Payday Loans in Austin

In Austin, Hermosa Loans works with residents to help with financial emergencies. If you’re in need of fast cash, complete an online loan request.

Request Short-Term Loans and Long-Term Loans in Austin, Texas

Whether you are looking to borrow short-term loans or long-term loans, can help you start the process.
A short-term loan

is also known as a payday loan or cash advance. These are small-dollar loans that are usually repaid within two weeks.

A long-term loan,

or installment loan, is a larger sum loan. Installment loans are repaid in equal monthly payments over a period of time. These loans are usually repaid within six to 12 months, depending on the borrowed amount.

Auto Title Loan

borrower uses their vehicle as collateral to secure the title loan. The loan term depends on the amount borrowed.

For example, Austin residents may get around 25% to 50% of the car’s appraised value. If the loan applicant defaults on the title loan, the provider may repossess the vehicle.

To request a title loan, most lenders may ask for the following documents:

Government-issued ID Lien-free car title Bank account Proof of residency

How Much Can I Borrow in Austin, Texas?

In Austin, Hermosa Loans operates as a loan request service. We are not a loan provider, and the payday lending decision is not up to us.

Instead, we work with consumers to try and connect them to lenders who may be willing to offer financing options. Ultimately, the borrower’s eligibility for a loan will be determined by the lender.

  • The Texas Office of Consumer Credit Commissioner (OCCC) regulates the payday loan industry in Texas. All lending companies must be registered and abide by the rules and the regulations of the OCCC.
  • According to Texas state law, Austin residents can repay their loans between seven and 180 days. The annual percentage rate is not specified and depends on the lender and borrowed amount. Keep in mind that borrowers with lower credit scores may have to pay higher interest rates.
  • According to city law, residents of Austin cannot get cash advance loans that surpass 20% of their gross monthly income. However, Austin residents can renew or rollover their online payday loan up to three times.
  • Moreover, installment loans should be repaid in four equal payments. As a result, each payment must be 25% of the principal amount.

How to Qualify for a Payday Loan in Austin, Texas?

Before requesting an advance loan from our website, ensure that you meet the basic requirements to borrow money in Austin. Payday lenders differ, but applicants must:

Be a Texas resident

Be at least 18 years of age

Have a steady source of income

Have a checking account

If you have a savings account instead of a checking account, a lender may still be willing to work with you. Some lenders may even provide cash disbursements.

I Was Qualified for a Loan; Now What?

Upon collection of your payday loan from the lender, you may be able to use the cash to cover emergency expenses, such as:
Unexpected bills
Medical bills
Debt consolidation
Credit card bill
Car repairs
Home repairs

Note that lenders may use your personal information to verify your identity and perform a credit check through a credit bureau.

How Do I Pay Back My Loan in Austin, Texas?

Hermosa Loans is not a direct lender. Hence, you do not make any payments to us. Instead, lenders in our network may present you with several repayment options.

  • The preferred repayment method for lenders in Austin is an automatic withdrawal from the borrower’s checking account. Although rare, you may be able to repay your loan using post-dated checks, a debit card, or cash payment.

Request up to $5,000 Now

Hermosa Loans works with a vast network of lenders that may offer more loan options to borrowers.
If you are searching for a short or long-term loan, complete our request form to see if you qualify.

Frequently Asked Questions

What are the requirements to qualify for a loan in Austin?

When submitting an application for a loan, the lender will ask you for personal and financial information. These documents often include proof of steady income, identity verification documents like a government-issued ID, proof of a checking account, and fair to good credit standing. Moreover, the lenders will require that the applicant be at least 18 years old and a resident of Texas.

What's the APR for a short-term loan?

APR in Austin often ranges around 400% to 500%. However, the rate can be higher based on the borrower's credit score, income, and credit history. Most often, borrowers with lower scores will have higher interest rates, and borrowers with higher scores may enjoy lower rates.

Does Hermosa Loans provide title loans in Austin?

Currently, Hermosa Loans does not connect consumers to title loan lenders. Instead, Hermosa Loans may be able to connect eligible consumers to lenders who may offer them short-term and long-term loans. Your options may include cash advances, payday loans, or installment loans.

What's the maximum number of loans I can have at the same time?

Austin doesn't specify how many outstanding loans a borrower can have at one time. To be on the safe side, it is best to only take out one loan at a time. Having more than one loan can cause you to incur more debt and negatively affect your credit score.

What's the minimum loan term?

The minimum loan term in Austin is seven days.