Texas Payday Loans: Information, Companies, Law

Payday loans are considered to be legal in 24 states, and Texas is one of them. To make sure you are working with the legal vendors, Texas has its own rules made by the government for the safety of the people.

Furthermore, when it comes to borrowing money, Texas doesn’t limit the amount interest fee, and that makes it different from other states. You can have loans of $100 per month if you are living in Texas.

Keep this in mind that you can’t have a loan above $1,800, but if you are worried about the interest rate, then don’t be because it doesn’t have limited the interest rate fee for vendors.

How to get payday loans online in Texas

Here are some steps that you can follow when it comes to online payday loans:

  1. Fill the applications online with your exact monthly salary, utility bills, and other information.
  2. Make sure you have checked the interest rate and APR rate.
  3. Online lenders offer you to get money in your account directly.
  4. In case of wrong information, your loan request will be canceled immediately.

Texas companies and their trends

There are around 23,000 payday loan companies in the US, so it’s safe to say that there are hundreds of them in Texas.

Following are some of the major Texas cities that are home to some of the finest payday loan companies:

  • Houston
  • Austin
  • Dallas
  • Waco
  • El Paso
  • Fort Worth
  • Laredo
  • Arlington
  • Garland
  • Lubbock

Texas Interest rates

The APR in Texas is greater than 400% per loan and the Texas law does not regulate a particular fee for maximum financing. What the law does specify is how much a lender can charge you for a payday loan.

  • If the loan is less than $30 then one will have to pay $1 for every $5 borrowed.
  • On a loan between $31 to $35 the borrower will pay 10% of the borrowed amount and a monthly charge of $3.
  • There will be a handling charge of $3.5 per month for loans between $36 to $70 including 10% of the borrowed amount.
  • For loans between $71 to $100 the consumer will pay 10% of the amount borrowed including a $4 handling charge.
  • If the loan exceeds $100 then for every $100 borrowed, the borrower will have to pay $10 and a handling charge of $4.

Best three payday loan companies in Texas

Speedy Cash

Speedy Cash form Texas is a payday loan service that’s available nationwide. It has offices in Dallas, Austin and San Antonio. The company has been in business for more than 22 years and provides numerous effective monetary solutions.

Their easy 10-minute application process, flexible funding limits that go up to $3000 and prompt customer service has made them a trustworthy pick by most people in Texas.

Check Into Cash

With more than 20 years of just pricing, fair dealings and amazing customer support service, Check into cash is one of the most sought-after payday loan companies in all of Texas. They provide quick cash to anyone in need and give them a variety of options to pay it off.

They offer loans of up to $15,000 and are trusted by customers for their impeccable top-tier reputation.

Power Finance

Power Finance from Texas might be primarily based in Houston, Texas but they have operation basis throughout the entire Southwest Texas. It is known to be an unconventional lending service that one could use to move forward.

They have an open application process that straightforward and easily accessible to everyone, fair interest rates, and an impeccably high approval rating for the lending packages offered by them.

Payday Loan Laws in Texas

Payday loans are considered legal in Texas but there is no specified maximum amount that the borrowers can take, which makes the average APR high at 662%.

In fact, Texas has very easy-going payday loan legislation that allows the industry to thrive. This has given a rise to the numbers of stores in the state and a massive increase in the number of borrowers and lenders.

One of the regulations include the customer being fully aware of the risk and consequences of the payday loans that should be well explained by the lender. These include the interest rate and how much it could accumulate overtime.

Here are some other important payday laws in Texas that help to understand better ideas about how loans are given.

  • Under the Texas payday law, professional employees, executives, and administrative will be paid twice per month.
  • These employees will be given the wages according to the Fair Labor Standards.
  • In case if the employees are not paid according to the payday loan, then the company owner must pay them according to the other programs they have chosen. If the process is not completed, then he will be charged according to the Violation Texas Payday.
  • This rule is also strict about how employees will get loans. Loans by the company can be given in the form of electronic transfer, check negotiable on demand, cash, and many more.
  • Direct deposit can also be accepted if the employee has already submitted the demand letter.

Payday loan Law-Wage claim process

Following are the laws that defined how wages can be collected. In case of violation of the Texas payday loan, these processes can be followed.

  • If the employees are not paid according to the program, then they have the right to sue the person in court.
  • From the day wages have been due, an employee has the right to file the complaint after 180 days.
  • The order can be written within 21 days. If the 21 days have been passed and no response is given, then the employee has the final orders to pay the penalties within 30 days.

There are many companies in Texas that are offering payday loans, and that can be a positive point for the employees who can’t fulfill their requirements within their salaries. Although, at some points, it is considered to be illegal, but if you have followed the correct laws, then it’s the best process to compensate the employees by giving extra benefits.