Editor's choice: OppLoans Installment Loans
- Easy online application
- Quick approval
- Long repayment terms
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Houston is one of a handful of Texas cities that has its own regulations on payday loans — in addition to state law. But with few restrictions on fees, don’t be surprised if it gets expensive.
You can. However, Houston is one of a number of Texas cities that has additional regulations on top of Texas state law. Here’s what you can expect in Houston:
On top of this, you also can’t refinance ore renew a loan more than three times. After that, you can’t take out another loan within seven days of paying off your loan.
In addition to payday loans, you can also get an installment loan or a title loan.
Though it varies by lender, you have to meet these eligibility criteria to get a payday loan in Houston:
To complete the application successfully you’ll also typically have to provide some basic personal information, including:
Since Houston doesn’t have any restrictions on payday loan fees, they can be extremely expensive — think APRs from 200% to 500%. And with the option to renew your loan up to three times, these costs can start to add up fast if you can’t pay it back on time.
There are two costs you need to consider when getting a cash advance in Houston: Interest and fees. Texas state law caps interest rates at 10% but doesn’t limit how much a lender can charge in fees. Houston doesn’t have any city laws limiting interest or fees.
Without limits on fees, the limit on interest doesn’t do much to protect borrowers from high APRs, which takes both interest and fees into account. How much you pay depends on your lender but triple-digit APRs are generally the norm.
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