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Texas Payday Loans up to $1K
Need cash for BBQ, music and other fun in the hot Lone Star State? We re always ready to help you get Texas Payday Loans fast and easy.
To get bad credit Payday Loans in Texas just fill out a simple and free application form online. It will let you know whether you qualify for a loan. Applying won't affect your credit history. Upon approval, the money will be deposited into your bank account the next business day. Applying in-store you get the chance to receive the necessary amount of cash the same day, even in an hour. Repayment is done automatically, the money is simply withdrawn from your account when you get the next paycheck in maximum of 6 months. The total amount which is due to repayment depends on the APR set by the lender and some additional fees like a verification fee. The rates and terms may vary from lender to lender. Read all the details carefully before you sign an agreement.
Compare Payday Loans in Texas from the Best Direct Lenders Online or find a Loan Store near your location.
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It’s the maximum sum of cash advance allowed to apply for in the state. It usually ranges from $500 to $1000. But it may vary depending on the lender and his requirements.
The minimal percentage allowed that actually represents monthly cost of your loan. The MPR is based on several things, including the amount you borrow, the interest rate and costs you’re being charged, and the length of your loan.
Collateral – is some kind of your property which ensures the lender that you will repay the money. Guarantor – is a person that sings the agreement thus giving his guarantee that you will repay the loan. Payday loans are unsecured which means to get cash advance you don’t need either a collateral or guarantor.
It’s the maximum sum of cash advance allowed to apply for in the state. It usually ranges from $500 to $1000. But it may vary depending on the lender and his requirements.
The minimal percentage allowed that actually represents annual cost of your loan. The APR is based on several things, including the amount you borrow, the interest rate and costs you’re being charged, and the length of your loan.
Collateral – is some kind of your property which ensures the lender that you will repay the money. Guarantor – is a person that sings the agreement thus giving his guarantee that you will repay the loan. Payday loans are unsecured which means to get cash advance you don’t need either a collateral or guarantor.
It’s the maximum sum of cash advance allowed to apply for in the state. It usually ranges from $500 to $1000 for Payday Loans, $1000 - $5000 for Installment loans, and up to $15,000 for Personal loans. But it may vary depending on the lender and his requirements.
The minimal percentage allowed that actually represents annual cost of your loan. The APR is based on several things, including the amount you borrow, the interest rate and costs you’re being charged, and the length of your loan.
Collateral – is some kind of your property which ensures the lender that you will repay the money. Guarantor – is a person that sings the agreement thus giving his guarantee that you will repay the loan. Payday loans are unsecured which means to get cash advance you don’t need either a collateral or guarantor.
It’s the maximum sum of cash advance allowed to apply for in the state. It usually ranges from $500 to $1000. But it may vary depending on the lender and his requirements.
The minimal percentage allowed that actually represents annual cost of your loan. The APR is based on several things, including the amount you borrow, the interest rate and costs you’re being charged, and the length of your loan.
Collateral – is some kind of your property which ensures the lender that you will repay the money. Guarantor – is a person that sings the agreement thus giving his guarantee that you will repay the loan. Payday loans are unsecured which means to get cash advance you don’t need either a collateral or guarantor.
It’s the maximum sum of cash advance allowed to apply for in the state. It usually ranges from $500 to $1000 for Payday Loans, $1000 - $5000 for Installment loans, and up to $15,000 for Personal loans. But it may vary depending on the lender and his requirements.
The percentage allowed that actually represents annual cost of your loan. The APR is based on several things, including the amount you borrow, the interest rate and costs you’re being charged, and the length of your loan.
Collateral – is some kind of your property which ensures the lender that you will repay the money. Guarantor – is a person that sings the agreement thus giving his guarantee that you will repay the loan. Payday loans are unsecured which means to get cash advance you don’t need either a collateral or guarantor.
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Are Payday Loans Legal in Texas?
Loan Rates and Fees, Laws and Regulations in Texas.
The maximum Payday loan amount is not stated in Texas, as a rule, direct lenders offer up to $1,000. Its term is up to 6 months (180 days). Installment loans vary from $1000 to $5000, Personal – from $5000 to 35,000. A cash advance is legal in the state according to 5 Tex. Fin. Code §§ 393 et seq.1, 4 Tex. Fin. Code §§ 342.004.2 The APR is 410% on average. There is no cap on rates and fees in Texas. Lenders usually take 10% of the loan. There are also $30 non-sufficient funds fees and a 5% collection fee.
| Law status | legal |
| MIN Loan Amount | Not specified |
| MAX Loan Amount | Not specified |
| MIN. Loan Term | Not stated |
| MAX. Loan Term | 180 days |
| MAX APR | 410% |
| Additional fees | 10% of the loan |
| NSF fee | $30 |
| Collateral or guarantor | None, unsecured |
| Number of simultaneous loans | Not stated |
| Cooling off period | None |
| Rollover | Not stated |
| Extension, repayment plan | Not stated |
| Default penalties | 5% collection fee |
| Credit score requirements | Available for Bad Credit |
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Quick and Easy Payday Loans Online
Compare top online companies offering fast cash advance with no faxing, no paperwork, possibly no hard credit check and no teletrack. Filling out a free application form guarantees you instant decision and high approval chances even if you have a bad credit score.
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It’s the maximum sum of cash advance allowed to apply for in the state. It usually ranges from $500 to $1000. But it may vary depending on the lender and his requirements.
The minimal percentage allowed that actually represents the cost of your loan borrowed for a month. It's more significant criterion than APR as mostly Payday loans are borrowed for 14-30 days until the next paycheck.
Collateral – is some kind of your property which ensures the lender that you will repay the money. Guarantor – is a person that sings the agreement thus giving his guarantee that you will repay the loan. Payday loans are unsecured which means to get cash advance you don’t need either a collateral or guarantor.
It’s the maximum sum of cash advance allowed to apply for in the state. It usually ranges from $500 to $1000 for Payday Loans, $1000 - $5000 for Installment loans, and up to $35,000 for Personal loans. But it may vary depending on the lender and his requirements.
The minimal percentage allowed that actually represents annual cost of your loan. The APR is based on several things, including the amount you borrow, the interest rate and costs you’re being charged, and the length of your loan.
Collateral – is some kind of your property which ensures the lender that you will repay the money. Guarantor – is a person that sings the agreement thus giving his guarantee that you will repay the loan. Payday loans are unsecured which means to get cash advance you don’t need either a collateral or guarantor.
PayDay Loan Calculator
Before you apply for a short-term cash advance consider other Payday Loan Alternatives
A warning about short-term payday loans
Applying for a short-term Payday Loan you should be very careful and responsible. Plan your budget carefully not to default the loan. Though an overpay may be only $1 a day for 100 dollar cash advance you must remember that not paying off the money on time may lead to additional penalty or NSF fees and high total cost.
So, before you make a final decision to apply for a Payday Loan consider other alternatives that may be helpful when you need urgent funds:
- Think of other more affordable types of loans with lower rates and fees and longer repayment terms such as Installment Loans and Personal Loans,;
- Consider Debt Consolidation Loans, Credit Builder Loans, Credit Cards;
- Try social services and local assistance programs;
- Look for additional part-time jobs or some side gigs and freelance opportunities;
- Start recycling for money;
- Address a person able to help you – employer, creditors, family and friends;
- Use traditional banks or credit unions to get cash.
And keep in mind that the most important thing about any loan, especially Payday Loan is to pay it off on time. It helps you avoid rollovers, renewals or extensions and increases your chances to get out of debt fats and easy.
Texas Payday Loans and Cash Advance Laws, Rates and Terms
Table of Contents:
Top Payday Loan Companies in Texas
Are Payday Loans Legal in Texas?
Payday Loan Interest Rates in Texas
Online Payday Loans lenders in Texas
Payday Loan Calculator in Texas
Payday Loan Requirements in Texas
Bad credit Payday Loans in Texas
Quick Unsecured Payday Loans in Texas
How much Payday loans cost in Texas?
Payday Loans from Direct Lenders in Texas
No credit check Payday Loans in Texas
How do Payday Loans Work in Texas?
Texas Payday Loans laws
First of all, Payday Loans are legal in Texas according to the 7 Tex. Admin. Code1 and Tex. Fin. Code Ann. §§342.251 et seq.2. Though there are certain rules which state:
- The maximum amount is not specified.
- The number of simultaneous loans is not limited.
- The maximum repayment period varies.
- The minimum repayment period is 7 days.
- Finance charges vary from $30 to $100 depending on the loan amount.
- The maximum APR is 662%.
- Criminal charges are prohibited.
Payday loans have been criticized as a debt trap for middle and low-income Texans. With new rules from the Consumer Financial Protection Bureau3, borrowers may be armed with new protections.
If you want to file a report or complaint on Payday lenders in Texas, address the Texas Office of Consumer Credit Commissioner (OCCC)4.
Online Payday Loans in Texas
Any resident of Texas can apply for a Payday Loan both online and in-store. But, of course, online lending is becoming more and more popular as it has plenty of advantages:
- it gives you a chance to compare a lot of different offers at once,
- you can avoid driving, doing paperwork and waiting in lines,
- applying is free and simple,
- you have very high chances of approval even with a bad credit score,
- you can find some lenders ready to give you the loan with no credit check,
- it's available 24 / 7.
The process of applying online is quick and simple:
you compare the lenders and choose the one with the best rates and fees;
you fill out the necessary information in the application form
you get the money deposited into your account within 1 business day
y
ou pay off the loan with your next paycheck
Start with the first step - compare the top-rated Payday Lenders online.
Bad Credit Payday Loans in Texas
Bad credit loan is the type of credit given to borrowers with a FICO score below 640. You usually need at least 600 to qualify for such a loan. To get the money you may turn to credit unions, family, friends, peer-to-peer lending platforms, or use online lending service. When choosing an online lender for a bad credit loan, there are important features to take into account. You can find all these important criteria on the COMPACOM.com website, which gives you a unique opportunity to compare companies. Pay attention to:
- Type of lending company
- Credit history and general qualifications
- Co-signer option
- Additional eligibility qualifications
- Employment requirements
- Interest rates and types
- Loan terms
- Fees and penalties
- Repayment options
The types of loans available for bad credit applicants are Bad Credit Payday Loans, Bad Credit Personal Loans, and Bad Credit Installment Loans. They typically have higher interest rates and shorter terms than loans offered to people with good credit. You are most likely to get a Payday cash advance as its amount is not very high, $100 - $1000, and the APR on the contrary may exceed 400%. This fact shouldn’t frighten you as due to short (14 - 30 days) term the overpay could be only $1 a day.
Quick Payday Loans in Texas
Payday Loans are considered to be fast because:
- it takes only some minutes to apply
- you get an instant decision
- the money is deposited into your bank account within a day, or sometimes - an hour.
If you really need money fast consider applying in-store. Check cashers may give you the cash at once.
The main reasons to apply for a Payday Loan in Texas are:
- You get the funds fast. Banks take a while to qualify you for a loan. Direct lenders usually guarantee instant approval.
- You can spend the money on any personal needs you have.
- It's possible to find a lender ready to approve you with no credit check.
- If you have bad credit score and can't get a loan from banks and other traditional financial institutions, you can always find a direct lender ready to help you.
- The requirements for a Payday Loan are very simple.
Short-term loans calculator: rates and fees in Texas
The total cost of any loan consists of the principal, interest and additional fees.
There is no fixed maximum financing fee in Texas, however, according to state regulators it is rather high – 662% APR. Finance charges vary depending on the amount you want to borrow:
- for less than $30 loan it is not more than $1 for each $5 of the cash advance;
- for cash advance equal to or more than $30 but not more than $100 it is not more than the amount equal to one-tenth of the amount of the cash advance;
- for a loan of more than $100, it's not more than $10.
Compared to other states, short-term, high-payment Payday loans have few restrictions in Texas, and many say they are a debt trap for middle and low-income Texans. About 8 percent of Texans have taken out payday loans, compared to the national average of 5.5 percent.
To find out how much the necessary amount Payday Loan will cost you may use our calculator.
Payday Loans Direct Lenders in Texas
Both online and in-store direct Payday lenders must:
- be licensed and follow the rules set by the Payday Loans Act, 2008;
- include the most relevant information on the first page of your contract: the amount of the loan, the terms of the loan, the cost of the loan;
- never ask for or accept payment by automatic deduction from your paycheck (assignment of wages)
- explain the cost of a payday loan and its possible consequences.
First of all, before choosing a lender do some research, don't apply with the first company you see, be responsible as it can influence your future financial wellness.
- Surf the Internet;
- Use some comparing services such as compacom.com;
- Read the customers' reviews, etc.
Before signing an agreement with a lender find out:
- if he is licensed;
- if he follows all the state's rules and regulations concerning amounts, terms, and fees for Payday Loans;
- if he promises and guarantees too much or seems too good - keep in mind that several loans at a time, no credit check loans, guaranteed approval are more likely to be a myth;
- if he has a safe website and protects your personal information.
When you do sign an agreement with the lender you've chosen don't forget what the Texas law says about it:
- the agreement must contain the name and address of the lender and his office, the name of the lender's representative who signed the agreement, a clear description of the agreement including the date of the loan, the amount, the loan term, and the transaction number.
- there mustn't be any prepayment fees,
- no additional guarantor can be required,
- the money should be provided in the form of cash, other forms are allowed only with the borrower's agreement,
- a borrower should get the copy of this agreement
No credit check Payday Loans in Texas
To find the lender ready to approve you for a Payday Loan without credit check is hard but possible. But you must understand that the fees for such cash advance may be higher than usual as it's riskier for the lender. So consider getting a loan with at least a soft credit check. It'll make the process safer for both you and the lending company and the loan will be cheaper. Still, it won't damage your credit history.
Payday Loans near me in Texas
If you are searching for Payday Loans near you in Texas, you're likely to need store locations with address and so on. It may be a good idea if you borrow money for the first time and require a personal assistant's help or if you want to get the cash advance as fast as possible, same day. But in other cases, there's nothing more convenient than applying for a Payday Laon online filling out a simple loan request. Thus you get an opportunity to compare various lenders, choose the most suitable offers with the lowest rates, and save time and energy. Besides, online Payday Loans are highly available even for bad credit borrowers in Texas. Some direct lenders offer No credit check loans, and practically no one requires a collateral.
If you're still looking for locations of Payday Loan stores in Texas in your city, use our Payday Loan store locator. Find the addresses, directions, phone numbers and other relevant information which will help you find the cash advance faster and easier.
FAQ
Requirements to qualify for a Payday Loan in Texas:
What do I need to qualify for a short-term cash advance?
Independent lenders have their own individual requirements that must be met, but typical minimum requirements include, but may not be limited to:
- Texas (US) residence
- Minimum regular income of $1,000 per month
- Valid checking or savings account with direct deposit
- Phone number and e-mail address (if applying online, you must be able to be contacted via phone if verification of application information is necessary)
- Not be a regular or reserve member of the Air Force, Army, Coast Guard, Marine Corps or Navy (or be a dependent of someone who is,) serving on active duty under a call or order that does not specify a period of 30 days or fewer.
- If applying Online, you must provide a valid Social Security Number
- If applying at Loan Store, you must bring a valid government issued photo ID. A Social Security Number might not be required
- If applying in-store, you must bring proof of income and proof of a bank checking account. Debit cards or pre-printed checks may be accepted in your state as proof of bank checking account; contact your local store for details. Acceptable documents may vary by state.
What are Texas Payday Loans?
All you need to know about Payday Loans in Texas
Payday loans, or as they are also called “small dollar”, “bad credit”, “same day”, “short term”, “cash advance” are a kind of easy quick unsecured $100 - $1000 cash advance paid off with your next paycheck in 14 – 30 days. As soon as you are approved you are likely to get the money in your account in 24 hours or even the same day. Bad credit is not a problem to receive the necessary funds. Most direct lender Payday Loans are granted to any borrower with a steady income.
So, the main characteristics of Payday Loans are:
- $100 - $1000 average loan amount;
- 14-30 days repayment term;
- money in your account in 24 hours or even the same day;
- available even for bad credit;
More than 12 mln Americans use cash advance every year.
It’s legal in 36 states (with some restrictions in 9 of them) and prohibited in the other 14 and the District of Columbia.
You can take a Payday loan in storefronts, online and even in a few banks in Texas. It’s very simple to apply for it:
- just fill out a form with the state and e-mail address,
- if you are over 18, have a permanent job, income and a valid bank account, you have 98% chance to get instant approval from a direct lender;
- receive the money in your bank account less than 24 hours.
Payday loans are very attractive for the majority of borrowers because you don’t need any guarantor or collateral, and you can get it even with a bad or poor FICO score.
On the other hand, they are notorious for charging too high APR and leading to a continuous debt trap, but it’s a common myth. To debunk it we provide you with the cost of $100 Payday Loan at 400% APR for 14 days which is only $1 a day. You can calculate the cost of your loan free using our Payday Loan Calculator. Try Payday cash advance and make sure that it’s really as easy as ABC: Affordable, Beneficial, Convenient!
How do Payday Loans Work in Texas comparing to Installment Loans and Personal Loans?
Payday loans in Texas are small dollar ($100 - $1,000) short term (14-30 days, in some cases up to 3 month) cash advance which is characterized by its easiness, speed, availability, even for those with bad credit, or without a credit history.
Payday lending is strongly regulated. Some states restrict or prohibit short-term loans for high costs.
Installment loans in Texas are $1,000 - $5,000 credit borrowed for 6 – 36 months and paid back in equal repayments, usually unsecured and available for those with bad credit score.
Personal loans in Texas are $5,000 - $35,000 credit granted for personal use, usually unsecured, backed up only by your ability to pay it back, for 6 – 60 months and repaid in equal installments.
The process of getting a Payday Loan in Texas is quick and easy both online and in-store:
- Fill out a simple application form stating the amount you need, your name and e-mail address;
- Get instant decision and approval from one of the best direct lenders;
- Read the agreement and if you are satisfied with its terms and conditions sign it;
- Get the necessary funds in your account within 1-2 days if you apply online or same day if you go in a store.
Read more: How Payday Loans work
Texas Payday Loans vs Installment Loans vs Personal loans.
The key differences between Payday, Installment and Personal loans lie in their amount, repayment terms and rates. It can be seen more vividly in the form of the table:
|
|
Payday loans |
Installment loans |
Personal loans |
|
Amount |
100$ - 1,000$ |
1,000$ - 5,000$ |
5,000$ - 35,000$ |
|
Term |
14 - 60 days |
60 days - 36 months |
Up to 60 months |
|
Repayment |
With the next paycheck |
In scheduled installments every fortnight, month, 2 months. |
Monthly, or in parts as it’s set in the agreement. |
|
Interest rates, APR |
APR – 300%-750%, plus 10-15% of 100$ borrowed |
5.99% to 225% APR plus 5% fee |
3.99% APR plus 450% origination fee |
|
Collateral or guarantor |
No |
No |
No |
The APR is the loan interest rate and is based upon the amount, cost and term of the loan, repayment amounts and timing of payments. Lenders are legally required to show the APR and other terms of your loan before customer executes a loan agreement. APR rates are subject to change.
Taking into account the enumerated peculiarities this or that cash advance is preferred by certain borrowers for their special needs.
Payday cash advances are mostly applied for by people with bad credit, with a low income, who need a little cash for a short period. While Installment and Personal loans better suit the borrowers with good or bad credit, who want to take out higher amounts of money and need more time to pay it back, and don’t want to do a lot of paperwork looking for a collateral or guarantor.
Benefits of different types of loans:
Payday loans
- Easy, quick way to get extra cash
- Short repayment term, possibility to pay it back with the next paycheck
- Suitable and convenient for emergency expenses
Installment loans
- Higher amount than a payday loan
- Smaller interest rates
- Easier to pay off in installments over a longer period of time
Personal loans
- Rather high amount of money
- Available without guarantor or collateral (in contrast to mortgages, auto loans, etc.)
- Easier to pay back having a precise scheduled plan.
As we can deduce, there are credit types, with their advantages and disadvantages, to suit needs and wishes of any American. The only thing you must do – get information and compare the offers. That’s exactly what our service helps you with. COMPACOM – compare all and choose the best one!
Same Day Payday Loans in Texas
Payday loans are known to be short-term small-dollar cash advance, starting minimum with $100 and up to $1,000. Applying is easy and quick especially if you apply for a Payday Loan online. The funds can be deposited into your bank account the next business day if you borrow from online direct lenders. If you drive to a store near you in it’s possible to get a Payday Loan with the same day deposit.
Read more: Same Day Payday Loans
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Any comments or reviews made on this website are only individual opinions of the readers and followers of the website. The website and its authors team are not responsible, nor will be held liable, for anything anyone says or writes in the comments. Further, the author is not liable for its’ readers’ statements nor the laws which they may break in the USA or their state through their comments’ content, implication, and intent.
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State Regulator
For any further information address the Texas Office of Consumer Credit Commissioner by address: 2601 N. Lamar Blvd., Austin, TX 78705 or by phone (512) 936-7600, http://www.occc.state.tx.us/.
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Any comments or reviews made on this website are only individual opinions of the readers and followers of the website. The website and its authors team are not responsible, nor will be held liable, for anything anyone says or writes in the comments. Further, the author is not liable for its’ readers’ statements nor the laws which they may break in the USA or their state through their comments’ content, implication, and intent.