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Online Payday Loans in Texas – Things to Know

Even though payday loans are something that should be avoided, there will be cases of emergency, when you will be in desperate need of money. In such cases, a payday loan shouldn’t be ruled out of the things that could help you solve your problems.

If you are living in Texas and consider applying for a payday loan with bad credit, there are some things you should know before doing so. Knowing the state of your current situation and the state you will be in after getting a payday loan will help you very much in planning your strategy of dealing with this loan.

Therefore, let’s jump to the things you should definitely know about the online payday loans Texas.

Important Considerations

First of all, you should know that there is no limit when it comes to the amount of money you can borrow. Instead, what matters is the time you will have available to pay it back.

For example, for loans of $100 or under, there is a time period of maximum one month for $10 and up to six months for the entire $100. When it comes to Texas payday loans that exceed the $100 sum, you have a period of maximum one month for $20 to pay back the loan.

Texas Payday Loans

Furthermore, it’s important to know that payday loans in Texas are regulated by a number of laws, the most important one being the Texas Financial Code Ann. §§342.251 et seq. Basically, this law requires all of the direct lenders to be licensed and to state the maximum amount of money you can borrow and the time you have to pay it back.

Of course, just like the lenders, you have to fulfill some requirements as well in order to apply for a payday loan. For example, you can’t borrow more than 20% of your monthly income, you can renew or refinance your loan only three times and in case you refinance a loan, 25% of the new loan will have to go in the paying off your last loan’s principal.

When it comes to how much you are charged for getting an online payday loan, the fees change with the amount you borrow. Therefore, if you borrow less than $30, you will be charged $1 for each $5 borrowed. If you borrow more than $100, you will be charged $10 and $4 for each $100 borrowed. Between $31 and $100 borrowed, the same $10 apply, as well as a sum of $3, $3.50 and $4 as the sum increases.

Being late with your payment will cost you 5% of the payment or $7.50. Lack of funds will instead cost you filling fee as well as $30 fee of non-sufficient funds.

The Bottom Line

In the end, one important task is to find a legit direct lender. To do so, you have to check if the one you picked it’s licensed, then look for any complaints towards that lender. What’s left is to pay attention to the fees that the loan comes with – make sure there are no extra fees or such.

Also, there are two things you have to avoid. Namely, rolling over your loan – when you get a loan in order to pay off your payday loan – and having multiple loans at once, because it can be really difficult to handle all of them.

No matter if you live in Austin, Houston, Dallas, San Antonio or anywhere else in Texas you can always request a payday loan online 24/7 here

 


Payday Loans in the United States: https://en.wikipedia.org/wiki/Payday_loans_in_the_United_States

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Disclaimer
Short-term loans are emergency credit products of relatively small amounts designed for short-term financial issues only and can become an expensive product if used for long-term purposes.

 

The owner and operator of PaydayClick.com is not a lender and is not involved into making credit decisions associated with lending or making loan offers. Instead, the website is designedonly for amatching service, which enables the users contact with the lenders and third parties. The website does not charge any fees for its service, nor does it oblige any user to initiate contact with any of the lenders or third parties or accept any loan product or service offered by the lenders. All the data concerning short-term loan products and the industry is presentedon the website for information purposes only. PaydayClick.com does not endorse any particular lender, nor does it represent or is responsible for the actions or inactions of the lenders. PaydayClick.com does not collect, store or has access to the information regarding the fees and charges associated with the contacting lenders and/or any loan products. Short-term loans are not available in all the states. Not all the lenders in the network can provide the loans up to $1,000. PaydayClick.com cannot guarantee that the user of the website will be approved by any lender or for any loan product, will be matched with a lender, or if matched, will receive a short-term loan offer on the terms requested in the online form. The lenders may need to perform credit check via one or more credit bureaus, including but not limited to major credit bureaus in order to determine credit reliability and the scopes of credit products to offer. The lenders in the network may need to perform additional verifications, including but not limited to social security number, driver license number, national ID or other identification documents. The terms and scopes of loan products vary from lender to lender and can depend on numerous factors, including but not limited to the state of residence and credit standing of the applicant, as well as the terms determined by each lender individually.

 

APR Representative
APR (Annual Percentage Rate) is the loan rate calculated for the annual term. Since PaydayClick.com is not a lender and has no information regarding the terms and other details of short-term loan products offered by lenders individually, PaydayClick.com cannot provide the exact APR charged for any loan product offered by the lenders. The APRs greatly vary from lender to lender, state to state and depend on numerous factors, including but not limited to the credit standing of an applicant.

Additional charges associated with the loan offer, including but not limited to origination fees, late payment, non-payment charges and penalties, as well as non-financial actions, such as late payment reporting and debt collection actions, may be applied by the lenders. These financial and non-financial actions have nothing to do with PaydayClick.com and PaydayClick.com has no information regaining whatsoever actions may be taken by the lenders. All the financial and non-financial charges and actions are to be disclosed in any particular loan agreement in a clear and transparent manner. The APR is calculated as the annual charge and is not a financial charge for a short-term product.

 

Late Payment Implications
It is highly recommended to contact the lender if late payment is expected or considered possible. In this case, late payment fees and charges may be implied. Federal and state regulations are determined for the cases of late payment and may vary from case to case. All the details concerning the procedures and costs associated with late payment are disclosed in loan agreement and should be reviewed prior to signing any related document.


Non-payment Implications
Financial and non-financial penalties may be implied in cases of non-payment or missed payment. Fees and other financial charges for late payment are to be disclosed in loan agreement. Additional actions related to non-payment, such as renewals, may be implied upon given consent. The terms of renewal are to be disclosed in each loan agreement individually. Additional charges and fees associated with renewal may be applied.


Debt collection practices and other related procedures may be performed. All the actions related to these practices are adjusted to Fair Debt Collection Practices Act regulations and other applicable federal and state laws in order to protect consumers from unfair lending and negative borrowing experience. The majority of lenders do not refer to outside collection agencies and attempt to collect the debt via in-house means.


Non-payment and late payment may have negative impact on the borrowers’ credit standing and downgrade their credit scores, as the lenders may report delinquency to credit bureaus, including but not limited to Equifax, Transunion, and Experian. In this case the results of non-payment and late payment may be recorded and remain in credit reports for the determined amount of time.