Posts tagged with "Payday Loan Application"

How Is Your Credit Score Calculated?

Your credit score reflects the health of your credit history, with a higher number being better. Anything above 700 is good. If your score is below 580, many lending companies will not give you a loan. Before you can improve your score, you need to have a better idea of how it’s calculated.

Primary Considerations That Go Into Your Score

The first thing you need to know is that there are three major bureaus that calculate your credit score. They are Equifax, TransUnion, and Experian. Don’t be surprised to find that each of these companies has calculated a different score for you; that’s because each company uses its own model for determining your score. But there are several key components that go in regardless of the model used, components that you actually have a great deal of control over.

The main considerations are:

  • Credit Card Accounts: How many different credit card accounts do you have? Don’t just consider your main cards, like Discover or Visa. Factor in all the store credit cards you’ve acquired as well. When it comes to your credit score, having too many cards can be harmful.
  • Current Loans: Do you have many loans that will take a long time to pay back? If you have mortgages, student loans, car loans, and others, you’ll want to try to pay at least some of them down significantly to improve your credit score.
  • Payment History: Do youmake your payments on time? If you’ve never missed a payment, your score is likely pretty good.

 

Some Additional Important Factors

Another consideration is the length of your credit history. If you’ve just opened your first credit card account, you won’t have much of a credit history yet. But don’t worry — in a few months or so, your history will build and your score will reflect your credit picture more accurately.

Another factor that affects your score is whether or not your credit cards are maxed out. Lenders want to see that you are able to pay your balances, at least the minimum that’s due each month. Also, if too many different agencies are inquiring about your credit all at once, your score can go down, at least temporarily.

What Can Hurt Your Credit Score

Of course, missing payments is a biggie. Late payments stay on your credit reports for years. Also, watch the spending and repayment habits of anyone who shares your account, such as a spouse. If they’re handling their credit cards irresponsibly, their scores will drop — and so will yours.

Read our previous post, What Hurts Your Credit Score, to find out what else can cause your score to drop.

Ways To Boost Your Score

You’ll be happy to know that there are many ways to increase your credit score. We can’t stress this enough: pay as much of your balance as you can every month, and make sure that all of your payments are received on time. Start to do this consistently, and watch your score improve steadily.

Another way to boost your score is to curb your spending to give you a chance to catch up with payments and reduce your balance. In addition, stop applying for every credit card offer that comes your way; each new credit card application brings your score down.

When You Need Money Fast

When you need cash quickly, such as for an emergency, but your credit score is keeping banks from lending you money, consider a payday loan. This type of loan is considered short-term, and it’s designed to get you through unforeseen circumstances until your next paycheck comes in.

Payday Loans In Texas

At Your Loan Depot, we specialize in fast-cash loans that help people with good credit, bad credit, and everything in between access funds quickly for emergencies and unexpected expenses. Our payday loans and title loans can be just what you need to pay for an emergency now, which can be a big help in between paychecks.

Fill out our payday loan application online to get started. If you have any questions, give us a call. The courteous representatives at Your Loan Depot will answer your questions and explain any terms you may not understand. We are here to help you through whatever financial emergencies you may encounter. We have several payday loan locations throughout Texas to serve you, including our offices in Stephenville, Corsica, Mansfield, and Houston. Get in touch with us today!

Your Step-by-step Guide to Getting Out of Debt

Take A Good Look At Your Finances

The first step is to assess your financial situation to see exactly where you are. Tally up everything, including how much you have in assets and savings, and how much you owe. This is your launching point, showing you what you have to work with, and what you need to pay down first.

Step 1: Add Up Your Total Debt

As part of your financial picture, make a list of all of your loans and other forms of debt. A spreadsheet is helpful for this step, but even creating a handwritten list is useful. On your list or spreadsheet, include the name of each institution, the amount of money owed, and the interest rate for each loan.

Step 2: Put Money Aside Every Month

Each time you get paid, put money aside. Create a savings account for the sole purpose of paying down loans. Use this account to make payments on what you owe, thus bringing down your balances. Make it a habit to pay down debt every month, even if it’s a small amount. This habit will serve you well your whole life.

Step 3: Pay Down Your Debt At Least Once A Month

While monthly payments are a must, you can make payments twice a month, or even weekly, to get out of debt more quickly. The more you get into the practice of paying back what you borrow, the faster you’ll get out of debt, and the better position you’ll be in for the next time you need a loan, whether for home remodeling, paying for school, getting a car, taking care of emergencies, or any other reason.

Step 4: Curb Spending

Take a close look at the money you spend. Before taking out your wallet and grabbing your credit card to make a purchase, ask yourself, “Do I really need this?” Chances are, you don’t. Save your money instead of spending it. You’ll have more available to pay down your debts.

Step 5: Look For Bargains

When you absolutely must purchase something, such as a new pair of shoes for work because your current ones have worn through, or a new water heater because your old one has stopped working, look for deals. Price around, find the sales, and use coupons. It never hurts to ask for a discount; the worst that can happen is you’ll get a “no,” but you may be in for a pleasant surprise when the vendor is willing to offer you ten, fifteen, or even twenty percent (or more) off on your purchase or on services rendered.

Step 6: Sell What You No Longer Need

There’s a good chance that, over the years, you’ve accumulated items you no longer need. If possible, scale down and sell your extras. If you have three cars, consider selling one that barely gets used. If you have expensive gym equipment or electronics you hardly use, think about selling. Then apply what you get from selling your wares to paying down your loans.

Step 7: Adopt Frugality For Life

Now that you’ve gotten into the habit of saving more, spending less, and paying down debt, keep going. This is a habit that will serve you well for life. Living more frugally will help your financial picture and put your mind at ease.

When You Need A Loan

As you pay down your loans and work your way to getting out of debt, there may be times when you urgently need money to pay for an unforeseen expense. Maybe you need to cover out-of-pocket expenses related to an emergency medical procedure for a loved one, or you find yourself having to pay for training that will make you more marketable. A short-term loan can help you pay for unexpected expenses even as you continue to pay off your overall debt.

Look to Your Loan Depot when you need cash quickly but don’t want to take out a huge loan. We have offices in Stephenville, Corsicana, Mansfield, and several other payday loan locations throughout Texas to serve you. Start by filling out our payday loan application to see how much you qualify for. Be sure to keep following the steps outlined above to get yourself out of debt, but rest assured that you can turn to Your Loan Depot when you need a short-term loan for unexpected expenses.

Your Guide To Paying Off A Payday Loan

There are plenty of financial emergencies in the U.S. that can warrant applying for a payday loan, but many people are afraid to do so because paying one of these loans can be intimidating. When all of your other resources are exhausted though, a payday loan may be your best option. Instead of being confused or unprepared later on, do research beforehand and make sure you’re committing to a payday loan repayment plan you can handle.

For payday loans in Texas, reach out to Your Loan Depot. We’re a Top Rated Local for payday loans in Texas, and we’re eager to help you improve your financial situation. We aim to not only be your loan provider, but also to provide you with the resources you need to succeed. Read our blog today for tips and tricks for paying off a payday loan.

4 Ways To Get More Money

When you’re in the market for a payday loan, you’ve likely had something come up that limits your cash. You may truly only need money until the next payday, but why not save up some extra money while you’re at it and be prepared for if something else comes up?

  1. Cut your expenses. Make a plan of how much money you have coming in and how much money you have going out. From there, plan out to the last tiny detail! Do you really need that subscription? Are you even using that gym membership? Are you spending too much eating out? By analyzing every expense and cutting costs, you’ll be surprised how much extra money you could have in a month. This extra cash could go toward paying off your payday loan; if you keep it up, then it could go toward your rainy day fund so you don’t have to take out a loan in the future.
  2. Have a garage sale. After you fill out a payday loan application, take a serious look at everything you have. Do you really need it? Sell all of your unused stuff on Craigslist or host a garage sale. By getting cash from neighbors, friends, and strangers for all of your unwanted products, you’ll have more money to quickly pay off your payday loan.
  3. Get another job. Because you qualified for a payday loan, you already have a job. What’s stopping you from taking another part-time job though? This will depend on your family and home situation, but you could make a serious dent in your debt by taking a part-time job — even if it were just on the weekends. It may seem too stressful initially, but imagine the decreased stress you’ll experience in just a few months from working hard and saving up more money!
  4. Change your withholding pay. You love the tax benefits and the ease of conscience you get from consistently putting money away into your 401(k) or another program your company has set up for you. However, when you’re trying to pay off a payday loan you want all the extra money you can get. Fill out a new W4 and adjust so you get more from your paycheck each week. You can always adjust it again later when you have some more money in your savings account.

3 Ways To Plan For Your Loan Payments

Everything above talked about ways to save just a little more money so you can pay your payday loan off with minimal stress and risk. Now, let’s talk about ways you can handle and research for the payday loan itself.

  1. Automate the debt payment. Are you tempted to spend money if you have it? If self-discipline with money isn’t really your thing, consider setting up automatic payments to repay the loan. Visit your bank and automate the debt repayment to go directly to your lender as soon as it reaches your bank account. Many lenders can even help you set up these automated payments, so just ask them if that’s something you’re interested in.
  2. Ask for an extended payment plan. This isn’t always an option, but it’s always good to check if you know that you’ll have a hard time repaying your loan. An extended payment plan (EPP) typically allows for four extra pay periods before you pay back the loan. Payday loan companies will sometimes agree to this if they see you’re serious and responsible about repayment.
  3. Check for prepayment penalties. Some payday loan locations will penalize you for paying off your debt early. Though you may want to pay it all off as soon as you have the cash to do so, the charges against this could be detrimental. Do your research beforehand so that you can avoid these additional costs later — sometimes paying it off early and paying the penalty will still save you money instead of paying the additional interest, so it’s definitely beneficial to look into this.  

Your Loan Depot has 10 payday loan locations in Texas so we can best help you in your time of financial need. Whether you’re looking for payday loans in Bryan, Stephenville, Pearland, Corsicana, Houston, or in another Texas city, reach out to us. Our payday loans are for up to $1000. If you need more money than that, consider a title loan.

We also offer payday loans online, but we have service in both Spanish and English when you come into one of our locations. Contact us today to get started!

How Do Payday Loans Work?

When you’re stretching your money as much as possible but not quite making it to payday, it’s likely that you feel overwhelmed and stressed. Low finances and lack of savings create a lot of stress. When you fill out a payday loan application and are approved, however, you can avoid this stress and get yourself back on your feet. At Your Loan Depot in Texas, we offer payday loans to help you when you’re struggling with finances.

What is a payday loan?

A payday loan is a short-term cash loan that is based on either (1) the borrower’s personal check held for future deposit or (2) electronic access to the borrower’s bank account.

Let’s say you’re the borrower:

  1. You write a personal check for the amount borrowed from the loan company. This check will also cover a predetermined finance charge that the company requires.
  2. You receive cash.
  3. The loan company will hold the check until your next payday. At that point, the loan and finance charge must be paid at once.

It’s that easy! If you don’t have enough to pay the full amount when payday arrives, you can roll over the loan from your lender and pay an additional fee. Lenders now also will work with you for electronic access to your bank account if you receive direct deposit at your employment.

What are the requirements to get a payday loan?

Whether you’re getting a payday loan online or at a physical building, there are certain requirements you’ll have to meet. You’ll need the following:

  • An open back account in somewhat good standing
  • A steady source of income
  • A form of identification

You don’t need to have a full credit check performed or answer questions regarding your ability to repay the loan.

How do you pay it off?

Just like any loan, it’s best to pay off your payday loan as quickly as you can. If you’re in a situation that warrants a payday loan, then you likely just need some cash — not very much — quickly to get you to payday.

That being said, payment terms and options, along with different fees, will vary by state, product, and case. Make sure you understand all of your lender’s requirements before you commit to a loan. This could save you time, headaches, and, ultimately, a lot of money down the road.

Your Loan Depot

All payday loans will vary depending on where you are. With Your Loan Depot in Texas, payday loans are available up to $1,000. If you need more than $1,000, a title loan may be a good option for you. We pride ourselves on our personal relationships with all of our borrowers, and we hope to help you in your time of need. If something changes in your situation, every loan comes with a 72-hour cancellation period.

Whether you need a payday loan in Tomball, are looking for a trustworthy loan company in Houston, or are in another part of Texas, we hope you choose Your Loan Depot.

The Pros of Using a Payday Loan in Financial Emergencies

A financial emergency is always more than just a financial emergency. It’s something that affects other parts of your life. And money could help. Right now. You don’t get a payday loan every day or every paycheck. But they are there when you need them. Here are some of the pros of getting a payday loan in financial emergencies.

1. They can get you off the hook for an even more expensive problem

There are some emergencies where if you don’t find a way to come up with the funds, it could cost you (or a loved one) a whole lot more than just the amount of money you need to find right now.

  • A loved one is sick and needs an expensive medication that could save their life.
  • You need to bail someone out of jail or they’ll lose their job.
  • Your car breaks down and if you can’t fix it, you won’t have a way to get to work.

Payday loans may not be cheap, but they can be cheaper than some of the bigger problems that life wants to throw your way.

2. They are fast

Compared to the alternative of getting a conventional loan from a bank, a payday loan is super fast. Walk in with your paycheck, walk out with a loan. When you go the bank route, you have to fill out a bunch of paperwork, prove that you have assets and collateral to back up the loan, and have a convincing reason why you’ll be motivated to pay it back in installments. The process may take days while the bank underwrites you, and at the end of all that, they could tell you that you’re denied. Some emergencies won’t wait that long.

3. The only thing at risk is your paycheck

For many bank loans, in order to get the loan, the bank will not lend you anything unless they can guarantee that they’ll have a way to get the money back. They may put a lien on your car, and if you don’t pay back the debt, you lose your car. Same thing for getting fast money by putting your stuff in a pawn shop. You could lose your stuff for a lot less than you paid for it.

With a payday loan, the only thing at risk is your paycheck. You can always make more money. Only you can tell how big a risk this is to you. Many people do live from paycheck to paycheck and can’t afford to lose even one paycheck. However, some emergencies are bigger than the risk of losing a small sum of money today, and if you can’t pay the sum back on the very next paycheck, you can pay the finance charge again to roll over your loan to the next check.

4. They are convenient

A payday loan is a convenient way to get some fast cash and pay it back when you have the chance. Payday loans are convenient because they are built on the opposite principle of most loans. Most loans are built around whether or not the borrower has the ability to repay (while still paying for all their other expenses). If the lender concludes that you’re not able to repay, they won’t lend you anything. Payday loans are the opposite; they are built on the lender’s ability to collect, and since you’ve written them a check that they won’t cash until your payday, they know that they will be able to collect. This leaves the burden on you to determine whether you’ll be able to pay back the loan, but in exchange, you get the convenience of a fast loan that’s easy to obtain.

5. You don’t have to have good credit

Payday loans are an option for people who have no credit or a very low credit score. If your credit history is poor or nonexistent, but you have a stable income and an active checking account in good standing, you’ll typically be able to get approved for a payday loan easily.

6. You can’t get in thousands of dollars of debt

If you’re afraid of debt, you’re not alone. However, there are other ways that you can get in far more debt than with payday loans. The way payday loans work, you get a finite amount of money on a short-term basis. The amount of money you get is typically smaller than the total amount of your next paycheck minus a financing fee. This is still a lot of money (after all, you worked for a whole week or two of your life to earn that money), but it’s a finite amount that is reachable for more people to pay back.

Compare this to opening a credit card where you get a credit limit of thousands of dollars. If you have trouble keeping your spending within what you can afford to pay off each month, a credit card can be an even bigger trap, as you’ll be in debt for years, racking up hundreds of dollars in interest and paying almost twice as much as the original price by the time you finish paying it off. The credit card companies know that many people will spend up to the credit limit and then carry a balance at or near the credit limit for years. They’ll sometimes even raise the credit limit once you reach your current one, ensuring that you’ll continue to pay them interest for many years to come.

7. There are few requirements to get a payday loan

If you need cash fast, you don’t need someone who is going to ask you a hundred questions and make you bring bushels of paperwork to the office before they’ll issue you a loan. Just bring the proof that you’ll be paid and that you have a stable job history, and then write a personal check to your payday loan company. In most cases, you’ll be approved for your payday loan and you can go on your way and do your business.

Get your payday loan in Texas today

Stop by one of our locations in Texas today for your payday loan, or apply online.