Online Payday Loans Texas: Top 3 Payday Loans

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How to find the best online payday loans in Texas

When you’re in an emergency or have some bills you have to pay but don’t have any funds to do so, online payday loans can help if you have bad credit.

Online payday loans in Texas are available to anyone who needs them, regardless of their credit score or credit history and they can be used for almost any financial emergency.

In this article, we’ll discuss what an online payday loans in Texas is, the best online payday loan companies and how to apply for a loan, and more.

Texas payday loans laws

Payday loan laws in Texas are designed to protect consumers from predatory lending practices. In order to ensure that lenders are following the law, the state has enacted a number of restrictions and regulations that payday loan companies must abide by:

• Max APR: in Texas payday lenders can charge a maximum fee of $15 per $100 borrowed. For example, if you borrow $500, you would have to pay back $75 in addition to the $500 borrowed by your next payday. This is equal to an annual interest rate (APR) of almost 400%. Credit card APRs are typically less than 21% for comparison.
• Maximum Loan Amount: Loan amounts typically fall between $500 and $5,000.
• Loan Term: Payday loans are typically repaid in a single payment on the borrower’s next payday, or when additional income is received from sources such as pensions and social security.
• Loan Rollovers: Texas State law dictates that payday loans are subject to unlimited loan rollovers.
• Cooling-off period: No cooling-off period.
• Fees: Many state laws set a maximum amount for payday loan fees of $10 to $30 per every $100 borrowed.

How to get an online payday loan in Texas

Lending terms are everything. When you’re looking for a loan, you have to make sure you’re getting the best deal possible, and that’s what we’re here for.

This section is dedicated to comparing lending terms across three companies in the same industry — we’ll tell you what kind of interest rates they offer and how much they charge for fees. You can use this information when deciding which company is right for your needs.

Payday loan requirements in Texas

Texas payday loans are a great way to get cash when needed. If you’re in a financial bind and need quick cash, an online payday loan can be the answer to your prayers.

But what does it take to get a payday loan in Texas? Here’s everything you need to know about getting approved for a payday loan in the Lone Star State:

• Must be 18 years old or older.
• Must have an open bank account that accepts electronic deposits (most do these days)
• Must be employed with a steady income (or else able to demonstrate income without being gainfully employed)
• Proof of identification — a driver’s license or passport is fine, as long as it shows your current address (which might require another document, like a utility bill). If you don’t have access to either of those documents, use your birth certificate instead.
• Proof of income — you can use two documents: bank statements showing regular deposits into your bank account or pay stubs from your employer showing how much money was deposited into your account over the last two months.

Failing to repay a payday loan in Texas

• Lenders can legally require your employer to pay off your debts on your behalf without your knowledge. Often, creditors can only garnish your wages if they have a court order.
• In some states, though, creditors can force your employer to deduct the amount of your debt from your paycheck without going through the courts first. This process is called wage garnishment.
• In Texas, it’s common for payday and title lenders to charge customers unlimited fees. 

Wrapping it up

If you live in Texas and are in need of cash fast, an online payday loan can be a quick solution, regardless of past bad credit or bankruptcy.

You’ll need to make sure you’re borrowing from a legit lender and be sure to compare rates, terms and fees before applying.

Remember that payday loans can be dangerous and should not but used unless you are in an emergency.

Looking for an online payday loan in Louisiana? Read on where to get the best payday loan in New Orleans and Baton Rouge.

Before you take out a short-term loan Payday loans, installment loans and auto title loans come with high rates and fees which can trap you in a cycle of debt. Borrowers may find themselves taking out a second or third loan because they couldn’t pay back the first one on time.

A payday loan should be used in emergency cases and as a last resort.