Texas Payday Loans
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.
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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.