If you’re short on cash, you’re considering different options to help you make it to payday, including payday loans. While Houston payday loans might seem like a good idea, high interest rates and short loan terms can put you in a dangerous debt cycle that’s difficult to overcome. By the time you repay the initial loan, you’ll likely have to take out another payday loan, making it nearly impossible to get out of debt.
Payday loan providers register as Credit Access Businesses, allowing them to get around the state’s interest rate cap of 10%. Because of this, it’s not uncommon for Houston payday loans to include an APR of 500% or more. Fortunately, other options allow you to get much-needed cash without becoming a victim of predatory lending practices.
How to Get a Cash Advance in Houston
If you want to get cash fast in Houston, you can choose from payday loans, instant cash advances, and credit builder loans.
Instacash
Max Advance Amount: $250
APR: 0%
Credit Affects: None
Instead of paying 500% APR or more on Houston payday loans, you can get a zero-interest cash advance from MoneyLion. Instacash from MoneyLion lets you get up to $250 while you wait for your employer to deposit your paycheck. This service is free to use, and you can access it with a RoarMoney or external bank account.
You don’t have to pass a credit check to get approved for Instacash, and you don’t have to worry about high interest rates and fees putting you in a dangerous debt cycle. Instead, you can get some help between paychecks without assuming the risk you take with Houston payday loans.
MoneyLion offers different delivery options for Instacash. If you choose Regular Delivery, the money will be in your RoarMoney account in 12-48 hours or your external checking account in 3-5 business days.
Do you need money faster? You can pay a small fee for Turbo Delivery. The money will be in your account in an instant, whether you have a Roar Money account or an external checking account.
How to Qualify:
Be 18 years old or older.
Have a steady income or deposits.
Have a bank account that has been open for 60 days or more
Have a bank account with a positive balance.
In-Person Lender
Max Payday Loan Amount: 20% of the borrower’s gross monthly income
APR: 500% or higher
Credit Affects: Payday lenders generally do not pull credit or report on-time payments. However, lenders report late and missed payments to credit bureaus.
Payday lenders are set up around Houston. You can make an appointment online or walk into the establishment to take out a loan. You will need to bring your checking account information, identification, and proof of income when applying for the loan.
The lender likely won’t check your credit but might contact your employer to verify your employment. The lender cannot let your employer know that you are applying for a payday loan, although some unscrupulous lenders don’t follow the law.
When you apply, you’ll receive information about the loan’s terms. You’ll likely have to repay the loan within two weeks, although some loan terms last a month. The terms generally include a high-interest rate and massive penalties if you miss a payment. Due to the unfavorable terms, Houston payday loans are not recommended.
How to Qualify:
Be at least 18 years of age.
Have a checking account that can receive direct deposits.
Have a steady income that can be verified.
Have a working phone number and a verifiable address.
Instant Online Loan Options in Houston
If you want to build your credit and get the cash you need, a Credit Builder Loan is an ideal choice.
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
Unlike other fast-cash options, MoneyLion’s Credit Builder Loan gives you the opportunity to raise your credit score while getting the funds you need.
Just sign up for a Credit Builder Plus Membership, and then you can borrow up to $1,000. While most no-credit-check loans have high-interest rates, the rates are competitive with the Credit Builder Loan.
You’ll receive a portion of the funds, and the rest will go to a Credit Reserve Account. Make affordable payments each month for a year to pay off the loan, and then, you’ll have access to your Credit Reserve Account.
How to Qualify:
Be at least 18 years of age.
Be a permanent resident or citizen of the United States.
Have a valid social security number.
Have a bank account you can use to make payments.
What’s Included?
A loan up to $1,000 paid over the course of 12 months
Weekly credit monitoring and updates
Your Credit Reserve Account acts as a built in savings account that earns interest
Improved credit up to 60 points in 60 days!
Additional Instacash benefits
Comparing Your Cash Advance Loan Options in Houston
Compare your cash advance loan options in Houston to determine which is the right choice for your financial needs.
Instacash | Credit Builder Loan | In-Person Payday Lender | |
|---|---|---|---|
How Much Can You Borrow? | $250 | $1,000 | Normally $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 | Only if you do not repay the loan in time |
Availability | – Mobile Device– Apply any time | – Mobile Device– Apply any time | In person |
Wait Time | Instantly* | Instantly | Instant access to a check for deposit |
Next Steps | Sign Up | Sign Up |
Get the Cash You Need without Predatory Payday Loans
Instead of falling into a debt cycle with Houston payday loans, you can meet your financial needs with Instacash or a Credit Builder Loan with MoneyLion.
It’s even easier to manage your financial needs when you open a RoarMoney bank account. You can then get paid up to two days early and receive weekly spend reports to stay on track.
With help from MoneyLion, you won’t have to fall victim to predatory lenders and high interest rates. Instead, you can take control of your finances and make your money work for you.
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Disclosures
Instacash® is an optional service offered by MoneyLion. Your available Instacash Advance limit will be displayed to you in the MoneyLion mobile app and may change from time to time. Your limit will be based on your direct deposits, account transaction history, and other factors, as determined by MoneyLion. Expedited delivery requires Turbo Fee. See Instacash Terms and Conditions for more information and eligibility requirements.
Credit Builder Plus membership ($19.99/mo) unlocks eligibility for Credit Builder Plus loans and other exclusive services. This optional offer is not a Pathward product or service. A soft credit pull will be conducted which has no impact to your credit score. Credit Builder Plus loans have an annual percentage rate (APR) ranging from 5.99% APR to 29.99% APR, are made by either exempt or state-licensed subsidiaries of MoneyLion Inc., and require a loan payment in addition to the membership payment. The Credit Builder Plus loan may, at lender’s discretion, require a portion of the loan proceeds to be deposited into a reserve account maintained by ML Wealth LLC and held by Drivewealth LLC, member SIPC and FINRA. The funds in this account will be placed into money market and/or cash sweep vehicles, and may generate interest at prevailing market rates. You will not be able to access the portion of your loan proceeds held in the credit reserve account until you have paid off your loan. If you default on your loan, your credit reserve account may be liquidated by the lender to partially or fully satisfy your outstanding indebtedness. May not be available in all states. Credit Reserve Accounts Are Not FDIC Insured • No Bank Guarantee • Investments May Lose Value. For important information and disclaimers relating to the MoneyLion Credit Reserve Account, see Investment Account FAQs and FORM ADV.
MoneyLion does not provide, nor does it guarantee, any third-party product, service, information, or recommendation. The third parties providing these products or services are solely responsible for them, as well as all other content on their websites. MoneyLion is not liable for any third party's failure with regard to those advertised products, services, and benefits. These advertised products and services may not be FDIC insured or bank-guaranteed, and may be subject to a different privacy policy than MoneyLion’s. You should check individual offers, products, and services to become familiar with any applicable restrictions or conditions that may apply. MoneyLion may receive compensation from third parties for referring you to the third party, their products or to their website.
With direct deposit. Faster and easier access to funds is based on comparison of traditional banking policies and deposit of paper checks versus deposits made electronically and the additional methods available to access funds via a card as opposed to a paper check.
MoneyLion is a financial technology company, not a bank. RoarMoney℠ demand deposit account provided by, and MoneyLion Debit Mastercard® issued by, Pathward®, National Association, Member FDIC. RoarMoney is a service mark of MoneyLion. Mastercard is a registered trademark, and the circles design is a trademark of Mastercard International. Funds are FDIC insured, subject to applicable limitations and restrictions, when we receive the funds deposited to your account.
Credit score improvement is not guaranteed. A soft credit pull will be conducted which has no impact to your credit score. Credit scores are independently determined by credit bureaus, and on-time payment history is only one of many factors that such bureaus consider. Your credit score may be negatively impacted by other financial decisions you make, or by activities or services you engage in with other financial services organizations. MoneyLion is not a Credit Services Organization.
Instacash is a 0% APR cash advance service provided by MoneyLion. Your available Instacash advance limit will be displayed to you in the MoneyLion mobile app and may change from time to time. Your limit will be based on your direct deposits, account transaction history, and other factors as determined by MoneyLion. This service has no mandatory fees. You may leave an optional tip and pay an optional Turbo Fee for expedited funds delivery. For a $40 Instacash advance with a Turbo Fee of $4.99, your repayment amount will be $44.99. Generally, your scheduled repayment date will be your next direct deposit date. An Instacash advance is a non-recourse product; you will not be eligible to request a new advance until your outstanding balance is paid. See Membership Agreement and help.moneylion.com for additional terms, conditions and eligibility requirements.