Compare personal loans in Houston Texas. Whether you live in Austin, Dallas, Houston, Laredo, Brownsville, San Antonio, El Paso, El Plano or any other city in Texas, find out how much you can borrow in the state of the lonely star.
If you need quick money, you may be considering personal loans in Texas (payday). It is important to understand the laws established to protect borrowers before accepting any offer.
What are the personal loan laws in Texas?
Personal payday loans are governed by a wide range of laws in Texas, but the main one is Texas Financial Code Ann. §§342.251 et seq., Which applies to online and shop window loan providers. All lenders must have a license in Texas and must clearly indicate the terms of the loan (how much it borrows and how much time it borrows) before signing.
The maximum loan term depends on the amount you lend. For a loan of $ 100 or less, it is six months or one month for every $ 10. For a loan of more than $ 100, it is one month for each multiple of $ 20, which means that a loan of $ 122 will have a term of six months.
You can borrow any amount of money through a personal loan (payday) in Texas, but keep in mind that the more you lend, the more your loan will cost. Just ask for what you need and be sure to budget the loan.
What do I need to apply for a personal loan in Texas?
Lenders will require you to be at least 18 years of age, have a regular source of income and be a US citizen or permanent resident to file your application. If you meet these minimum criteria, you can start your application.
Although all applications are different, lenders generally ask you to provide personal information about yourself, your bank account and your current employment status. This includes your social security number and access to your checking account. If you have all the application materials nearby, the process should take no more than twenty minutes to complete.
Are there other alternatives to payday loans?
Although Texas regulates personal short-term, payday loans, it is best to consider other options first. If you decide to apply for a payday loan, keep in mind that you usually have to pay it within two weeks and the interest rates are high.
You may also want to consider other credit options.
The laws of personal payday loans in Texas can be confusing, but they can be useful when you are stuck trying to pay an emergency expense. Be sure to read the entire loan agreement to avoid falling into a spiral of debt, and before you borrow, consider all your other options first.