Texas Payday Loans and Cash Advances

What is a payday loan? In simple English, a payday loan is a loan issued for a short period, typically between 7 and 60 days, for smaller amounts of money. Taking out such a small-dollar loan makes a lot of sense when you a) have no other source of urgent money influx; b) have a real financial emergency, and c) only need money for a short period to last you until your payday.

We work with the best lenders in Texas, providing honest fees, facilitated application and guaranteed approval. Read on to learn more about how you proceed to get a payday loan in the state of Texas.

Are payday loans legal in Texas?

Payday loans have legal status in Texas and are regulated by 5 Tex. Fin. Code §§ 393 et seq., 4 Tex. Fin. Code §§ 342.004 statutes. According to what is fixed in the statute, borrowers can apply for unlimited amounts of money with consequential repayment due in 180 days maximum. Other debt limits, such as APR rates, rollovers, debt restructuring, cooling-off periods and the maximal number of loans allowed per borrower are not specified. This gives quite some leeway to lenders to impose steep fees, but here is where our service steps in and helps you find trustworthy payday loan lenders in Texas with the lowest interest rates.

How to get a payday loan in Texas

  1. Submit an online application on our website
  2. Wait for approval for a few moments
  3. Receive your cash latest on the next banking day

Requirements to observe:

  • Age of majority
  • U.S. citizenship
  • Texas residency
  • Source of regular income

What are the minimal and maximal loans I can count on in Texas?

There are no limitations on either the minimal or maximal amount of payday loans in Texas.

What motivates Texas citizens to apply for a loan?

Any kind of situation where the money is needed urgently can be a reason enough to apply. The lenders we work with are not interested in what you will use your money for. Most commonly, payday loans are taken out to meet unplanned expenses, utility or healthcare bills, go on a family trip or buy an expensive item for home.

Users often ask us:

How to get rid of payday loans in Texas?

If you are caught in a bad interest rate payday loan, we are ready to help you find a much cheaper loan so that you can bounce back in black in just a few weeks. We specialize in finding low fees installment payday loans in the state of Texas, apply using our service for guaranteed and fast approval now!

How many payday loans can you have in Texas?

The number of outstanding loans in Texas is unlimited.

What is the statute of limitations in Texas on payday loans?

The statute regulating small-dollar crediting activities in Texas is 5 Tex. Fin. Code §§ 393 et seq., 4 Tex. Fin. Code §§ 342.004. The limitations are quite scarce and apply only to the maximal amount of days, which is 180.

How many times they can renew loans?

Since there are no rollover limits fixed in the statute, the number of rollovers (payday loan renewals) will vary from one licensee to another.

Which payday loans are licensed in the state of Texas?

The state does not limit the types of personal loans that can be issued by licensed lenders in Texas.

Here is how you calculate APR for your loan

Not sure how much your loan will cost you? We got you covered! Here is a fairly simple formula that will help you find your way around the most intimidatingly-looking calculation:

Step 1. Divide the APR percentage by 100 and then by 365 to find out the per-day interest

Step 2. Multiply the number of days in your loan term by the result received in the previous step.

Step 3. Multiply the result from Step 2 by the loan principal. This will be your loan fee (cost).

Step 3. Add the fee to the outstanding loan principal to see how much money you will owe by the end of your loan term.

Important: there will be other fees incurred, such as issuing fees, which you need to include in the calculations. But those are usually insignificant.

This is what average payday loan fees look like in the state of Texas:

  • Loan Amount: $1,000
  • Loan Term: 31 days
  • APR (Annual Percentage Rate): 410%
  • Total Repayments: $1,348.21
  • Cost of Loan: $348.21

Got answers about payday loans in Texas or need help applying or getting approved for fast cash? Contact us for immediate professional solutions!