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Cash Advance Rules
Did you know that all states have laws regulating your payday loan? There are strict rules that govern personal loan practices and some lenders may offer payday or short-term personal loans with fees that exceed the state limit. Make sure to check the rules in your state so you don't get overcharged when you get that advance cash loan.
State laws regarding payday loans create guidelines as to what lenders must disclose. It is illegal in almost every state for short-term lenders to hide their fees in lengthy cash advance loan agreements written in unclear language. Lenders that offer payday loans are required to provide agreements written in clear understandable english.
Texas Payday Loans
It is relatively easy to apply for payday loans if you are a texas resident, but keep in mind that cash advance payday loans are strictly regulated. The maximum loan term for a payday loan is set at 31 days. According to Texas Payday Loan Laws, no creditors other than agencies that collect student loans can take your money directly from your paycheck. Although payday loans can prove to be very helpful in times of emergency and financial crunch, you should never consider them a long-term solution to debt and/or bad credit problems.
Your Texas short term loan terms can vary depending on the business that loans you the money. According to the law you are allowed to renew the loan after 31 days if you are not in a position to pay off the full balance. It is advisable to pay off your short term high interest loans as soon as possible because the rates are typically very high. The amount of money you can loan is strictly regulated by the State of Texas. You can borrow as much as $500 at a time and if you need more than that you are allowed to enter into as many loans as possible, but the amount of each payday loan cannot exceed $500.
The rates and fees of Texas Payday loans vary, but here are a few rules of thumb to keep in mind before you get your first loan:
- There are limits on the amount and the rate of interest to be charged that are fixed by the laws of the State of Texas.
- Lenders are not allowed to charge more than $10 per loan and 48% annual interest on payday loans.
- The finance charge on any loan is also under limitation and it is the maximum of $12 on $100 loan for 14 days.
- Your loan can get approved in less than 24 hours without checking your credit history and without any paper work.
- The APR for a 14 day $100 payday loan is 309%
- You can apply for the payday loan online by filling out a simple form.