Irving Payday Loans
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Life in Irving can be a wonderful thing: access to all the sports, culture, food and fun of living in the big city without all the hassles of actually have to live in the big city. Both safe and quiet, Irving is home to wonderful parks, golf courses, restaurants and natural beauty. But life in Irving can also be very hard for some, especially those lacking in money and resources. One car accident or loss of a job could lead them down the path to financial ruin. Not to mention that they also are less equipped to deal with larger problems like drug addiction, mental illness or elder care. Fortunately, there are resources in Irving and the surrounding area where these people can find help. From personal loans to low-cost healthcare to drug and alcohol rehab clinics to services that help America’s veterans, there is always somewhere that people living in Irving can go to receive assistance.
Borrowing Money in Irving, Texas
Sometimes, all you need to get through a rough patch is a personal loan to pay the expenses. Unfortunately, people with low incomes or poor credit histories might have a hard time finding a lender in Irving that won’t take advantage of them. There many kinds of personal loans like payday, car title and pawnshop loans that could end up putting someone in a worse financial position than when they started. Issuing these kinds of loans is often referred to as predatory lending. These lenders capitalize on a person’s lack of options and trap them in a cycle of debt. In Texas, lenders can even have people thrown in jail for defaulting on certain kinds of loans. Before taking out a personal loan in Irving, it’s a good idea to know what kinds of loans to watch out for and what loans will actually help you get out of a financial jam.
Payday Advance Loans in Irving
These high-interest, short-term loans are convenient but dangerous.
The industry for payday and title loans brings in a little under 6 billion dollars per year in Texas.(1) But just because the business is profitable for the people making the loans doesn’t mean that it’s beneficial for the people getting them.
A payday loan is rarely for more than a few hundred dollars. In order to secure one, usually all the borrower has to do is write a check to the lender that’s post-dated till they receive their next paycheck. The terms on these loans are usually one month or less, with the average being approximately two weeks. The problem with these short payment terms is that they can make for some incredibly high annual percentage rates (APRs). On a 14-day loan in Texas, the APR can sometimes be over 500%, which is way above the APR on a standard personal loan.(2)
When a person isn’t able to pay back their payday loan on time, the lender might offer to roll the loan over. This means that they extend the terms of the loan and charge the borrower an additional fee. This process is how people can get trapped into a cycle of debt. They aren’t able to pay off the high interest in such a short amount of time so they keep rolling the loan over. Eventually, they roll the loan over so many times that they owe way beyond what they can actually repay.
Rollover is banned in many states but it is still legal in Texas. Plus, a legal loophole allows lenders to have a person who defaults on their payday loan thrown in jail.(3) If you have a complaint against a payday lender in Irving or would like more information, contact the Texas Office of Consumer Credit Commissioner at (800) 538-1579 or the Consumer Financial Protection Bureau at (855) 411-2372.
OppLoans Online Loans
Apply for a loan online at OppLoans, get money in your account as soon as tomorrow, and pay back the loan in monthly installments. OppLoans is a state licensed, direct hard-money lender.
See more local Texas Subprime Reports below:
Arlington Payday Loans | Austin Payday Loans | Dallas Payday Loans | El Paso Payday Loans | Fort Worth Payday Loans | Houston Payday Loans | Irving Payday Loans | Killeen Payday Loans | McAllen Payday Loans | Plano Payday Loans | Round Rock Payday Loans | San Antonio Payday Loans | Tyler Payday Loans | Waco Payday Loans
- “Pulling Back The Curtain: Shining A Light on Payday and Auto Title Loan Businesses in Texas.” Texas Appleseed. Accessed February 9, 2016. https://www.texasappleseed.org/sites/default/files/Pulling Back the Curtain_0.pdf
- “Texas State Information.” PayDay Loan Consumer Information. Accessed February 9, 2016. https://www.paydayloaninfo.org/state-information/51
- Hicken, Melanie. “In Texas, payday lenders are getting borrowers arrested.” CNN Money. Accessed February 9, 2016. https://money.cnn.com/2015/01/08/pf/payday-lenders-texas/
- “Texas Pawnshop Rate Chart – July 1, 2015 to June 30, 2016 Only.” Texas Office of Consumer Credit Commissioner. Accessed February 9, 2016. https://occc.texas.gov/sites/default/files/uploads/interest/p-rate-16.pdf
*OppLoans is not affiliated with any of the programs, services or organizations referenced on this page.