Did a recent emergency take a toll on your finances or an unexpected repair bill has disrupted your budget? Such situations compel people to look for cash loans fast and often end up applying for a payday loan.
These payday loans are short-term, high-interest loans that are incredibly expensive but might rope you into a cycle of debt that you might not get out of.
There are better loan alternatives to payday loans – keep reading to find out some payday loan alternatives in El Paso.
Getting A Cash Advance In El Paso
Getting a payday loan in El Paso negatively affects your finances and could end up costing you way more than you expected. Instead of getting trapped in the non-stop cycle of debt and hefty fines, look for alternatives like Instacash that can give you an advance on your paycheck for 0% APR.
Instacash
Max Advance Amount: $250
APR: 0%
Credit Affects: None
Instacash is MoneyLion’s safe and economical alternative to expensive payday loans. With Instacash, you can get 0% of cash advances up to $250 instantly any time so that you can cover your unexpected expenses quickly.
Instacash advances not only save you from paying a considerable amount of money on fees and interest, but it also maps out an easy plan to pay the money back, easily. To get Instacash, you need to follow a simple procedure to apply and qualify in a matter of minutes.
All you need to do is download the MoneyLion app, create a free account, and select “Instacash” to get started.
There’s absolutely no interest, no monthly charges, and certainly no credit check with Instacash. You can also set up direct deposits in a RoarMoney account from where you can unlock cash advances almost equal to 30% of the amount of your direct deposit.
With Instacash, the borrowed amount is automatically deducted from your account as soon as the due date arrives, without any additional charges or interest.
How to Qualify:
To use Instacash, you need to meet the following requirements:
- You must be 18 years of age or over
- You must have access to steady income or deposits
- Have a bank account that has been open for 60 days or more
- Your bank account needs to have a positive balance
In-Person Lender
Max Payday Loan Amount: $1800
APR: 410% on average
Credit Affects: Payday lenders do not require your credit scores, but they will report you to the credit bureaus if you are late.
El Paso, Texas, has some of the most lenient legislation and rules for payday lenders. The maximum amount of money you can borrow through payday loans in El Paso is $1800.
Also, the amount of the payday loan is not supposed to exceed 20% of the person’s monthly gross income.
To apply for a payday loan in El Paso, you need to provide complete personal information to confirm your identity and your loan request eligibility. For that, you need to provide your Government issued ID, proof of income, checking account for the lender to deposit funds in your bank and your social security number.
How to qualify:
- You have to be at least 18 years old
- You must be a citizen or permanent resident of the U.S.
- You need a steady source of income
- You should have an active checking account
- You should not be active military personnel.
Instant Loan Options In El Paso
If you are a resident of El Paso and need a loan quickly, but you cannot go for Instacash because it has a maximum limit of $250, you need to consider other instant loan options in El Paso.
Credit Builder Loan
Loan amount: You can qualify for up to $1,000
Credit Affects: The average Credit Builder Loan user can easily boost their credit score by 60 points in just 60 days.
Credit Builder Loan is a low-interest loan that can contribute to improving your credit score. To get a credit builder loan, you need to become a MoneyLion Credit Builder Plus member.
One of the most significant benefits of applying for a credit builder loan through MoneyLion is that you can get your loan approved instantly. The money is sent to your account immediately. There’s absolutely no hidden fee, and the loan comes with a low-interest rate so that you can pay the loan back easily.
Moreover, applying for a credit builder loan is extremely quick, and you don’t have to go through a credit score check before doing so. You can also raise your credit score with the credit builder loan, thanks to its loan limits. Even a small monthly payment for a short period can easily lift your credit score.
What’s included?
- Loan of up to $1000 to be paid back over 12 months
- Weekly monitoring and updates on your credit
- A Credit Reserve Account that works like a savings account and earns interest
- Credit score lifted by 60 points in 60 days
- Additional benefits of Instacash
How to Qualify:
- You need to be at least 18 years old
- You should be a citizen or permanent resident of the U.S.
- You should have a social security number
- You should have an active bank account or a debit or credit card.
Comparing Your Cash Advance Loan Options in El Paso
If you are short on money and need to pay bills or need some cash until your next paycheck, you have good loan options. These include:
| Instacash | Credit Builder Loan | In-Person Payday Lender | |
| How Much Can You Borrow? | $250 | $1,000 | $50 – $1800 |
| Fees & Interest | 0% APR | Competitive APR $19.99/month fee | An average of 410% APR $15-$20 interest for every $100 borrowed. |
| Impacts Your Credit? | No | Yes, it builds your credit score. | No harm to credit score with timely payments. Late payments might damage the credit score. |
| Availability | Online & Mobile | Online & Mobile | Online and in-person |
| Wait Time | Instantly* | Instantly | Instantly |
| Next Steps | Sign Up | Sign Up | Get in touch with lenders to fill out the application. |
Sign Up For MoneyLion’s Credit Builder Plus Membership
Even though it may seem like payday loans are the solution to getting a loan fast, you should know that there are far better options.
MoneyLion’s Instacash services and credit builder loans are some of the best options available to apply for loans. If you are looking for an alternative to payday loans in Texas, MoneyLion’s can help.
Apply today to not only lift your credit scores but also avoid getting trapped in the vicious cycle of debt or, worse, facing legal fines. Ensure that your financial future remains stable and secure. Get in touch with MoneyLion today.