If you’re short on cash and can’t wait until your next paycheck, a payday loan may be a short-term solution. Before signing any contract, be sure to understand the loan term and APR of payday loans. Our partners at ConsumerAffairs researched the best payday loans in Waco to help you find a reputable company.
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A payday loan is a short-term, high-cost cash or check loan. These loans are usually in small amounts, although Texas does not limit how much can be borrowed. A payday loan typically must be repaid in one single payment by the borrower’s next payday (two to four weeks from contract signing). Repayment can be by check, cashier’s check or electronic debit.
About eight percent of residents have taken out payday loans in Texas. Here are common payday loan requirements:
Active checking account
Proof of income
18 years or older
In Texas, customers typically pay a $23 fee for every $100 borrowed. You may also hear it referred to as a 23 percent interest charge. This is not to be confused with your annual percentage rate (APR), which is used as a way to compare the cost of a loan from one company to another. For example, that 23 percent interest rate would add up to a whopping 574 percent APR for a two-week loan.
Not all lenders have the same fees; there are some low-interest rate payday loans in Waco. To find the best rate, you should compare options from a variety of lenders, including online and storefront payday lenders.
Online payday loans are quick and convenient but susceptible to scams. Storefront payday lenders are a more traditional option if you have questions you want answered in person. You can find out if a payday company is legitimate by checking customer reviews and verifying their listing with the Better Business Bureau.
However, a payday loan may not be the right solution for you. Here are alternatives when you need cash fast:
Ask a relative or friend
Open a low-interest credit card
Ask about a payment plan with your creditors
Take out a personal loan
Request a paycheck advance
Here are commonly asked questions about payday loans in Waco:
Are payday loans legal in Texas?
Yes. Texas has very weak laws regulating payday loans. There are no legal limits to maximum loan amounts, maximum finance rates and fees (for Credit Access Businesses, such as payday loan companies), finance charges or APRs.
If you live in Waco, can you get a payday loan with bad credit?
Yes. Waco payday loan lenders do not typically check your credit score in order to approve loans.
Can you go to jail for not paying back a payday loan in Waco?
No. Failure to pay back a loan is not a criminal offense and it is illegal for a lender to threaten a borrower with arrest or jail time. The Consumer Financial Protection Bureau says that anyone who is threatened with arrest by a payday loan lender should contact the state attorney general’s office
Speedy Cash offers “speedy fast” online or in-store Waco payday lending approval, with loans reaching up to $3,000. Texas customers say Speedy Cash’s customer service is outstanding and the experience is simple and easy. Borrowers also appreciate Speedy Cash’s clear terms and conditions, with no hidden fees or surprises.
Since 2004, CashNet USA has helped more than 3 million customers handle financial emergencies with reliable, trustworthy service. Texas customers can get approved for payday loans up to $850 and receive same-day funding with CashNet. CashNet’s in-house customer service team is also available seven days a week to help answer customer questions.
Check Into Cash
Check Into Cash’s payday loans in Texas range from $50 to $1,500 and can be approved in minutes and money can be received in stores immediately. Customers can go online to review Check Into Cash’s rates and get pre-approval, or get a quote by phone. This transparency, coupled with its 20 years of experience and A+ BBB rating, makes Check Into Cash a trusted name in the industry.
Our partners independently research and analyze the companies mentioned in our guides and work with subject matter experts to add valuable information that helps consumers make smart purchase decisions. Our partners will not include companies on these guides that do not meet specific quality standards. The compensation we receive from our partners may impact how and where companies appear on our site, including the order in which they appear.
Our partners independently research companies, and use editorial discretion to award companies with special recognition (i.e. Best Value) based on their staff’s judgement or subject matter expert’s judgement. Our partners do this to help you identify companies that will meet your specific buying needs, and do not receive compensation for these designations.