Houston Texas Payday Loans Near Me - No Credit Check Bad Credit Loans Online

Houston is a city in the state of Texas. It is the most populous city in Texas and the fourth most populous city in the United States. Houston’s economy has its base in energy, manufacturing, aeronautics’ and transportation.

Payday loans are small short-term loans. Simply put they are a quick loan for a small amount of money which a consumer can pay-back on getting your next pay check. Payday loans near me are legal in Texas. They are like cash advances anywhere else with certain state-specific rules applied to them. Texas has however gone easier over the payday industry over the past few years.

 

Online Payday Loans Houston Texas CO

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Texas regulates payday lending with a number of different laws, the main one being Texas Financial code Ann. 342.251 et seq. This law applies to online and storefront loan providers. It has two main rules:

Various cities further have their own set of rules and regulations to protect consumers. Some of these rules are:

 

A consumer can choose to go for this cash advance as it is easy to apply and get, it usually takes a few hours to get the process completed and have the money you need. Another advantage is that the credit score is usually not considered as a criterion for lenders for this fast cash loan, your monthly paycheque is the criteria checked by lenders. Though Texas does not provide too many regulations on amount and interest there are few listed below:

 

• Loan amount – Texas does not limit the amount of money you can borrow. However, it can regulate how long you take to pay back.

• Tenure – Tenure depends on the amount of loan borrowed. For loans of 100$ or less, you have a maximum of 1 month per 10$ up to 6 months to pay it back. For loans above 100$, you have a maximum of 1 month per 20$ to pay it back.

• Cost –Acquisition charges in Texas also vary on the amount of loan borrowed.

• Less than 30$ - 1$ for every 5$ borrowed.

• 31-100$ - 10% of the amount borrowed. Handling charges are again divided in brackets. For loans up to 35$, 3$/per month. For loans from 36 to 70$, 3.5$/per month and 4$.per month for loans from 71 to 100$.

• Above 100$ - $10 and a handling charge of 4$ per $ 100 borrowed.

• Collection Charges – If you are late on a payment or miss it, you will have to pay a late fee or either 5% of payment of $7.50.

• APR – The average APR in Texas is around 439%.

• The Number of loans – No Limit.

• Refinancing – If you refinance a payday loan, 25% of the new loan must go in paying the previous loan.

 

Consumers should be aware that payday lending is regulated in Texas, hence if any lender is not complying with the rules stated above the borrower must contact and inform The Office of Consumer Credit Commissioner or you can file a complaint with the Texas Attorney General’s office. Consumers should understand the rules and regulations behind these loans, by gaining this knowledge of the process, local laws and regulations, pros and cons, the consumers can protect themselves and get the best out of these short-term loans.

 

There are various payday loan places near me available in Texas, we have listed some of them for you below:

 

• Maxlend – Online lender, offers 1000$ to new borrowers and up to 2000$ to returning customers.

• Bluetrust Loan – Online lender, offering loans from 100$ to 2000$

There are many more lenders available online, you should always compare multiple options and check which of them most satisfies your need.