How to Compare Loans in Texas
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Online Loans in Texas
We've seen a decline in the number of unsecured loans that banks provide in the past few years. While it may be challenging to get a personal loan from a bank, you could still get financing by taking a payday loan.
The way payday loans are governed varies from state to state, and the laws in Texas are quite different from the laws set in the other states.
Compare online loans in Texas with our loan comparison tool above, or read more about online payday loan laws in Texas below.
The Advantages of Online Texas Loans
Texas Payday Loan Regulations
| Legal Status | Legal |
| Interest Rate (APR) | Can exceed 400% |
| Max. Loan Amount | Not specified |
| Min. Loan Term | 7 days |
| Max. Loan Term | 180 days |
| Number of Rollovers | No restriction |
| Cooling-off Period | None |
| Installment | Yes |
| Finance Charges | $10 + $4/mo for each $100 |
All consumers need to be fully educated on the risks that come with quick cash advances before taking out a Texas payday loan. The lender has an obligation to explain to you the total cost, the interest rate, and the possibility of the interest accumulating over time.
However, Texas has very relaxed loan regulations and this allows the industry to flourish. There is no limit to how much you can borrow and no limit on financing fees (APRs can go into triple-digits).
Consumers taking fast payday loans in Texas must repay them in full on the next pay date. Otherwise, these Texas loans might be subjected to fines and penalties, incurring further interest charges.
In Texas, a lender cannot charge you in a criminal court if you default on the loan payment.
However, a lender has the right to charge you in a civil court which means that judgment could be pursued against you, perhaps forcing you into bankruptcy.
Get the Loan You Need
An online personal loan can help when you need cash for large purchases or unplanned expenses.
Payday Loan Requirements
When you apply for Texas payday loans online, approval can be granted in as little as one hour, with some companies offering instant approval on smaller loans.
When applying for a Texas cash advance, you'll need the following:
- An active checking account. This is usually for the purpose of wiring money directly to your account once approved.
- Proof of income. This includes current information about your employer, plus any disability benefits.
- A working phone number. This can be either a home or mobile phone.
- Be at least 18 years old and a U.S. citizen or a permanent resident.
- You cannot be an active member of the military.
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Compare Texas Loans at Financer.com
Financer.com helps you compare the best personal loans in Texas and get the best loan rates from leading lenders.
We look for lenders that offer full transparency and have a long track record of successful lending and satisfied customers. We are always improving our comparisons, but are confident in what we can bring to market, and we know you will be as well.
Use our free loan comparison tool to find the right personal loan in Texas and take the guesswork out of doing all the legwork yourself.
Texas Loans FAQs
How much can I borrow?
How long is a loan term in Texas?
What are the requirements for a lender to operate in the State of Texas?
- Payday loan lenders must have a license in the city
- Lenders must keep a record of all transactions
- Loan amounts can't exceed 20% of a borrower's gross monthly income
- No more than three rollovers and four installments are allowed
- Repayment of at least 25% of the original loan amount
- Breaking of the rules leads to a $500 fine
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