Alternatives to Payday Loans in Texas!
There are many different alternatives to taking out a payday loan. Many people think it’s easy to come across a few hundred of dollars without taking a loan. We all know it’s never easy to get a loan, especially with bad credit or no credit history.
Take installment loans as an example. Did you know that most installment lenders will require a credit score that needs to be excellent? They will typically deny Texans who have good to average credit as well. It’s much the same when qualifying for a payday loan in Texas. It used to be where borrowers could turn to their bank or other lending sources to secure a short-term loan.
Just over a decade ago Texas citizens had more discretionary income and they could lend money to friends and relatives with ease. With the current economy, those days are long gone. Most payday loans are a reality for many citizens with nowhere else to turn. These people include senior citizens that are on a fixed income as well as ordinary consumers who have an urgent need for a loan.
Reconsider a payday loan or payday advance
Numerous statewide studies show Texas payday loans fill a need for people with nowhere else to turn. In many metro areas of the state, such as Dallas and Houston some people just don’t have any savings. While it’s best to avoid applying for cash advances or installment loans in Texas, these residents have nowhere else to go. Many people in areas like Houston and Dallas have limited financial options and it isn’t easy to save money when it’s already tight. Outside of Texas citizens in this predicament, some people may be better off not applying to companies that offer payday loans in Texas.
We like to think that people who apply for online payday loans in Texas have nowhere else to turn. If you find yourself in a situation where you need an online loan in Texas you should first see what’s left in savings before applying for an online loan. The reason is, that these types of loans have huge interest rates and they’re designed for residents that are in a need of short term funding. If there’s no savings account and money set aside for emergencies, then you may have nowhere else to turn other than getting a cash advance. That doesn’t mean you should move forward with any loan offer without knowing the latest Texas payday loan laws. Once you have paid off the Texas payday loan, we recommend doing a full budget analysis. This includes taking time to break down exactly where your money is going and where you can cut expenditures to grow your savings account.
Did you know that most Texans have little to no money in savings if they have a financial emergency? This is the type of situation that leads people down the road of needing a payday loan. There have been numerous studies done over the past few years which show most consumers don’t even have a few hundred dollars in savings! We recommend always developing a plan to save money each month. It will add up quickly even if it’s just $10 or $20. There are hundreds of banks and credit unions all across this state that will help to set up a savings account. An excellent place to search for a bank or credit union would be the Texas Department of Banking.
Consider a credit card cash advance as a payday loan alternative
The good news is that Texas consumers can easily avoid being in a situation of financial distress. By planning and doing a budget breakdown, most people should be able to trim money that could be otherwise saved. When you do this for weeks or even months, there will be a good amount of money left in savings. Another caveat of having a savings account is that banks will pay interest on any money in the account. Rates are extremely low right now, which means you have many payday loan alternatives, but who knows how long that will last! That means someone considering a payday loan in Houston who saved and budgeted will no longer need a loan! This is the ideal situation for anyone, let alone a person on a fixed income! Texas payday loans aren’t bad, but countless other alternatives will save you money in the long run. With these tips, you can avoid getting a cash advance or installment loan and keep more of your hard-earned money!