
You don’t just risk your vehicle with a title loan; you also pay extremely high fees and interest rates. And Texas is one of the few states that have not taken steps to regulate these loans according to the Texas Fair Lending Alliance.(1)
There are better loans available, so you’d do best to avoid title loans. There are other options that won’t bury you deeper in debt and cause you to lose your ride.
Pawn Shops in Arlington
Fast cash at the risk of losing valuable possessions.
Arlington’s pawn shops are another speedy way to get a small sum of cash. Pawn shops are a common sight around town. Pawn shops are filled with used items for sale, but it’s important to remember that all of those items are being sold because people couldn’t afford to pay their pawn shop loans.
All that a pawn shop loan requires in Arlington is a valuable to use as collateral. The pawn shop lender will appraise your item and offer you a cash loan, the loan is usually for much less than the item is worth. These loans are usually short-term, 30 days is the standard amount of time you have to pay the loan back. If you don’t pay in time, the pawn shop is then allowed to sell your possession to recoup their money.
You don’t have to risk losing your valuables to get quick cash in Arlington. Direct any questions about pawn shop regulations to the Consumer Helpline of the Texas Office of Consumer Credit Commissioner at (800) 538-1579.
Texas Subprime Reports
See more local Texas guides below:
- “Avoid Dangers of Car Title Loans” Financial Web. Accessed February 17, 2016. https://www.finweb.com/loans/avoid-the-dangers-of-car-title-loans.html#axzz3zhpCrDsG
- “FAQs” Texas Fair Lending Alliance. Accessed February 17, 2016 https://www.texasfairlending.org/resources/faqs/
- Walsh, Ben. “Texas Is Throwing People in Jail for Failing to Pay Back Predatory Loans.” Huffington Post. December 29, 2014. Accessed February 17, 2016. https://www.huffingtonpost.com/2014/12/29/texas-payday-lending_n_6355602.html.
*OppLoans is not affiliated with any of the programs, services or organizations referenced on this page.