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Payday loans are short term unsecured loans meant to be taken to handle unavoidable financial problem arising during the middle of the month when the next pay date is 2 or 3 weeks away. Simple problems like a leaking roof or a broken appliance require an immediate cash outflow which may not be possible during the middle of the month. Payday loans shows the way during such time.


An easy to get loan basis your employment and having an active bank account. Simple online application or walk in to the loan store is all that is need in the application. The repayment is required to be completed on or before the next pay date by the way of providing a postdated check or issuing a debit authorization to the lender to withdraw money from the account by the way of an ACH. Due to its simplicity and ease of availability, popularity of Payday loans in Houston TX has off late seen a rise.



Such loans are no doubt extremely convenient and flexible, but it carries a high rate of interest. Consider this, for every $100 is borrowed, a customer is required to repay $30 as interest. So if a customer takes a loan of $300, total repayment is $390 which is approximately 780% APR for the two or three weeks of borrowing period. Also the hassle of repaying the entire loan along with the interest by the end of month in a single payment is also to be worried about. This balloon repayment will make the financial management difficult for the next month. Hence borrowing using a payday loan is not an answer for every problem.



  • It is very easy to qualify for a payday loan: An applicant must be in the job more than 90 days and must have a bank account where the salary gets credited. Up to 80% of the monthly salary can be given as a loan by the lenders.
  • Online Application Process: Another major contributor to the success of such loans is applying from the comfort of your home or office. While most of the lenders have their own websites, there are plenty of loan aggregators who take your loan request and forward it to various lenders for considerations.
  • Not so tough Credit norms: Although there is a credit check involved in the loan approval process, the lenders do not give it a high weight-age if there is a presence of bad credit history. An applicant should not be a bankrupt or a defaulter in an existing loan is what is checked.
  • Quick Turnaround: A loan can be disbursed on the same or the very next day. This is particularly important for a person who is in a dire financial crisis.

There are plenty of downsides of borrowing a payday loan. It is equally important for an applicant to understand each of this and should not decide for the loan in haste. Easy cash in itself is a major influences for application but a prudent applicant must evaluate all the pros and cons for the same.

  • High Rate of interest -This is one of the major feature against the case of this loan. An APR ranging from 500% – 1000% is extremely high and tends to draw a good customer into a crisis. Some of the lenders charge a mammoth amount in case the borrower has requested for a roll over.
  • Promote debt trap – the lenders take the advantage of the poor financial situation of the borrowers. In order to ease the repayment comfort, the loan term is increased and the customer eventually falls into the pitfall of earning and repaying. At this stage, closing of loan becomes impossible without borrowing again.
  • Access to bank account and financial information- the lenders get full access to the customer’s financial information as well as a debit authorization allows them to withdraw money from the bank account without notice. This is not a desirable situation for any borrower.

In a nutshell, getting a payday loan is not a difficult task. An informed decision must be taken considering all the factors mentioned above so as not to regret at any stage.

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