Texas is a state in the United States of America and is the second largest by area and also by population. The major industries impacting the economy of Texas are agriculture, aeronautics and computer technology. In fact, Texas is a major IT Hub with Austin, Houston, and Dallas as major centers. The tourism in Texas is also picking pace with some national parks becoming major attractions. One of the major attractions of living in Texas is that you do not have to pay state income tax. Along with that, the cost of living in the state is considered less than the other east or west coast states of the country.
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No matter how many financial benefits the state or the country may provide us, we all sometimes need a little extra. This extra cash maybe for an unforeseen urgent expense or just because you spent all your salary on an expensive bag and now need to get through the month. Though it is advised that you make better financial decisions to save you in such situations that is something you can do in the future. What if you are in that tricky mess right now and need money in a day. The answer to your sudden financial troubles is the payday loan.
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Payday loans are simple. These are small cash advances given out by companies that function in this area of lending small loans. They lend you a small amount, usually a part of your monthly income. You pay back as soon as your next salary is credited. In return, they charge you an interest rate that may be higher than normal loans from a bank. You may wonder why you would go for this if they charge you more. The answer is simple, the loan is processed and delivered to you within a day and the credit check is minimal.
Payday loans in Texas are legal , and the state department defines below rules for lending:
- Loan Terms – There is no maximum loan amount specified in the regulations. The loan term can be up to 180 days. There is no maximum limit on credit access business finance charges, however, for lenders, the interest is capped at 10%. Similarly, there is no cap on the APR also, however, as per reports it is around 410%.
- Debt Terms – The Texas state government does not specify any laws related to the debt terms. That means there is no limit on the maximum number of loans a consumer can take out or rollovers that can be given. No terms defined on cooling period or repayment plans.
- Collection Terms – The law says that late charge can be taken for consumers as 5% of the payment of $7.50. Along with that filing fees and $30 NSF (Non-sufficient funds) fees. Criminal action is not allowed unless in case of fraud.
As you can see the Texas law is not very strict around the lending terms, and so many payday lenders operate in the state. All you need to ensure is to pick a lender that is licensed and lending in accordance with the laws. If you find anyone who is non-compliant you can complain to the Texas Office of Consumer Credit Commissioner.
Payday lenders are both available as a storefront – somewhere you can walk in and hand over your documents and in return get a loan. The other way is online, where you apply sitting on your couch and uploading the documents all you need is the internet. With both the choices your loan will be approved within a few minutes or hours and you will get the money within twenty-four hours of application. In such a small time you can save yourself from the undesired crises.