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Securing Emergency Cash in Texas
With a cost of living index of 93, Texas is still one of the more affordable states to live in. In fact, it’s cheaper than most other states regarding things like housing, groceries, health, and transportation. This is good news for the more than 30 million people who call the Lone Star State home.
But despite the state’s overall affordability, many people in Texas still struggle financially. This is not too surprising, considering the cost of living is rising throughout the country. If you’re dealing with a financial emergency and need quick money in Texas, you may want to consider taking out a cash loan. These loans are often easy to get and come with fast funding times.
Here’s what you need to know about the main types of cash loans in Texas, typical loan requirements, and how to apply.
Cash loans are small personal loans geared toward borrowers who need funds quickly. The application process is usually simple, as most lenders do not require a lot of documentation for these loans.
Lenders also typically have a fast approval process and can provide the loan funds within a day or two of receiving your application. In some cases, such as with online loans, you may receive the money the same day you apply. This makes cash loans convenient, especially when compared to traditional personal loans.
Once you receive the funds, you can use them for nearly anything — from taking care of a car repair to paying an unexpected utility bill. Like other loans, you’ll need to make payments on the loan until the balance is paid off. Payments typically include the current balance and any interest or finance charges.
Cash loans usually range from a few hundred to a few thousand dollars. Some come with short repayment terms of a few weeks or so, making them a short-term financing solution. However, certain lenders — like Jora — offer emergency installment loans with longer repayment terms.
Why Jora Credit?
Many types of cash loans exist in Texas, but here are the most common ones:
- Payday loans: A payday loan, or cash advance loan, is a short-term loan designed for emergencies. A typical payday loan is $500 and has a 2- to 4-week repayment period. These loans may not require a credit check, but you will need to have verifiable income and a bank account to qualify.
- Title loans: A title loan is another short-term cash loan that rarely requires a credit check. Unlike payday loans, title loans are secured using your vehicle as collateral. How much you can get from the loan depends on the value of your vehicle. Failure to repay the loan and any interest charges could mean losing your car.
- Pawnshop loans: Offered through pawn shops, pawnshop loans are cash loans that require you to put up something you own — like a television or jewelry — in exchange for money. Typically, you’ll have a couple of weeks or so to repay what you borrowed plus interest. If you do not pay, the pawnshop owner can sell your item.
- Friend and family loans: Another type of personal loan with minimal to no requirements is a friend and family loan. Asking loved ones for financial help can be tough, but it’s a good option if you need money fast.
- Installment loans: If you have bad credit and need cash fast, consider an online installment loan. Jora offers bad credit loans in Texas with the potential for same-day funding* (depending on what time you apply). These emergency loans come with flexible repayment terms to give you time to repay your debt. Plus, the online application process is easy, and there are no hidden fees.
Regarding cash loans in Texas, every lender has different requirements. Fortunately, many of these lenders understand that you need the money quickly, so they tend to have lenient requirements.
That said, here are the typical loan requirements in Texas:
- Minimum credit score: Even lenders that offer bad credit loans sometimes require a credit check. Jora, for example, will check your credit as part of the underwriting process. However, your credit score is not the only factor in determining whether you’re approved for a loan. Jora also considers other factors, like your income, meaning you could qualify for a loan even if you have limited credit history or poor credit.
- Source of income: You’ll need to provide proof of income when applying for most personal loans, including emergency loans and other online loans. This is because lenders need to see that you’ll be able to pay back what you owe. Most lenders also use your income to determine the loan amount to offer. Depending on the lender, you may need to provide W-2 forms, bank statements, or a letter of employment. Some lenders accept alternative forms of income, such as alimony or Social Security payments.
- Verifiable employment: Not all lenders require you to have a job, but some do. During the application process, you may need to answer whether you’re self-employed, unemployed, retired, or have a full-time or part-time job.
- Active bank account: Typically, you’ll need to have a bank account under your name to get a loan. This is because many lenders deposit the funds directly into your account once you’re approved and accept the loan. In some cases, such as with payday loans, you’ll also need a bank account so the lender can automatically debit your account when the loan comes due.
- Minimum age: You’ll usually need to be at least 18 to qualify for a loan. To verify this, many lenders will request some form of government-issued photo ID like a driver’s license or passport. The information on your ID should be current.
- Proof of residence: Some lenders are not licensed to work in every state. This means you’ll need to provide proof of residency for the state in which you’re applying for a loan — in this case, Texas. Commonly accepted documents include recent utility bills or a rental agreement in your name.
- Maximum debt-to-income (DTI) ratio: Your DTI is the percentage of your monthly income (before taxes) that goes toward your monthly debts. Generally, the lower your DTI, the better your chances of getting a personal loan.
- Completed loan application: Finally, you’ll need to fill out the lender’s loan application. Some lenders require you to upload or provide additional documents, such as a copy of your ID. Once you submit your application, the lender may also run a hard credit check or request additional documents to verify your information.
If you’re ready to apply for cash loans or other online loans in Texas, here’s how to go about it with Jora:
- Know how much you need and why. The first step is to determine why you need a loan. Common reasons include medical bills, home improvements, car repairs, and other emergencies. Then, calculate how much you need to borrow. Only take out what you need.
- Calculate the monthly payment. Make sure you can comfortably afford to repay whatever you borrow. Jora offers an online calculator that gives you an estimate of your loan payment without needing to apply.
- Apply for a loan. Fill out and submit Jora’s online application. This can be done from the comfort of your home. It only takes a few minutes.
- Wait for credit decision. If you apply and accept a loan offer by 10:30 am Central Time on a non-holiday weekday, you could receive funds that same day.*
Ultimately, you have many options regarding cash loans in Texas. But if you’re looking for a lender with a simple application process, no hidden fees, and quick credit decisions, consider Jora.