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Compare your loan options in Texas

Is everything really bigger in Texas? Find out how much you can borrow in the Lone Star State.

If you’re in need of quick money, you may be considering a payday loan. It’s important to understand the laws in place to protect borrowers before you accept any offers. Read through this guide to learn the ins and outs of payday lending in Texas.

CashNetUSA Loan

CashNetUSA Loan

Get a convenient payday loan, installment loan or line of credit with fast funding, depending on your state of residency.

  • Loan Amount: Varies by state
  • Turnaround Time: As soon as 1 business day
  • Simple online application
  • No hidden fees or paperwork
  • Dedicated customer service
  • Confidential and secure

    What are the payday loan laws in Texas?

    Payday lending is governed by a diverse array of laws in Texas, but the main one is Texas Financial Code Ann. §§342.251 et seq., which applies to online and storefront loan providers. All lenders must be licensed in Texas and are required to clearly state the terms of the loan (how much you borrow and how long you borrow for) before you sign.

    The maximum loan term depends on the amount you borrow. For a loan of $100 or less, it is either six months or one month per $10. For a loan greater than $100, it is one month for each multiple of $20, meaning a loan of $122 would have a term of six months.

    You can borrow any amount of money through a payday loan in Texas, but keep in mind the more you borrow, the more your loan will end up costing. Only take out as much as you can afford, and be sure you budget for the high cost of the loan.

    Here’s a list of payday lenders you can look into

    Check the websites of any providers you’re interested in to confirm they operate in Texas.

    Rates last updated November 20th, 2017
    Unfortunately, none of the short term loan providers currently offer loans in your state. Learn more about short term loans in your state to find an alternative.
    Name Product Product Description Maximum Loan Amount Term of Loan Turnaround Time Requirements
    CashNetUSA Loan
    Apply for a short-term loan with an easy online application and dedicated customer service.
    Varies by state
    Varies by state
    1 business day
    You must be a US citizen or permanent resident, be at least 18 years old and have regular income and a bank account.
    Slam Dunk Loans
    Potentially get approved for a short-term loan through this lender-connection service, even with poor credit history.
    $2,500
    Varies by lender
    As soon as next business day
    Must be employed, receive regular income, earn at least $800 a month, have a checking account, be 18+ yrs old and a US citizen.
    OppLoans Installment Loans
    Installment loans with competitive rates from a top-rated direct lender.
    $4,000
    9 to 36 months
    1 business day
    Open only to residents of AL, CA, DE, GA, KS, ID, IL, MO, MS, NV, NM, OH, SC, TN, TX, UT, VA and WI. Must have direct deposit to demonstrate sufficient monthly income.
    MoneyKey-arranged or MoneyKey Installment Loan
    *Apply for money when you need it and receive your funds in as quickly as one business day.
    $1,000 (unless otherwise stated)
    Varies by state
    1 business day*
    You must be a permanent US resident or citizen, at least 18 years old, and have regular income.
    HonestLoans Installment Loans
    Get a flexible installment loan with fast funding through one easy online application form.
    $2,500
    Varies by lender
    As soon as one business day
    Must be employed and receive regular income, earn at least $800 a month, have a checking account and be an 18+ years old legal US citizen.
    NetCredit Installment Loan
    Build a positive credit history with on-time payments and flexible repayment terms. Check your rate without affecting your credit score.
    $10,000
    Varies upon state
    1-3 business days
    Must be 18+ years old, a legal resident of the US and have a Social Security number. Minimum credit score of 550.
    Blue Trust Loans Installment Loans
    Get an installment loan from an online tribal lender. Perks for returning borrowers.
    $2,000
    6 months
    As soon as next business day
    Must be at least 18 years old and have a verifiable source of income with direct deposit into your checking account.

    Compare up to 4 providers

    How much does a payday loan in Texas cost?

    Texas law doesn’t specify a maximum financing fee, and the APR is about 410% per loan. You should read your contract carefully before signing because it lists all the possible fees you’ll have to pay.

    Acquisition charges:
    Texas law specifies acquisition charges for different dollar amounts. The list below will give you a clear idea on what these are.

    • Less than $30. $1 for each $5 borrowed
    • $31 to $100. 10% of the amount borrowed and a handling charge of $3/month for loans less than $35, $3.50/month for loans between $36 to $70 and $4/month for loans between $71 a $100
    • More than $100. $10 and a handling charge of $4 per $100 borrowed

    Collection charges:
    If you’re late on a payment or miss one entirely, you’ll have to pay a late fee of either 5% of the payment or $7.50. If you don’t have enough money in your account, lenders are allowed to charge for filing fees and a $30 non-sufficient funds (NSF) fee.

    High interest caused by loan brokers

    Some companies will charge fees for “brokering” loans. This means they will connect you with a third-party lender that only charges the legal amount of interest, but the company you go through will require payment for finding you a loan. If you want to use a service to make the loan-finding process easier, there are free and reputable alternatives.

    What do I need to apply for a payday loan in Texas?

    Lenders will require you to be at least 18 years old, have a regular source of income and be a citizen or permanent resident of the US in order to apply. If you meet these minimal criteria, you can begin your application.

    Although all applications differ, lenders usually want you so supply personal information about yourself, your bank account and your current employment status. This includes your Social Security number and access to your checking account if you’re applying online. If you have all the application materials close by, the process should take no more than fifteen minutes to complete.

    Are there other alternatives to payday loans?

    Although Texas regulates many issues in regards to payday loans, it is best to consider other options first. If you decide to take out a payday loan, keep in mind you usually must repay it within two weeks, and the interest rates are steep.

    Assistance programs like the North Texas Food Bank, the Texas Medicaid Program, Temporary Assistance for Needy Families (TANF) and the Supplemental Nutrition Assistance Program (SNAP) all help people struggling to make ends meet. You can apply for these services for help with your regular bills while you work on paying down your debt.

    You may also want to consider other credit options

    Bottom line

    Payday loan laws in Texas can be confusing, but they can be useful when you’re stuck trying to pay for an emergency expense. Be sure you read your entire loan contract to avoid falling into a debt trap, and before you borrow, consider all your other options first.

    Do you have any more questions about payday loans in Texas?

    If you’re unable to pay the full amount, Texas law allows you to refinance your loan. The process varies depending on your lender, but often comes with steep charges and keeps the amount of accrued interest. You may want to request a payment plan if you’re struggling to make the total payments.

    You won’t be able to get a rollover if the maximum interest rate exceeds the renewal charge.

    Yes. Texas allows for any number of loans to be taken out at once.

    No. There is no cooling off period in Texas, but you’ll want to limit the amount of loans you take out in order to save money on interest costs.

    It is technically illegal, but there have been cases of lenders filing suits against borrowers in the state. Be careful where you borrow money from and make sure you work with a reputable lender.

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    4 Responses

    1. Default Gravatar
      gwenNovember 8, 2017

      company asking for upfront activation,insurance fees, is this not unusual when dealing with high risk borrowers(bad credit) ??

      • Staff
        DanielleNovember 8, 2017Staff

        Hi Gwen,

        Thank you for contacting finder. We are a comparison website and general information service, we’re more than happy to offer general advice.

        That would depend on the lender you are applying to as different lenders have different policies. You may refer to this page for options that may suit your needs. You may review and compare the offers available on the table. Once you have selected one, you may proceed by clicking the green “Go to Site” button.

        I hope this helps.

        Cheers,
        Danielle

    2. Default Gravatar
      TangledMay 19, 2017

      Is it possible to be approved for a payday loan using a bluebird greendot card as my bank account?

      • Staff
        HaroldJune 27, 2017Staff

        Hi Tangled,

        Thank you for your inquiry.

        With your loan options in Texas for payday loans. You must meet the following requirements to be eligible for this loan.

        – You should be at least 18 years of age
        – You should be an American citizen or a permanent resident of the US
        – You should have a regular source of income

        To complete your application successfully, prepare to submit some basic information:
        – Your name, date of birth, social security number and a valid form of ID such as your driver’s license or passport
        – Your residential address, email address and phone number
        – Details about your employment and income
        – If you’re applying online, details of your existing checking account

        I hope this information has helped.

        Cheers,
        Harold

    US Payday Loans Offers

    Learn about our information service
    Slam Dunk Loans

    Potentially get approved for a short-term loan through this lender-connection service, even with poor credit history.

    LendUp Payday Loans

    LendUp offers $250 loans for first-time borrowers. Good credit is not required. Visit the site to see if available in your state.

    Check into Cash Payday Loan

    With 1,000 branches in 30 states, get $50 to $1,000 in days from this direct lender.

    OppLoans Installment Loans

    Installment loans with competitive rates from a top-rated direct lender.