They say money makes the world go round. Sometimes, you need a payday loan to slow that spinning and get your bearings. The problem is, payday loan laws vary from state to state, so finding the best loan provider for your situation can be tricky.
Every year, 12 million Americans use payday loans. A payday loan can use your income as collateral, or it can be unsecured. When your income is collateral, you give the lender consent to garnish your wages if you fail to pay them back.
Texas has lenient payday loan legislation, which means there is no limit on options. In 2016, Texas had the most payday loan storefronts in the US for a total of 23% of the market.
Rather than braving the outside world to find a storefront, many organizations offer online payday loans in Texas. While the loan industry has a reputation for predatory lending, we’re listing the organizations that provide more benefits than burdens.
The 10 Best Online Payday Loans in Texas
Here are the ten best online short-term loans in Texas.
1. AceCashExpress
ACE Cash Express offers cash advances for online payday loans and online installment loans in Texas. Their process is easy to understand, and their rates are affordable.
Borrowers access online short-term loans in Texas with an easy application process. You’ll complete the form in minutes, and you’ll be immediately informed if approved. You’ll need your social security, source of income, and bank information handy.
ACE Cash Express online installment loans allow borrowers an amount of $100-$2,000 in Texas. You don’t need to be employed, but you need to provide a steady income source.
The minimum requirements are simple. You need a checking or savings account active for at least one month, and you need an active email and phone as contact information. You will not be approved if you have filed for bankruptcy.
Their online payday loans in Texas are not available for active military members, including reserve members on active duty.
You’ll receive your loan the next business day if you complete the form during a weekday by 6:00 PM. If you complete the application on Sunday by 2:00 PM, you can expect your money in your account the next business day.
ACE Cash Express online short-term loans in Texas also have a 72-hour satisfaction guarantee cancellation policy. If you change your mind, you can return the amount within 72 hours with no cancellation fees.
Rates are $25 for every $100 borrowed, although discount rates are available for returning clients. Interest rates are 10% per annum.
Unlike quite a few of the businesses in our top ten, ACE Cash Express has physical locations in Texas.
2. B3 Cash Solutions
B3 Solutions offers cash advance loans to customers with any credit history, the bad or the good or the nonexistent. Borrowers can apply for both online payday loans and online installment loans in Texas.
Interest rates for both types of loans are 10%. Payday loans have a standard 14 or 30 days to repay, depending on the loan. For multi-payment loans, the range is 1 to 12 installments, depending on the amount borrowed. Late fees are 5% after ten days of a missed payment.
Borrowers can apply for up to $1,500 for payday loans and $3,000 for installment loans. Fees are calculated based on the amount borrowed and the repayment plan. A 14-day single repayment loan will owe $25 for every $100, while a 150-day repayment loan will owe $188.35 for every $100 borrowed.
Most of the requirements are standard, but it’s worth noting that applicants need a minimum monthly income of $1500 to qualify. Borrowers receive their advance within 24 hours.
3. CashNetUSA
CashNetUSA offers a speedy turnaround process for borrowers, sometimes delivering funds on the same business day. The company also has plenty of free online resources. They operate in over 30 states and accept customers with low credit scores.
Customers can expect rates from CashNetUSA to fall in line with industry averages. They offer single installment loans. Borrowers in Texas can receive online installment loan amounts up to $1,800 or 35% of your monthly income. Single or payday loans are available for Texans up to $800.
CashnetUSA has been operating since 2005 and has resources to help customers trapped in debt cycles. Customer accounts gain immediate access to a savings program with tips on financial management.
Borrowers owe $25 for every $100 borrowed, with 10% interest on the loan principal. Late fees are 5% after ten days of a missed payment date.
If you haven’t guessed from the name, CashNetUSA is online only with no physical locations.
4. SoFi
SoFi is an excellent option for borrowers seeking online personal loans in Texas. Whatever you’re looking for, whether it’s student loans, home improvement, credit card debt, or medical loans, SoFi has alternatives to payday loans.
Interest rates range from 5.99% to 18.85%, but there are no service fees and no late fees. They have unemployment protection that pauses your payments if you lose your job. If that isn’t a big enough relief, they’ll also help you find a new job because they want you to repay eventually.
Lend amounts are more considerable, from $5,000 to $100,000, and terms can be 2 to 7 years. If you need a larger personal loan, this is a good choice, but it won’t benefit lenders who need smaller loans.
SoFi has live customer support seven days a week. Some other benefits include a monetary welcome bonus and interest rate reductions for SoFi loan account holders.
To qualify for one of SoFi’s online installment loans in Texas, you must be employed, have an offer of employment, or sufficient income from other sources. A minimum credit score of 680 is needed.
5. LendUp
If all you need is a small loan, LendUp is the best option for covering more minor expenses, like household bills. It’s an entirely modern, online-only organization. LendUp has competitive rates that help borrowers manage their debts and services that improve their customer’s credit ratings.
LendUp offers repeat business incentives, so if you need a second loan, later on, you get a better deal. Regular customers also gain access to free courses for financial management and financial education.
If you’ve heard of scary rollover loans, have no fear because LendUp discourages that practice and helps customers stay out of debt cycles. You can also expect reliable customer service.
6. NetPayAdvance
NetPayAdvance offers online short-term loans in Texas that don’t require a credit check.
However, no credit check means slightly higher fees. For every $100 borrowed, NetPayAdvance asks for $17.65. For borrowers with low credit or worries about bank overdraft fees, their single payment or installment loans are a better option in a pinch.
Applicants receive notice of approval quickly, and NetPayAdvance transfers funds to your bank account within one business day. Installment loan repayment dates occur 8 to 31 days after approval, depending on your workplace paydays. Interest rates are 10%.
NetPayAdvance has a few helpful resources for their customers. You can earn points through their NPA Rewards Program by completing tasks. Downloading their mobile app earns 10 points, and paying on time earns 100 points. Customers can redeem their points for discounts.
They offer 3-day extensions, so if you need extra time, contact them to avoid late fees. You can also take advantage of their financial tips, like how to save money, save for retirement, improve your credit score, and more.
If you have no credit, NetPayAdvance is a straightforward option with benefits for repeat customers.
7. MoneyKey
Another option for online installment loans in Texas is MoneyKey. You can borrow amounts from $100 to $1000 with six-month loan terms. You can receive funds the same day you fill out your application.
If your paycheck comes weekly, bi-weekly, or semi-monthly, your fees will be $22 for every $100 lent. Monthly salaries have a different rate of $34 for every $100 lent. The usual standard 10% interest rate applies here.
Applicants with monthly paychecks are given a repayment plan with five installments. Other income rates receive a schedule with eleven installments. You can also cancel your loan without penalty up to 3 business days from your loan agreement date.
MoneyKey has no penalties for early repayments. As a bonus, you can find free financial tips through their blog and their online articles. MoneyKey commits itself to excellent customer service and transparent terms.
MoneyKey is also one of the few online short-term loans in Texas available to the self-employed. You only need an established recurring income source.
8. Oportun
Oportun wants customers to consider them the best ethical lender for online payday loans. They offer free access to financial education and financial management services. It might seem like a small thing, but financial education is a significant factor in how much borrowers win or lose from loans.
Both single payments and installments loans are available online. Oportun only issues loans to borrowers that are capable of making repayments. You also have a chance to improve your credit score through on-time payments.
Oportun does not charge fees for online personal loans in Texas. It’s one of the rare lenders that doesn’t require a credit score check, and borrowers don’t need a checking account. Oportun asks for references and proof of income, but that’s to prevent customers from entering a cycle of debt.
The organization accepts multiple forms of payment, including debit cards, Apple Pay, and Google Pay. Some grocery stores and pharmacies accept payments from Oportun partners. One example is Walmart, which accepts CheckFree Pay and MoneyGram.
Oportun is online only, with no physical storefronts.
9. Rise Credit
Rise is another lender business that puts on emphasis on affordable repayments for borrowers. They approve loans for borrowers with low or no credit. In addition to payday loans, there are also installment loans, auto loans, and renovation loans.
Rise has some resources that allow customers to manage better to improve their financial outcomes. Borrowers will significantly benefit from their rate reduction program and educational resources.
Lend amounts range from $500 to $5,000. Rise Credit bases their interest rates on credit score, but 99% to 149% is the range. Repayment dates vary from 7 months to 26 months. Rise has a lengthy 5-day risk-free cancellation policy. Repay the principal loan, and there won’t be any fees.
If you need extra time with an upcoming repayment date, Rise has one-week extensions. There are no fees for early payments.
10. SpeedyCash
Another lender that has online personal loans in Texas is SpeedyCash. The business lends a limited amount with a range of $100-$1,500. It might be enough for a monthly grocery run or that extra bit you needed to pay one more bill. The smaller amount allows for lower rates.
The Instant Loans option can send your loan amount to your debit card in less than 2 hours. Interest rates are 10% for borrowers. Repayment terms vary but are available bi-weekly and monthly for online short-term loans in Texas.
Customers can contact SpeedyCash online, by phone, or through storefronts. There are over 70 storefronts in the state, including Arlington, Austin, Houston, and McAllen. You can also expect speedy response times.
Customers should note that in Texas, SpeedyCash is a Credit Access Business rather than a direct lender. They facilitate loans with a third-party lender.
Q & A for Payday Loans
Have more questions? Let’s go through some of the common ones.
What Is an Unsecured Loan?
An unsecured loan does not require collateral, but there will be interest rates and sometimes other fees. Unsecured loans are approved based on your credit score and often involve a hard pull or hard inquiry. When a lender checks your credit history, it impacts your credit score.
What Amounts are Borrowers Allowed in Texas?
There is no legal minimum or maximum amount for lenders in Texas. However, the average amount of online payday loans in Texas is $800 (per loan, not per person). That average amount does not consider repeat loan agreements.
Can I Repay An Online Loan Early for Reduced Fees?
In Texas, early repayments will not reduce fees owed to the credit service organization (CSO). It may reduce the dollar amount of your interest, but it doesn’t change the terms. Some lenders add fees for early repayment.
Should I Consider a Payday Loan Alternative?
There are alternatives to payday loans, such as personal loans or a peer-to-peer lending platform.
The most significant benefit of alternatives is their low fees. Some have zero service fees. The payment dates for installments are usually more negotiable, but the minimum amount borrowed tends to be high.
Interest rates are more substantial with most payday loan alternatives. Suppose you only need a small amount, and you know you can meet payment deadlines. In that case, you can avoid significant interest rates with payday loans.
Conclusion
Whether you need a few hundred dollars as a boost or you need more, our overview of online payday loans in Texas will start you off on the right foot. Some on our list were best for borrowers with good credit ratings, and some were best for those with good credit ratings.
However, even the best terms available comes with risks. Before you decide on an online loan, compare alternatives. It would help if you also made a few predictions based on your expected income. It’s easier said than done, but the best borrowers only borrow what they can repay.
If it’s important to you to have a loan that improves your credit score, only a few payday loans report to credit bureaus. If low-interest rates are your biggest concern, payday loans offer the lowest rates. Knowing what benefits matter more will help you decide if a payday loan is worth it.
We hope our list of the best online payday loans in Texas has helped you find the financial solution that’s best for you.