Texas Payday Loans

Updated 07-21-2014

Need a little extra cash, but don't know where to turn? Texas residents who have less-than-ideal credit and find themselves with unexpected expenses, may qualify for a short-term loan from a payday loan provider. These short-term loans don't involve a credit check, and you can apply right from the comfort of your own home and have the funds electronically deposited in your account. All you need are the basics such as a checking account, current employer, driver's license, current address, and a Social Security number. In Texas, you can take out a loan of up to $1800.00 for a fee of about $25.00 per $100.00 that you borrow (depending on the provider). Loans are paid automatically on your next payday.

Not a Texas resident? Choose your state here:

Texas Payday Loan Reviews


Services: Our Ratings: Bottom Line:
LendUp Rating:stars
Inventive points system allows you to borrow more at better rates; emphasis on credit building with reporting to credit bureaus; no BBB rating
Cash Central Rating:stars
Repeat borrowing incentives are a pluse, but privacy policy could be more customer-friendly
CashNet USA Rating:stars
Repeat borrower incentives, clear website, 50% discount with coupon code: NEXTADVISOR50

NextAdvisor Blog Headlines

Goodwill Breach: What You Need To Know
Jul 23, 2014 - Bargain shoppers beware! Goodwill Industries International, Inc., the nonprofit organization that sells donated merchandise to fund job programs, announced that it's working with federal officials to investigate a potential security breach, as reported by the Associated Press. The nonprofit said ...

Snowden: Use SpiderOak, Not Dropbox
Jul 22, 2014 - This past week, the enigmatic NSA whistleblower Edward Snowden made some more noise as he publicly denounced Dropbox, one of the most well-known cloud storage services, in favor of SpiderOak. Snowden believed that many of the users at Dropbox have their privacy at risk due to a lax security polic...

Best Credit Cards for Back to School Shopping
Jul 21, 2014 - It's about that time to start stocking up on school supplies for the new school year. While back-to-school spending can get out of control, one way to compensate is to use the best credit cards when buying all of your school supplies. Many credit cards offer up to 5% cash back on some of the [...]

Can I Use My Calling Card with VoIP?
Jul 18, 2014 - Q: I have an international calling card which functions by letting me call an 800 number to place long-distance calls. Can I use my calling card with VoIP service? This is a good question to ask, because VoIP can often seem confusing at first. The good news is that VoIP works just like your regul...

Best Credit Cards for Cash Back on Gas
Jul 17, 2014 - Gas prices have gotten out of control, right? It seems like you can't fill up your car for less than a night on the town. If you are frustrated with how much you are paying for gas, it might make sense to get a little cash back at the pump. There are a few credit [...]

Payday
Loan
Overview

How does a payday loan work in Texas?

Sign up online with a payday loan company providing information such as the name of your employer, salary, requested loan amount, and basic financial data. In Texas, registered payday loan companies act as CSOs (Credit Service Organizations), which means they act as intermediaries between you and a 3rd party financial institution. Your credit will not be checked, but a basic verification using checking databases will be run. If the payday loan company is able to extend a loan to you, you'll receive an email detailing the terms. Once you read and accept the terms, the money will be deposited in your account, generally the next business day. Then, on your payday, the payday loan company will automatically withdraw the amount of the principal, plus the loan fees, from your checking account. For more information on why it's important to borrow from a payday loan company that's registered as a CSO in Texas, please see our Texas Payday Loan FAQ.

Refinancing your loan

While you should only take out a payday loan if you can pay it back on your very next payday, there is an option if you don't have the money. Most payday loan companies will let you refinance your loan up to 4 times, if you pay the original fees, and accept new loan fees of the same amount (you must contact the payday loan company before the due date, generally 1 to 2 days). While convenient, those fees can really add up; refinancing just once on a $100.00 loan can cost you fees and interest equivalent to roughly 50% of your original loan.


Fees and APRs

The loan fees you pay have two parts: the payday loan company's fee and the 3rd-party financial institution's interest rate (regulated by Texas law to be no more than 10% per annum). The payday loan company's fees are not regulated, but tend to run between $22.00 and $25.00 per $100.00 borrowed. By law, these total fees must be represented as APRs (Annual Percentage Rates) so customers can compare them with credit card fees. Of course, these loans are paid off much more quickly than credit cards, since they depend on your pay period, not a recurring monthly billing cycle.


Sign Up For Our Newsletter



Advertiser Disclosure: NextAdvisor.com is a consumer information site that offers free, independent reviews and ratings of online services. We receive advertising revenue from most but not all of the companies whose products and services we review. For credit cards, we review cards from all of the top 10 US issuers by purchase volume (according to Issue 1035 of The Nilson Report, Feb 2014) excluding issuers that require additional accounts to be a cardholder or private label issuers. We may also review cards from other issuers in select cases. We are independently owned and operated and all opinions expressed on this site are our own.