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Before you take a cash advance loan you should make sure you completely understand the risks of taking a loan. In this article you will come to understand how Texas payday loans work, what are the risks and how to avoid the risks and costs.Texas payday loans are small loans one can use when he is temporarily running short of money. Often, payday cash advance loans are short term loan for a small amount of money. ($100 to $1000). To get cash advance loan in Texas, one has to perform some simple formalities plus a fee. If one can’t repay his loan amount in stipulated term, he can make a written request for extension of the due date. But it should be kept in mind that the fees keep accumulating increasing financial burden.Generally, Texas cash advance loans are expensive. The borrower has to pay an annual percentage rate that may be several hundred percent. For instance a person might pay a $20 fee for the loan of $100.00 for two weeks. The Consumer Federation of America has done some calculations and compared cash advance loans in Texas to the alternatives. These calculations show that you have to pay about 426% APR on a short term loan.Let us consider some of the drawbacks of the Texas loans. The main drawback is that they cannot help a person solve his actual problem. Payday cash advances sometimes can worsen the problem for the solution of which the loan is taken. Because of the high interests, the borrower’s expenses get increased. Texas payday loans are helpful once or twice. They can be helpful in emergencies such as illness or car repair. If you are in the habit of taking the payday loans may put you in more financial problems.If things get out of control, one can get himself/herself in financial problems. His expenses may increase and checks that he writes to the lender may bounce. Consequently bank may be unwilling to work with him. The lender may charge him or send his account to collections, which will hollow out up his or her credit. However, the Texas payday loans industry defends itself. They put forth the argument that their loans may be less costly than bounced check fee and overdraft protection. Moreover, their argument is that their loans are the savior of the people who are in financial trouble and help them get through difficulties.Generally, statics indicates that payday lender’s aim is to take advantage of not well-to-do people. Payday loan stores are located in the poor suburb areas of the city and not in the upper middle class areas. Military bases are another target for the payday loan companies. For example, five cash advance businesses are located within five miles of Fort Knox military post. There may be some alternative. Some of them include small loans from credit unions, taking loans from a relative or a friend, advance from the employer, consumer credit counseling etc.It is suggested that cash advance loans should be avoided as far as possible. However the importance of such loans cannot be underestimated. People in need of cheap payday loans in Texas can get cash easily from online lenders.
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