Texas Payday Loans

Updated 04-08-2015

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 and 24/7 customer service

NextAdvisor Blog Headlines

How to Create a Timeline of Your Family History
Apr 17, 2015 - Starting research on your family and tracing your family history can be a daunting task, especially if you have piles of information or records and no idea what to do with them. Fortunately, we live in a world where technology has made this a lot simpler and less time consuming than ever before. ...

3 Benefits of Getting a Master's Degree Online
Apr 17, 2015 - Obtaining a master's degree in any field is a highly prestigious accomplishment and necessary for fields like nursing, psychology, education and countless others. It?s also arguably one of the most effective ways to propel yourself up the corporate ladder. For most, a master's degree is something...

Spring Cleaning Your Cyber Life with Cloud Storage
Apr 16, 2015 - For many of us, spring means it's time to break out the dust rag once again and do a full reboot and refresh of our homes and office with a massive spring cleaning overhaul. This exact same concept can be applied to your digital life in order to keep all of your devices and programs [...]

What's a Balance Transfer and Why Should You Do One?
Apr 16, 2015 - Credit card debt is notorious in the United States. With revolving debt, which includes credit cards, climbing from $5.8 billion to $8.9 billion in the past year, according to the Federal Reserve, it's clear that Americans need help paying off their debt. The key to paying off credit card is to t...

Why You Should Believe the Hype About VoIP Services
Apr 15, 2015 - Skepticism about VoIP is alive and well in the world of technology. However, upon closer inspection it seems that these doubts hold very little weight because VoIP has, in fact, improved immensely over the years and is widely praised as an overall service. Still, some potential users are wary of ...

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 and private label issuers. We may also review cards from other issuers in select cases. We do not review all products in a given category. We are independently owned and operated and all opinions expressed on this site are our own.