Looking for a short term loan in Richardson? We can help. At Lone Star Cash Services, we help people find the money that they need to handle their financial emergencies. If you are ready to get your offer, just fill out the short form below. Even with bad credit, one of our lenders may be able to make you an offer. Let’s find out.

Happy about a payday loan in Richardson.

Payday & Cash Advances

These are the most common forms of short term loans in Richardson these days. Payday loans and cash advances are loans that are designed to be in low amounts and paid back quickly. Like the name says, most of these loans are paid back on the next payday. The great thing about these loans is that they are easy to get and net fund quickly. Even with bad credit, you can almost always qualify for one. The bad thing about them is that the fees can be high considering the short term of the loan. Still, if the fees are less than late charges or overdraft fees or this is the only source of money you have, it is a good option. To qualify, you will need a checking account, a job and a telephone. Simple right?

Why Payday Loans

There are so many advantages to a payday loan when you need emergency cash. The biggest is that it is quick to get. The quote form is super short and the decision making process is just as quick. Once approved, your lender will put the money directly into your bank account. This can happen as soon as the next business day.

In addition to the speed of these loans, there is another benefit. They are easy to qualify for, even with bad credit. The main requirements are a checking account and a source of income. With those two things, your odds of getting a loan are good.

The downside to payday loans is that the fees can be higher than normal loans. An example of a fee might be $15 for every $100 borrowed. So, borrow $300 and you will need to pay back $345 if that was your loan term. Not too bad but if you calculate it as an interest rate, it is sky high because of the short loan term. Around 400%.

That brings me to the other big drawback. Loan terms. These loans are usually meant to be paid back in just two weeks or less. That may nor may not give you enough time to get your finances back in order.

Personal & Installment Loans

With these loans, you may be able to get more money than a payday loan and you will have longer to pay it back. While still available to those with bad credit, they give you a lot more options. Because you can have longer to pay the loan back, it will fit into more budgets and be less stressful to pay back.

Why Installment Loans

The biggest reason to choose this type of loan is if you want to be able to pay it back over a longer period. With the cash advance loan, you have to pay the loan back in less than two weeks, in most cases. This can be difficult and is a reason that many people get into trouble.

Another strong reason to choose this type of loan is if you need more money than a payday loan allows. Those loans are limited in amount by the state and installment loans do not have the same limitations. In fact, you can get a quote for a loan as high as 50,000 dollars from the loan network.

Of course, you should only take out a loan for just the amount that you need to handle your problem in Richardson. The more you borrow, the more interest you will pay in the long run.

Frequently Asked Questions

  • ¬†Why are the fees so high with payday loans?
    Mainly it is because of the risk. Look at it from the lenders side for a moment. These are unsecured loans in Richardson with minimal credit checks that are issued quickly. Without the high fees, no lender would be crazy enough to get into this business. The fees might be high, but these loans fill a void for many, many people.
  • How long does it take to apply?
    When you apply online, it will take just a few minutes to apply and you will get your answer just as fast.
  • Why do I need a checking account?
    You need a checking account so that the lender can wire the money directly into your account and also pull the repayment money out directly at the end of the term.
  • When will my money be available?
    Most lenders will get your money to you on the next business day. If the next business day falls on a banking holiday you will need to wait until the following business day.
  • Can I take out more than one payday loan at a time?
    You could if you used different Richardson lenders but this would be a mistake. Take out too much money and you could find yourself trapped in a debt prison. Be careful and only take out one of these loans at a time.
Richardson area money help.
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Summary

If you need money and live in Richardson, this article is a must read. See how to get a loan quote and some other alternatives.