Online payday loans are legal in Texas (McAllen, Waco). Currently, the maximum loan amount is not specified.
There is no fixed maximum financing fee either. The average APR is 662%. Fees and other charges are based on the loan amount. The maximum loan term also depends on the loan amount. Roll-overs are not allowed.
Texas has a very relaxed payday loan legislation. As a result, there are many payday loan lenders in the state.
Payday loans in Texas are regulated by 7 Tex. Admin. Code and Tex. Fin. Code Ann. §§342.251 et seq.
All lenders providing online payday loans in Texas must be licensed. All lenders must disclose the entire loan information (terms, interest, fees, due date) before the contract is signed.
There is no fixed maximum financing fee in Texas.
Texas Payday Loan Regulations:
|Maximum Loan Amount||Not Specified|
|Minimum Loan Term||7 days|
|Interest Rate (APR)||662%|
|Maximum Loan Term||Varies|
|Number of Rollovers Allowed||0|
|Finance Charges||>$30 => $1 for each $5
[$30 – $100] => 1/10 of the loan amount + $3 /mo (<$35)
[$35 – $70] => $3.50/mo + $4/mo (>$70)
>$100 => $10 + $4/mo for each $100