San Marcos Texas is located nearby the I-35 between Austin and San Antonio. Total population counts 63 220. 34.7% is the poverty rate. 54% is the rate of issued payday loans in San Marcos, Texas. Median age is 24. Median family income is $40,370. The median monthly rental costs in recent years is up to $1,064. ZIP codes are 78656, 78666, 63836.
What are payday loans San Marcos Texas?
Payday loans San Marcos Texas are a product of a microfinance organization (short-term loan), involving the issuance of a small amount of money (usually up to $2,500) to individuals and legal entities for up to 30 days at a certain percentage based on a loan agreement. Currently, the interest rate on payday loans is limited to 1-2% per day.
Who will be approved for a payday loan?
Many payday lenders cooperate productively with all clients whose candidacy meets the following requirements:
- be at least 18 years old;
- be a U.S. citizen;
- be employed and have a reliable source of income;
- have a checking account;
- have a valid email address and phone number.
Compliance with the above parameters will increase the likelihood of issuing a loan.
Why can they refuse?
Online lenders approve up to 99% of applications, even to those who are rejected by all banks. In any seemingly hopeless situation, you can take out a payday loan San Marcos, TX. However, refusals still happen in rare cases.
The reasons are as follows:
- mistakes or typos in the application;
- availability of another loan in the same MFI. The second loan, if already issued, can only be issued by a Borrower, and then provided that the term of the first one is coming to an end.
- not expired criminal record;
- low credit rating and poor credit history, and the borrower requests the maximum amount. Although in this case they usually do not refuse, but offer a smaller amount. To get the right amount, you can apply to 3-4 MFOs at once. It will also increase the chances of approval – someone will definitely approve. After successful repayment of the loan, the credit rating will rise.
- open delinquencies. Usually, their presence does not frighten payday lenders, but some may refuse if there are a lot of them and for a large amount. It makes sense to start with the issuiance of $2,500 (they are given to almost everyone) and return them in time to get the status of a reliable client.
How to apply for a payday loan?
- Choose an MFI (or preferably several (up to 4-5) to increase the chances of approval).
- Read the terms and rates and calculate the future loan using an online calculator. If you have any questions, you can call the company or write in the chat.
- Click “Checkout”, “Receive” or something similar.
- Fill out the application. If you contact a company that cooperates with Public Services, you can register through a gosportal account. In this case, all data will be automatically transferred to the questionnaire. In addition, the chances of approval will increase even more, such clients are trusted.
- Submit your application for review and receive a response in a few seconds/minutes. Usually it comes in text/email (sometimes by e-mail or in your personal account on the MFO website).
- Sign the agreement electronically and receive the money.
Nuances of application
The speedy execution of the agreement and the consideration of applications is associated with certain risks – a microfinance organization may not receive the money lent to paycheck and incur losses. Therefore, the rate for such services is considerable. In order not to overpay too much, it is important to correctly calculate the loan term and compare several offers from various lending services.
The lending websites present for you a variety of pre-payday loans at a rate, time and consideration online from well-known credit institutions. Thanks to a convenient search engine, you will find the terms that will suit you. Check out the ratings and reviews, find out the nuances of signing a contract and, after preliminary consultation with managers, apply for a payday loan San Marcos Texas urgently and without additional checks. It is not difficult to solve the problem with the lack of funds now – referral services will help you.
Main advantages of payday loans
Short-term loans have many uses
Many types of loans, such as mortgages, car loans, and student loans, can only be used for one specific purpose. Payday loans in San Marcos Texas, on the contrary, can be used for any purpose.
You don’t need a deposit
Most personal loans do not require any collateral. This makes them a good choice for people who don’t have anything of value to pledge.
You can take out any amount
The usual loan sizes can be almost anything. You can get a lot more with this type of loan than with the help of banking products, but you can also use them if you have extra time and nerves.
The prices are reasonable
A payday loan is often cheaper than credit cards. For a borrower with a good credit rating, interest rates on this type of loan can be as low as 2% daily. On the other hand, credit cards usually charge at least 13% per annum, even for the most creditworthy customers.
You don’t need a big loan
You can apply for a personal loan, even if your rating is bad. Some lenders are willing to offer personal loans to customers with a low credit rating. These borrowers are likely to pay higher interest rates – up to 36% per annum. However, this is still much less than credit card interest, which is one of the most common options for low-interest borrowers.