Texas State - Payday Loans Information

Payday loans are made by payday loan stores, check cashers, and pawn shops. Some rent-to-own companies also make payday loans. Loans are also marketed via toll-free telephone numbers and over the Internet. All a consumer needs to get a payday loan is an open bank account in relatively good standing, a steady source of income, and identification. Lenders do not conduct a full credit check or ask questions to determine if a borrower can afford to repay the loan.

Legal Status: Legal (Credit Access Businesses)

Loan Terms:

Maximum Loan Amount: Not specified

Loan Term: Up to 180 days for CAB agreement

Maximum Finance Rate and Fees: No cap on Credit Access Business fees. Lender interest capped at 10%.

Finance Charge for 14-day $100 loan: No cap.

APR for 14-day $100 loan: No cap. Regulator reports average cost 410%.

Debt Limits:

Maximum Number of Outstanding Loans at One Time: N/A

Rollovers Permitted: N/A

Cooling-off Period: N/A

Repayment Plan: N/A

Collection Limits:

Collection Fees: Late charge greater of 5% of payment or $7.50. Filing fees and $30NSF fees.

Criminal Action: Prohibited unless fraud or forgery.

Call for Cash: +1 (855) 462-5019

State Rate & Fee Regulations

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