When you need cash in a hurry, payday loans can seem enticing. As tempting as signs that say, “Get cash now,” might be, payday loans are predatory and can put you in a stressful financial situation.
You generally have to repay the full balance in two to four weeks and carry an APR hovering around 500%. By the time you handle the interest, fees, and principal, you’ll be strapped for cash again.
Instead of falling victim to a predatory payday loan, explore your other cash advance options.
How to Get a Cash Advance in Austin
From high-interest payday loans to interest-free cash advances, you have lots of options if you live in Austin.
Max Advance Amount: $250
Credit Affects: None
If you need a cash boost to get you through payday, Instacash from MoneyLion can help. Unlike payday loans that charge upward of 500% APR, this $250 loan is interest-free. You also don’t have to go through a credit check or tons of paperwork to secure your funds.
Here’s how it works. You just need a RoarMoney mobile bank account or an external bank account. MoneyLion will scan your banking transactions for regular deposits from W2 income or benefits to determine your Instacash amount.
Your money will get deposited into your RoarMoney account in 12–48 hours or your external checking account in 3–5 business days for free. If you need it immediately, you can get an instant deposit by paying a small fee.
How to Qualify:
- Be at least 18 years of age.
- Steady income or have regular deposits (w2, government benefits, or any other steady deposits)
- Have an active bank account that’s been open for at least 60 days.
- Have a positive balance in the bank account.
Max Payday Loan Amount: 20% of the borrower’s monthly income before taxes
APR: 500% or higher
Credit Affects: While payday lenders generally don’t pull credit before extending a loan offer, late or missed payments might be reported to the credit bureaus.
Establishments that offer payday loans are set up around the city. If you decide to go with this option, you need to bring the right information with you to get your loan.
Bring your checkbook, a recent paystub, proof of address, and your employer’s contact information. Most payday lenders won’t offer funds unless they can contact your employer to verify your employment. You’ll also need to let the lender know when your next pay date is. Generally, payday loans are due in full on your next pay date, and you might have to provide a signed check so the money can be drafted from your account.
Look at the terms of the payday loan before agreeing to it. You could owe $100 or more in fees on a short-term loan. If you can’t repay it in full, you’ll get charged additional interest and fees.
Because these loans are so expensive and can be difficult to repay, Austin payday loans are not recommended.
How to Qualify:
- Be 18 years of age or older
- Have an active bank account in good standing
- Receive steady income
- Show proof of steady and verifiable income
- Have a working phone number
- Show proof of address
Instant Online Loan Options in Austin
Find out how you can improve your credit score while accessing cash with a Credit Builder 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
A Credit Builder Loan from MoneyLion can increase your credit score, provide much-needed cash, and help you save for the future. There is no hard credit check, have competitive APR and your loan terms are spread out across a 12-month period.
The process is straightforward. MoneyLion will provide you with a portion of the funds and send the rest to an interest-bearing Credit Reserve Account. Once you finish repaying the loan, you can access the Credit Reserve Account plus the interest earned.
How to Qualify:
- Be 18 or older
- Be a citizen or permanent resident of the United States
- Have a social security number
- Have a valid bank account to use to repay the loan
- A loan up to $1,000 that is repaid in 12 monthly installments.
- Access to weekly credit monitoring, including updates.
- A Credit Reserve Account that earns interests while you save
- A credit score increase of up to 60 points in 60 days
- Unlock additional benefits with Instacash
Comparing Your Cash Advance Loan Options in Austin
Compare your cash advance loan options in Austin 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||Generally, $250-$500|
|Fees & Interest||Free|
|Competitive APR, $19.99/month fee||500% APR or higher|
|Impacts Your Credit?||No||Yes, it builds your credit score||Only if payments are missed|
|Availability||– Mobile Device- Apply any time||– Mobile Device- Apply any time||In-person|
|Wait Time||Instantly*||Instantly||Depends on how long it takes the bank to clear the payment|
|Next Steps||Sign Up||Sign Up||Find a Local Lender|
Access Cash without High Interest Rates
Payday loans in Austin can put you in a dangerous cycle of debt, where you continue to take out more loans to pay off your existing ones. Avoid this while accessing the money you need with help from MoneyLion.
Get even more from MoneyLion by opening a RoarMoney bank account. Once open, you can get paid up to two days early, making it easy to make it from paycheck to paycheck. You’ll also get weekly spend reports you can use to check your spending and stay on track.