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Payday and other short-term loans all fall under the same general city ordinances in Dallas. While these don’t fully restrict lenders — and you may still have to pay high fees to borrow — they do make taking out a loan in Dallas a little safer.
Yes, payday loans are available in Dallas. But beyond Texas state regulations, Dallas has all passed a number of ordinances that further restrict credit access businesses, commonly referred to as CABs. Filed under Miscellaneous Requirements for Credit Access Businesses, it requires the CAB to have a license with the city of Dallas.
In addition, Dallas` has a number of protections for borrowers that Texas regulations lack. This limits loan amounts to 20% or less of a your gross monthly income. Lenders and CABs must also establish that you have this income, either by using a paycheck or similar documentation. You can renew or refinance your loan up to three times, provided it’s repaid as one lump sum.
Payday loans may also be repayable in up to four installments. For every installment, at least 25% of the paid amount must go to the principal of the loan. And unlike single-installment loans, these can’t be renewed.
In order to combat the high costs of payday loans, Texas cities have taken it upon themselves to limit the amount lenders can charge and what lenders must do to protect borrowers. These ordinances differ by city, so check your local laws before borrowing.
Because of this, many large payday lending chains will go through local lenders when you apply online. Check your contract and the lender’s website if you’re unsure where your loan is coming from.
Before you apply, there are some basic eligibility requirements you will have to meet: you must have a regular source of income, be a citizen or permanent resident of the US and be at least 18 years old.
Although all applications differ, you’ll likely have to provide personal information to your lender. This includes your name, email, Social Security number and your gross monthly income. If you’re applying online, you’ll likely be required to give the lender access to your checking account so it can deposit your loan and debit the payment when it’s due.
Although there are some regulations in Texas and more in Dallas, overall, the short-term lending industry doesn’t face many restrictions. Lenders are limited to how much they can charge you, but credit access businesses aren’t — and that’s where fees start to add up.
When you’re comparing lenders, check the cost of the loan carefully and make sure you’re getting a legit deal that follows all the regulations in both Texas and Dallas. At the same time, you may want to compare your payday loan alternatives to see if there’s a less expensive way to straighten out your budget.
You aren’t limited to just payday loans. Auto title loans and installment loans are two common choices for people who may need a slightly larger loan or more time to repay.
Payday loans in Dallas are regulated by both Texas short-term loan regulations and Dallas city ordinances. While this means lenders do have to abide by added restrictions, there’s still no restriction on the fees a CAB can charge — so you might end up paying a large amount in interest.
To find the best deal and learn more about the lending process read our guide to payday loans before you settle on a lender.
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