Baytown, Texas is 23 miles E of Houston, Texas. Baytown is characterized as a industrial city with good prospects. Lee College is located nearby. Total population is 76,581. 50.4% – male portion, 49.6% – female one. Median age is 33. $64,110 is median income per family. 16% is the rate of citizens living below poverty line. 45% is the rate of issued payday loans in Baytown, Texas. Median gross rent is $924. Median house cost is $111,800. Standard Zip codes are 77521, 77520, 77523. Time zone is America/Chicago.
What are payday loans Baytown, TX?
Payday loans Baytown, TX are a product of MFOs (microfinance organizations), implying the issuance of a small amount to the client for a short term. In the people, microloans are more often called short-term loans, since the average loan term varies within 31 days.
It is worth noting the positive arguments in the design of a microloan. This is a great chance to get a positive response from creditors, quick loan processing, where the procedure takes 20-30 minutes, a minimum package of documents. In addition to the traditional monthly payment, the client can fully repay the loan at the end of the term. In case of repeated treatment, creditors can soften the conditions for the client. Lower the rate, increase the repayment period, increase the loan amount. Also, the client can change his credit history for the better by taking out a payday loan Baytown, TX and paying it back on time. Therefore, many people are satisfied with such terms of a payday loan.
Stages of issuing a short-term loan
- Preparation of the application. This can be done without leaving home, having only a device for accessing the Internet and free access to the network.
- Filling out the borrower’s application. You only need to be an adult citizen of Texas and have a valid ID. Even students, pensioners and the unemployed can apply for an online loan.
- Sending an application for review. Unlike banks, which can check you for up to 3 days, MFIs give an answer within 15 minutes.
- Depositing funds. Immediately after a positive decision to issue a loan, the money is credited to your card.
How payday loans affect credit history?
The impact of payday lending on credit history does not differ from that in the case of bank lending. Since all transactions are registered in the credit bureau, data on the borrower’s payment discipline are entered into the general history along with any other types of official debts to creditors.
Timely or early repayment of debts to MFOs contributes to the improvement of credit history. Considering the application, representatives of banks first look at the debts of recent years, and only then – at the debts that were issued long ago.
Overdue payments, uncovered debts, on the contrary, worsen credit score. After all, MFIs, as a rule, issue loans up to $2,500. And if a person cannot repay an amount equal to a monthly salary on time, it means that he cannot be trusted with a greater loan.
Types of payday loans
There are two main types of urgent microloans.
Small loans in cash
To get such an instant loan, you will need to personally visit the office of a microfinance company and apply for a small loan without checking your credit history. The credit agency makes a decision, as a rule, quickly – within an hour. From the documents, it is usually enough to show an ID. The money is issued immediately in cash.
In some financial organizations, it is necessary to call and schedule a visit before applying.
For people who for some reason cannot visit the office in person, there is an additional service – calling a loan specialist at home. After receiving the application by phone, the financial agent comes to the client at the specified address and issues a payday loan urgently without refusal in cash. A loan agreement is drawn up and money is deposited on hand.
The second type of small loans is payday loans online. With the development of Internet technologies, it becomes easier to borrow a small amount. To get an urgent loan to the card online, you need to register on the microfinance company’s website, fill out an application for a small loan in your personal account. The organization makes a decision to issue money within 15 minutes. After that, the funds are transferred to the bank account specified by the client within one day.