Texas Payday Loans

Payday centers are so numerous in the state of Texas that finding one is easier than finding a Wal-Mart. The payday industry has flourished in Texas and continues to grow. However, not all lending centers offer the same benefits. For example, at LoansPayday.info you find convenience and fast service. Our online center allows you to apply for a Texas payday loan without leaving the comfort of your home. What is even better, you don't have to leave your couch. All you need to do is take a few minutes to apply below, fill out the brief application, and that's it. You can expect approval almost instantly. Your funds will be deposited into your bank account the same business day. This means that you don't have to wait to pay your bills or buy groceries. Generally, you can take care of your responsibilities the same day you apply for the loan. This results in peace of mind since you don't have to worry about coming up with the cash you need.

Payday Loan Lending Laws In Texas

Texas payday lending laws are typical of what you find in other states where payday lending is legal. Although payday lending is legal in these states, including Texas, there are regulations in place to protect consumers. The loan terms can range anywhere from 7-31 days. A borrower can receive a loan from $100 up to $350. Additionally, lenders can charge an APR of 48% in addition to a monthly fee of $10. Payday loan interest rates in these states may seem high when you think about other type of loans such as car loans, mortgages, credit cards, or student loans. Nonetheless, if you compare these fees and interest rates to rates in other states, you will find that they are average in the industry.

If you're a Texas resident, you know that payday loan centers are plentiful in the state. Presently, there are approximately 1,675 payday loan centers operating statewide. This number is sure to increase, as more locations regularly are added to the list.

You don't have to be a Texas resident to apply for a loan with us. At LoansPayday.info, we gladly help anyone residing anywhere in the United States. The process to apply and qualify for a payday loan is fast, easy, and convenient. We pride ourselves on our professionalism and the efficient service that we offer our customers. Regardless of the reason you need a payday loan, we can help you meet your financial responsibilities or desires.

Most people will find themselves needing cash at one time or another due to the difficult times that everyone is going through. Higher than expected utility bills, car, or house repairs, these things happen at the most unexpected times. Here at LoansPayday.info, you can apply for a Texas payday loan and receive approval the same business day. We believe in making a difficult situation easier for our customers. We will deposit the cash directly in your bank account, and it will be ready for you to use however you wish. You can pay debts, or cover bank overdrafts. Some consumers use the cash to take care of personal projects they have been putting off. The reason for requesting a payday loan does not matter. We make the cash available to you, and you use your next paycheck to pay it back.

Unexpected expenses and circumstances can appear at the worst moments. As a professional lending company, we can help you cope with this type of concern. Our loan process only requires a few minutes to apply. What's more, we guarantee your security. We keep your personal information under strict confidentiality. If you have been hesitant to apply for a Texas payday loan, don't wait any longer. Apply today at LoansPayday.info.

Payday loan lending laws were first implemented in June of 2000 as the Texas Finance Code Ann. 342. According to these state laws, a lender must obtain a license before he can operate a payday lending business in the state of Texas. Under Texas state law, a person or entity that provides payday loans is described as anyone who exchanges money for a customer's personal check. Another description is any monetary exchange for the authorization to debit a person's checking account.

Laws regulating payday loans in the state of Texas differ in some aspects from laws in other states. Texas lenders are allowed to charge a maximum of $1 for every $5 that is borrowed on loans under $30. However, one-tenth of the amount can be charged on loans between $30 and $100. Furthermore, lenders can apply a fee of up to $10 for a payday loan over the amount of $100.

Texas laws also permit handling fees. Lenders can apply handling fees in addition to any other service or interest charges. Additionally, Texas law allows lenders to add a handling fee of $3.50 every month. This handling charge is not to exceed $35. Lenders can add a $4 charge on loans between $35 and $70, and a $4 monthly fee can also be added to loans over $100.

Texas lenders are required to post a schedule of their fees at each operating location. A written agreement is also required. The law specifies that each agreement should include the following: lender's name, loan amount, the date the check was issued, itemization of fees, as well as the date when the check may be deposited. Other information on the agreement is the APR (written out), as well as the Consumer Credit Commissioner's contact information including address and phone number. The contract or written agreement should state that payday loans are short-term solutions only. Payday loans are provided to help you get through rough, unexpected situations until you receive your next paycheck.

State law prohibits splitting (dividing the loan into two separate loans). Some lenders practice splitting to charge two separate set of fees on one payday loan. This means that they would get twice the amount of fees. Texas payday loans have maximum terms of 31 days and a minimum of 7 days. Further state regulations include prohibiting criminal prosecution to collect on a debt. A Texas payday loan can be renewed once monthly. All these regulations are in place as a protection to Texas residents.

Unemployment Statistics In Texas

There were about 593,428 unemployed residents in 2006 in the state of Texas. This means that 5.2% of the population in the state did not have a job that year. The previous year, 2005, the unemployment rate was 5.9%. Unemployment actually improved in 2006. The highest unemployment rate over the past decade was 7.5%.