You may find yourself short on cash for a variety of reasons. An appliance repair bill or an unexpected car breakdown can leave you needing funds before your next payday at work. A short-term loan may be the best answer, and it is very easy to obtain a cash advance in Mesquite. Before you apply, take a moment to familiarize yourself with the laws and regulations about this type of lending.
There are a good number of companies in the local area that offer payday loans, and they operate in physical store locations as well as through the internet. They abide by Texas state law when conducting cash advance procedures. You must be 18 years of age to apply for a cash advance in Mesquite, and you must show proof of current employment. In addition, you must have an open checking account and proper identification, such as a driver’s license or passport.
Loans made by these companies carry a term of no less than 7 days, and a maximum term of 31 days; the actual loan period for your cash advance will be determined by the date of your next payday from your employer. This is why you must present a recent pay stub when you apply for short-term financing. Good credit is not required for this type of lending procedure. You will be asked to write a postdated check for the amount of the loan plus any applicable fees. You will receive the loan either in the form of cash, or through a transfer to you bank account. Your postdated check will be used for repayment.
Texas law permits certain finance charges when taking out a cash advance in Mesquite. They are not to exceed $1 per $5 borrowed if the loan is under $30. For loan amounts between $30 and $100, a fee equaling one-tenth of the amount borrowed may be assessed. If the loan amount exceeds $100, the maximum fee that can be charged is $10. Lenders also reserve the right to charge a handling fee of up to $3.50 for loans under $35, a $4 fee on loans between $35 and $70, and a maximum of $4 per $100 borrowed for loans in excess of $70.
You cannot extend your loan past the due date, and there is a limit to the aggregate total of funds borrowed if more than one loan is active. If you decide to take out a cash advance in Mesquite is is important to remember that finance charges on such a loan are higher than you would expect from a traditional bank. However because the period of these loans is limited to 31 days and the actual finance charges and fees is preset, you will know the exact amount to be repaid when you apply.