If you're in need of cash and you choose a traditional payday loan company to borrow money, you're generally required to pay back the loan in two weeks. The difference between Cash Store and those traditional models is that you have more time to pay back your loan, which the company calls an installment loan, which gives you a better chance of paying everything back and on time.
Cash Store is a Credit Services Organization, which is a middleman that finds the willing lender for the borrower. In Houston, it's a law that must be followed by payday loan companies. What isn't regulated as strictly is how much money a CSO can make in fees on your loans. An installment loan with Cash Store in some cases may be slightly less than the national average of 391 percent annual percentage rate (APR), or it could raise much higher than that average depending on the terms you choose or you're eligible for. What this means is that you could be paying almost double of what you borrow.
The CSO fee accrues daily, and it's generally a high percentage of whatever amount you borrowed, and there's no cap on what each loan company like Cash Store can charge. This also means that if you extend your loan, you're not only extending the time you have to pay back what you've borrowed – it also means that you're extending the amount in fees you pay to the CSO. Pay it back early and you'll cut off their ability to earn more in fees, plus you won't pay a penalty fee for early repayment.
Payday loans in Houston are limited because of laws that are meant to protect you, the consumer. This is why you're only able to get a small-dollar loan or an auto title loan, and not other types of loans from these companies.
Cash Store has several locations in Houston, which means you could get cash in hand before the end of the day. You can start your application online, gather the documents you need and head into the store to complete the process in just a few minutes. Once you're approved, the customer service agent at the store can give you the money you're borrowing. If you do it all online, you likely will have funds in your account by the next business day.
Cash Store can get you money in-store or online in the form of an installment loan, which is much like a payday loan, but you have more time to pay back what you borrow. The fees are higher than some of its competitors, but you can pay off your loan early and not suffer a penalty.