You just looked at your bank account, funds are low and payday is several days away. You might be considering taking out a Dallas, TX, payday loan.
As enticing as the promise of fast cash is, Dallas, TX, payday loans often come with an APR over 500%. Plus, you usually only get two to four weeks to repay the loans, and failure to do so increases the fees. Instead of signing your financial future away on a payday loan, explore your other options.
How to get a cash advance in Dallas, TX
Dallas, TX, payday loans might be legal, but other options are more financially sound.
Max Advance Amount: $250
Credit Affects: None
If the idea of paying upwards of 500% APR on a two- to four week loan is too much to bear, consider Instacash. Unlike a high-interest payday loan, this instant option charges 0% APR. You don’t even have to go through a credit check to have the money directly deposited into an external checking or RoarMoney Account. Have it deposited for free or pay a small fee for immediate access.
How to Qualify:
- Be at least 18 years of age.
- Have regular deposits into your checking account.
- Have a checking account with a positive balance.
- Deposit the funds into an account that’s been open for at least 60 days.
In person Dallas payday loans
You’ve probably seen the neon signs in store windows advertising “get cash now” and wondered how it works. Payday lenders have been under wide scrutiny for decades because of their high fees and deliberate targeting of people in financial need. Take a look at what an in-person lender will charge in Dallas.
Max Payday Loan Amount: 20% of borrower’s monthly income before taxes are taken out
APR: 500% or more
Credit Affects: Dallas payday lenders don’t run credit checks or report positive payment history to credit bureaus. However, some payday lenders do report missed payments, which hurts a credit score.
You can find establishments offering Dallas, TX, payday loans around the city. While you can contact the companies online or on the phone, most require that you meet in person to obtain funds. If you decide to get a payday loan, bring recent pay stubs, a picture ID, bank account information, and proof of address. You might need references and the number for your employer, as well.
Upon approval, the loan officer will go over the terms of the loan. This is where you want to pay attention. It’s not uncommon for Dallas, TX, payday loans to include 500% APR plus unreasonable fees. The repayment terms are generally four weeks or shorter making it hard to improve your financial situation before the loan is due. All of these factors create a perfect storm of debt, and it’s difficult to break free. Because of that, payday loans should be avoided.
How to Qualify:
- Be at least 18.
- Have a valid checking account that can receive transfers and direct deposits.
- Have proof of a steady income.
- Have a verifiable address and working phone number.
Instant Online Loan Options in Dallas, TX
Put yourself on solid financial footing by building your credit when taking out a loan.
Credit Builder Loan
Loan Amount: You could qualify for up to $1,000
Credit Affects: The average Credit Builder Loan user can boost their credit score by 60 points in 60 days!
Monthly Membership: $19.99/month
You can access up to $1,000 and improve your credit score by 60 points in 60 days with a Credit Builder Loan. You’ll receive some of the funds right away, and the rest will go into an interest-bearing Credit Reserve Account. Boost your credit score by making the 12 monthly payments on time and access the savings account when you finish paying off the loan. With a competitive APR and access to a savings account, this is a smart way to improve your financial situation.
How to Qualify:
- Be 18 or older.
- Live in the United States as a citizen or legal permanent resident.
- Have a valid social security number that’s been issued by the U.S. government.
- Have a valid bank account you can use to make payments.
- A loan of up to $1,000 that’s paid off in 12 affordable payments.
- Access to a credit monitoring service to manage your score.
- A Credit Reserve Account that accrues interest over the life of the loan.
- The power to improve your credit score by 60 points in 60 days.
- More benefits via Instacash.
Comparing Your Cash Advance Loan Options in Dallas, TX
Compare your cash advance options so you can choose the best one for your financial needs.
|Instacash||Credit Builder Loan||In-Person Payday Lender|
|How Much Can You Borrow?||$250||$1,000||Usually $500 or less|
|Fees & Interest||– Free|
– 0% APR
|Competitive APR, $19.99/month fee||500% APR or higher|
|Impacts Your Credit?||No||Yes, it builds your credit score||Lenders normally report late payments|
|Availability||– Mobile device|
– Apply any time
|– Mobile device|
– Apply any time
|Wait Time||Instantly*||Instantly||Depends on the bank that accepts the deposit|
|Next Steps||Sign Up||Sign Up|
Look Beyond Dallas, TX, Payday Loans
Instead of jeopardizing your finances with a high-interest short-term payday loan, consider an interest-free Instacash advance or a Credit Builder Loan with a competitive APR.
You can increase your options by also opening a RoarMoney account through MoneyLion. When you open the account, you can use it to get paid a full two days early. You can also receive weekly spend reports and so much more. Unlock all the features by downloading the MoneyLion app today.