Texas Payday Loans
Texas, once its own republic, is a proud state with proud citizens. Texas is known as the Lone Star State due to the single star emblazoned on the Texas State Flag. Texas is steeped in the history and traditions of the old west and the cowboy way of life. Texans hold BBQ dear and are known for their abilities on the grill.
Texas loan laws are very specific on the details of fees and charges that a company can charge. Like most other states, every payday loan lender is required to receive and display a license to conduct business from the state government. In addition to the normal fees a company charges, Texas law allows companies to charge handling fees. All lenders must post a written agreement and a fee schedule in a prominent place in the place of business. Contents of the agreement must be: the transaction date, the name of the lender, a full accounting of costs, a fee schedule, and the earliest date the borrow plans on depositing the check. The agreement must also state that these loans are intended for short term needs and must include the phone number and address of the Consumer Credit Commissioner. Customers cannot be criminally charged for failure to repay a loan.
Maximum Loan Amount
Texas has no maximum loan amount.
Maximum loan time is 31 days while 7 days is the minimum.
Extensions and Rollovers
Texas law does not allow loans to be renewed or extended.
Fees and Charges
The following is a breakdown of the fees and charges for a Texas payday loan:
- No more than $20.00 for loans under $30.00.
- Loans over $30 but under $100 can be charged no more than 1/10 the amount of the loan.
- Loans over $100 maybe charged no more than $10.00.
- Monthly handling Fees:
- $3.50 for loans under $35.
- $4.00 for loans between $35 and $70.
- Loans greater than $70 can be charged $4.00 for every 100 dollars borrowed.
Fee Schedules and APR
Maximum APR is 309% for a two week $100 loan.
Corpus Christi, TX 78476
Corpus Christi, TX 78416
Dallas, TX 75237
Houston, TX 77057
Fort Worth, TX 76102
Houston, TX 77063
Corpus Christi, TX 78410
Dallas, TX 75229
Dallas, TX 75217
Dallas, TX 75248
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