If you need money fast, a cash advance in Brownsville, Texas may be just what you need. Payday loans provide quick cash and can be anywhere from $100 to $1,000. This helps many people to cover anything from an unexpected medical expense to an overdue utility bill. Read on and learn all that you’ll need to know to make a well informed decision about getting a cash advance in Brownsville.
To get a payday loan, you will need proof of income (a pay check stub), proof of owning a bank account (a recent bank statement), and photo identification that proves you are over 18 years old. Credit history is usually not a factor in getting a payday loan; a regular paycheck is.
Once you are approved, the lender will request a check for the amount borrowed, plus fees. This check is only cashed if you do not pay the loan back by the due date. If you get a cash advance in Brownsville and are unable to repay the loan there are two options to prevent the lender from cashing your check and creating overdraft fees.
The first option is to call the lender as soon as you realize that you are unable to repay the lender by the due date and let them know your situation. The lender may be able to work with you and make a payment plan.
The second option is a rollover. A rollover is a method a lender can legally use to give a borrower more time to repay a loan that is owed. The old loan is repaid with a new loan using the same amount of money. New fees and charges are then added to the new loan.
This is viewed by most financial experts as a trap for borrowers because these loans only increase debt owed to lenders. Rollovers should only be used when there are no other viable options to repay the loan.
Each state has their own rules and regulations regarding payday loans. Texas was one of the first states to legalize cash advance loans. There are currently no limits on the amount of money a person can borrow in Brownsville, Texas. Texas does have laws that cap the interest rates on a cash advance in Brownsville.
It’s vital to be up to date on the rules and regulations of each state so that lenders will not take advantage of borrowers. Lenders have no right to threaten borrowers with criminal action if they are unable to repay their loans. Borrowers can’t be prosecuted on criminal charges for the inability to repay a loan. Loans are a civil matter.
In conclusion, a cash advance in Brownsville can be a quick and hassle free way to get cash when you need it most.