In the world of payday loans, Power Finance Texas establishes itself as a quick cash loan company where you can get the money you need without the prerequisite of having direct deposit set up. This means that if you receive a paper paycheck, that's fine if you apply in-store, whereas with some payday loan companies, you must have direct deposit from your employer.
If you're self-employed, or if you're a contract worker, you aren't eligible to take out a loan through Power Finance Texas. Unlike some other payday companies that only require $300 per month in income, whether that comes from your job or government assistance, this firm requires you make more than double that. This limitation may mean you can't get a loan from this particular Credit Access Business (CAB).
As a CAB, Power Finance Texas doesn't loan you money directly – rather it finds a lender for you, working as a middleman. In fact, most of the money you pay back when you take out a loan goes directly to the CAB fee, which could raise your total annual percentage rate (APR) to more than twice the national average APR of 391 percent for payday loans.
As with most payday loan companies like this in Houston, you would be better off to pay the loan back as quickly as possible. A 14-day loan means you're paying a CAB fee percentage that accrues daily, so the longer you have the loan, the more money Power Finance Texas makes based on your loan. The actual interest paid to the lender is fairly low.
One benefit of borrowing money through Power Finance Texas is it doesn’t charge a late fee if you can't make a payment on time. However, you are charged an insufficient funds fee if the payment doesn't go through, and that's on top of whatever NSF fee your bank charges you.
Power Finance Texas has a handful of storefront locations in Houston, so you can get help in person, and apply in person, if you'd prefer to not do it online. Also, applying in store is required for those who don't have direct deposit set up.
Power Finance Texas offers quick cash loans for those who need them as a bridge between paychecks. The flexible terms allow you to pay back what you owe over a few months, if needed, but this means you'll end up paying more in fees to Power Finance Texas.