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Instant Payday Loans With Direct Lenders In Dallas, Houston, Fort Worth – TX

So many of our applicants, visitors, friends, and borrowers have been looking for instant payday loans that are approved and funded with/by direct lenders. Because our long-standing associations in the State of Texas, the majority of the applicants are coming from Dallas, Houston, and Fort Worth.

In today’s rather long discussion in regards instantaneous PDL products, we are actually talking about cash advance loans that are approved within minutes during a phone call between the applicant and the Texas-Based loan officer.

We are not going to get to wrapped up the the lenders that ultimately approved and funded each loan. Below you will see five examples of payday loans that were approved in the following Texas cities – in this order;

  • Non-Direct Lender Payday Loan Approved in Dallas
  • Direct Lender Approved Payday Loan in Dallas
  • Non-Direct (Affiliate Payday Loan) – in Houston
  • Multiple Direct PDLoans in Houston
  • Direct Lender Approval – Multiple Loans in Fort Worth

All three applicants managed to find direct funding, with no middleman coming between them and their chosen lender. I quick note about so-called “Direct Lenders”.

Direct Lenders In The Payday Loan Industry (Texas and Nationwide)

The very definition of a direct lender is as follows; “A lending institution that holds the note on a pool of money disbursed directly to the consumer level borrower, without a go-between (middleman, affiliate, agent) collecting a finders fee for bringing lead (the borrower) to the lender. Technically, there is no such thing as 100% direct loan. In order to have a 100% direct loan, you would need to be getting credit directly from the United States Federal Reserve. No-one gets that kind of money at the consumer level.” [LL Citation] [07:02:47 – 2011-10-09]

The closest thing to getting a direct loan is to get a conventional bank loan, with a conventional APR attached to the note. However, in these instances below (PDL in Fort Worth, Dallas, and Houston) the borrowers are only taking out small consumer lending products – AKA: Payday Loans or Cash Advances.

Some applicants believe that they will somehow find a less expensive payday loan product if they find a direct lender, when in actual fact, many of the State Level, and Community Level, banks are providing PDL companies with the capital (large bank notes) to fund their high-fee, high APR products. However, customers CAN find payday loan companies that the closest thing to being directly funded by a major conventional lending institution. There are some PDL providers that have 1-2 middlemen coming between the borrower and the cash advance company that is directly funded by a big bank.

The most important factor to remember though, regarding the quest for a direct lender, is this: Your APR cost is going to be the same no matter where you take out your loan. The interest, fees, admin costs, roll-over costs, and penalty costs, are not going to vary all that much from lender to lender. Maybe a few bucks saved here or there between lenders, but by-and-large……it’s all the same to you. Below we will compare the APR and admin costs with three different borrowers and three different lenders from Texas. And P.S. – NONE of these loans was administered “instantly”. Approved, yes. Funded, no.

So now that we have clarified what the definition of a direct lender is, we can move on to our loan approvals for the Cities of Dallas, Houston, and Fort Worth. We’ll start with Dallas.

Dallas Non-Direct Lender Payday Loan for $1000

This borrower did borrower from a company that is directly funded from a major bank. You will see his APR and rates of cost below. This loan was approved at the rate below by an affiliate to a backer, so this was NOT a direct lender. Name of company undisclosed for the time being. We have to clear that kind of rate publishing with the lenders first before going ahead and airing their possible dirty laundry.

  • Principal of Payday Loan = $1000
  • Term = 28 days
  • Fee = $16.75/$100
  • Principal & Interest Payment at Close = $1167.50
  • Effective APR = 217.75 %

I’m sure you picked up on the effective APR at 217%. Point made, just in case you were wondering what these PDLs actually come in at. This particular loan was granted to a walk-in customer and not online. The normal documents were required – picture I.D., bank account statement(s), and two recent pay-stubs from the borrower’s employer. Keep in mind that this was not a direct lender, O.K.

Dallas Direct Lender Payday Loan $1000

For this loan we chose a customer who borrowed the same amount of money (1k) just to demonstrate the effective the lender’s “direct status”. This loan was approved with a DIRECT lender, and the term length was also 28 days long. However, they may have gotten the PDL in Dallas, but it was from a Dallas IP, and not a store walk-in. In other words friend……this was a 100% online loan, and there was no faxing involved in the approval/qualification process. Here is the math;

  • Principal of PDL = $1000
  • Term = 28 days
  • Fee = $30/$100
  • Principal & Interest Payment at Close = $1300
  • Effective APR = 390%

Notice that this customer paid $300 dollars for the exact same loan amount, for the exact same term. Not good – right….RIGHT! Why? Because the lender charged the maximum APR they charge under their store policy ($30 for every $100 borrowed). This lender was a direct lender, and there was no middleman in the process anywhere down the line. I can see how some applicants think they will be getting a better deal by stripping out the affiliates, agents and middleman, but in the end it makes absolutely no difference. When you are a site like WNL you are not dealing with a direct lender (see privacy and terms), but the cost to you if you get the loan through us is exactly the same as of if you contacted loan provider directly by phone.

Now we are off to Houston!

Houston Texas Payday Loan – Non-Direct Lender (Affiliate)

This loan is one that was approved right from this very site, and the borrower borrowed $500. It was not her first payday loan, and hopefully she will get her financial act together, and it will be her last. (Did I forget to tell you – we at World Net Loans, DO NOT recommend using payday loans unless you absolutely have no recourse, and no other way to come up with some emergency funding – read this at the FTC).

So this young woman in Houston took out a PDL for $500 dollars so she could get some new tires on her piece-o-crap Honda Accord. She was planning a long trip down the Pan Handle and down along the coast going east and eventually to Florida. She had bald bastard tires on junker, and had to replace them for sure. She had no money or credit she could use through her bank, from her friends, family (burned that bridge down a long, long time ago), or employer (Hooters Houston, TX).

Below we can see the math – this was also a non-faxing PDL done 100% online, without even as much as as phone call – she had borrowed money from this lender before, so there was no issue getting qualified and approved. Once you get a loan from a PDL corporation, and you pay it back on time, they will lend you money REALLY REALLY fast!

  • Principal of Cash Advance = $500
  • Term = 14 days
  • Fee = $20/$100
  • Principal & Interest Payment at Close Before Rollover = $600
  • Effective APR = 520%
  • Roll-Over Fee = $85
  • Total Cost of Loan After Roll-Over Fee = $185

Again – take special note of the effective APR on her loan. This company was not exactly “abby normal” either. Very typical rate when it’s a first time customer. I know….I know…..some PDL stores waive all their fees for first time borrowers, just get them hooked into the cycle – but alas, in this case they did not have such an offer/teaser.

Remember now – this was not a direct lender. We were the actual affiliate, and we got a $60 commission for sending the lead to the lender. Next we will stay in Houston, TX and we will look at another payday loan, and this time the borrower even rolled the note over and got dinged for the fees in a big way. We have actually seen worse loans than this example from Houston. We saw one from Lubbock that was twice as bad – the effective APR ended up being over 1200% – outrageous no?

Houston Direct Lender PDL

This client drove down to a store in downtown Houston and got a payday loan approved with a company they had used before. This was a very different exchange of business. The lender had done over a dozen loans in the past year with this customer and they were very confident they would get their money back, and that the money would be paid back on time. Below we are going to look at that first yearly multiple loan documentation.

This man was in his mid-twenties the year that he got all of these cash advances. He was working in Texas in the oil fields, and was partying like a wild man. He was forever spending more money than he had on booze and girls, and found himself short a week before he was paid his next check. He made really good money, and did allot of overtime as well. However, he spent more than he made – happens all the time. He was originally from North Carolina, and was working in the oil patch just for a couple of years.

So below we will look at all of his payday loan added up over the year and we can see his effective APR for the annum, and the total cost in fees.

  • Principal of Cash Advance = $300
  • Number of loan for year = 12
  • Term = 7 days
  • Fee = $10/$100
  • Principal & Interest Payment at Close Before Rollovers = $3960
  • Effective APR = 520%
  • Roll-Over Fees = $325
  • Total Cost of Loans After Roll-Over Fees = $685

Sure – he was a trusted borrower and so the PDL company gave him their best break and only charged him $10 bucks for every $100 borrowed – yippee! Only problem is he was rolling over some of these loans, and the costs piled up over the year. To borrow a total of $3600 dollars the customer paid $685 dollars over the year. Feel the burn. Better off using a credit card any day over this option. Of course this guy didn’t have any credit at all because he defaulted on a car loan back in Ohio, and it was one of the reasons he decided to go to Texas for the job in the first place.

Direct Payday Loan Transaction in Fort Worth

This loan approval took place in Fort Worth and this was a rather extreme case. The borrower had a black mark on his Teletrack record, and his Experian and Transunion credit scores were abysmal. Fair Isaac gave him a FICO of 460 which is incredibly low. Needless to say he was pretty much screwed for getting approved anywhere. Not in Texas I guess – he got approved, after he paid back the original lender. Still though, he was consider REALLY high risk and he was treated as such in terms of the APR they charged him on these loans.

Believe it or not, this guy was a high rolling investment banker and had experience working in Wall Street. Educated at Brown University in 2001. He had a few addictions that we don’t need to go into detail about, but you get the drift – he was spending way more than he made, and he made good coin every month. He was using PDL companies in the Fort Worth area for a period of that particular year before he went into rehab. Here is the trip;

  • Principal of Payday Loans = $1000
  • Number of loan in the year = 20 (total borrowed $20,000)
  • Term Sizes = 7 days
  • Fee = $30/$100
  • Principal & Interest Payment at Close = $6000
  • Effective APR = 1560%

There was surprisingly no rollovers on all 20 of these loans, so he had it together enough to pay them all back on time – like I said, he made allot of cash every month. Hard to believe he wasn’t making enough cash to avoid PDLs. His credit was destroyed from past misbehavior. Anyway – just take a look at the massive APR.

[Time-Stamped 14:46:35 – 2011-10-09]български икониподаръци

Disclaimer: The views expressed by this author don't necessarily reflect the opinions of, it's owners, or it's affliates.

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