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Payday Loans for Texas Residents

What Are Personal Loans?

Payday loans for Texas residents same day approval have been around for some time now. It has long been used by those who are in need of cash fast. As the name would suggest this loan is based on the pay check of an individual. When you take out a loan, the term is usually set until you get your next pay check. Then you are expected to pay back the loan in full, plus interest. If you are unable to make payments by then, the terms are extended with an increase in interest as well.

Protected by Law

The good news for Texas residents is that there is a law now in place which aims to limit the negative aspects of this financial product. The Short-Term Loan Act which was approved in 2008 has placed certain restrictions on this form of money lending.

Here are some of the key points of the law that affects borrowers:


Limiting Interest Rates

It limits the interest that can be imposed by lenders to no more than 28%. This is the key feature of the law because it seeks to address the biggest problem with it as seen by many financial experts. Namely that it could place a borrower in jeopardy because of high interest rates that can be added to the loan. Before that, payday companies were able to charge as much as 300% in interest alone.

Limited Amount of Cash

Another key feature that the law has, is the way that it limits the amount that can be borrowed by an individual. The limit has been set to $500. Others might feel that the amount is too low, but some experts would agree with the move because it reduces the chance that a user might borrow that is bigger than what he can really afford to pay back.

Only a Loan at a Time

The law also prohibits a borrower from taking out more than one loan at a time which greatly reduces the risk of a borrower falling into a loan trap. A loan trap is when a borrower is forced to resort to taking out additional loans in order to pay for the previous ones.

Other Restrictions

There is also another limit that the law puts in place. That is in the number of loans that a borrower can take out each year. They are now limited to 4 loans each year. This reduces the chance that someone would turn to borrowing month after month. It would then be seen as the final option, which is the way it’s supposed to be.

No More Rollovers

Another common practice of payday companies that deal with instant personal loans for Texas residents same day approval that was prohibited by the law are the so called rollovers. This is when the lenders just extend the term of the loan until the borrower is able to pay it in full. They tend to add extra fees to it. Now they are forced to accept partial payments for the loan.

These are just some of the reasons why Texas residents should feel lucky when taking out cash advance loans today. They’ve got the law backing them up.


Payday loans are legal in: Alabama (AL), Alaska (AK), California (CA), Colorado (CO), Delaware (DE), Florida (FL), Hawaii (HI), Idaho (ID), Illinois (IL), Indiana (IN), Iowa (IA), Kansas (KS), Kentucky (KY), Louisiana, Michigan (MI), Minnesota (MN), Mississippi (MS), Missouri (MO), Montana (MT), Nebraska (NE), Nevada (NV), New Hampshire (NH), New Mexico (NM), North Dakota, Oklahoma (OK), Oregon (OR), Rhode Island (RI), South Carolina (SC), South Dakota (ND), Tennessee (TN), Texas (TX), Utah (UT), Virginia (VA), Washington (WA), Wisconsin (WI), Wyoming (WY).

Payday loans are illegal in the following states: Arizona (AZ), Arkansas (AR), Connecticut (CT), Georgia (GA), Maine (ME), Maryland (MD), Massachusetts (MA), New Jersey (NJ) New York (NY), North Carolina (NC), Pennsylvania (PA), Vermont (VT), West Virginia (WV), the District of Columbia (DC).

Amounts: $100, $200, $300, $400, $500, $600, $700, $800, $900, $1000


Representative APR 391%
Example: You borrow $100 for two weeks. Lender can charge you a $15 fee, which means you will have to repay $115 to the lender at the end of the term. The cost of the $100 loan is a $15 finance charge, which anounts to an annual percentage rate of 391 percent. If you decide to roll over the loan for another two weeks, lender can charge you another $15. If you roll-over the loan three times, the finance charge would climb to $60 to borrow the $100.
Implications of Non-Payment:
Some lenders in our network may automatically roll over your existing loan for another two weeks if you don't pay back the loan on time. Fees for renewing the loan range from lender to lender. Most of the time these fees equal the fees you paid to get the initial payday loan. We ask lenders in our network to follow legal and ethical collection practices set by industry associations and government agencies. None payment of a payday loan might negatively effect your credit history.
Consumer Notice:
A cash advance, also referred to as a payday loan or payday advance, is a small, short-term loan that is intended to cover a borrower's expenses until the following payday. Cash advances are intended for short-term financial relief and do not constitute long-term financial solutions. Consumers facing debt and credit difficulties should seek out debt and credit advisory help. Consumers are encouraged to consult our Rates and Fees page to learn more about the risks involved with cash advances, local laws and regulations that may be applicable to cash advances, possible loan alternatives and recent developments in their state.
Legal Disclaimer:
This website does not constitute an offer or solicitation to lend. We are not a lender, does not broker loans, and does not make loan or credit decisions. The operator of this web site is not an agent, representative or broker of any lender and does not endorse or charge you for any service or product. Our provides a service only and is not acting as a representative, agent, or correspondent for any service provider or lender. We are aim is to inform users of possible lenders who may be able to satisfy the needs of a particular consumer. We do not endorse any particular service provider, lender, nor loan product. You are under no obligation to use Our service to initiate contact, nor apply for credit or any loan product with any service provider or lender. Service providers or lenders will typically not perform credit checks with the three major credit reporting bureaus: Experian, Equifax, or Trans Union. However, credit checks or consumer reports through alternative providers such as Teletrack or DP Bureau, which typically will not affect your credit score, may be obtained by some service providers or lenders, in certain circumstances. You will not be charged any fees to use our service. Learn more on our Rates and Fees section.
Residents of some states may not be eligible for a short term cash loan based upon lender requirements. We do not guarantee that completing an inquiry form will result in you being matched with a service provider or lender, being offered a loan product with satisfactory rates or terms, nor receiving a loan from a service provider or lender.