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Online Payday Loans in Texas – Things to Know
Even though payday loans are something that should be avoided, there will be cases of emergency, when you will be in desperate need of money. In such cases, a payday loan shouldn’t be ruled out of the things that could help you solve your problems.
If you are living in Texas and consider applying for a payday loan with bad credit, there are some things you should know before doing so. Knowing the state of your current situation and the state you will be in after getting a payday loan will help you very much in planning your strategy of dealing with this loan.
Therefore, let’s jump to the things you should definitely know about the online payday loans Texas.
Important Considerations
First of all, you should know that there is no limit when it comes to the amount of money you can borrow. Instead, what matters is the time you will have available to pay it back.
For example, for loans of $100 or under, there is a time period of maximum one month for $10 and up to six months for the entire $100. When it comes to Texas payday loans that exceed the $100 sum, you have a period of maximum one month for $20 to pay back the loan.
Texas Payday Loans
Furthermore, it’s important to know that payday loans in Texas are regulated by a number of laws, the most important one being the Texas Financial Code Ann. §§342.251 et seq. Basically, this law requires all of the direct lenders to be licensed and to state the maximum amount of money you can borrow and the time you have to pay it back.
Of course, just like the lenders, you have to fulfill some requirements as well in order to apply for a payday loan. For example, you can’t borrow more than 20% of your monthly income, you can renew or refinance your loan only three times and in case you refinance a loan, 25% of the new loan will have to go in the paying off your last loan’s principal.
When it comes to how much you are charged for getting an online payday loan, the fees change with the amount you borrow. Therefore, if you borrow less than $30, you will be charged $1 for each $5 borrowed. If you borrow more than $100, you will be charged $10 and $4 for each $100 borrowed. Between $31 and $100 borrowed, the same $10 apply, as well as a sum of $3, $3.50 and $4 as the sum increases.
Being late with your payment will cost you 5% of the payment or $7.50. Lack of funds will instead cost you filling fee as well as $30 fee of non-sufficient funds.
The Bottom Line
In the end, one important task is to find a legit direct lender. To do so, you have to check if the one you picked it’s licensed, then look for any complaints towards that lender. What’s left is to pay attention to the fees that the loan comes with – make sure there are no extra fees or such.
Also, there are two things you have to avoid. Namely, rolling over your loan – when you get a loan in order to pay off your payday loan – and having multiple loans at once, because it can be really difficult to handle all of them.
No matter if you live in Austin, Houston, Dallas, San Antonio or anywhere else in Texas you can always request a payday loan online 24/7 here.
Payday Loans in the United States: https://en.wikipedia.org/wiki/Payday_loans_in_the_United_States
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Late Payment Implications
It is highly recommended to contact the lender if late payment is expected or considered possible. In this case, late payment fees and charges may be implied. Federal and state regulations are determined for the cases of late payment and may vary from case to case. All the details concerning the procedures and costs associated with late payment are disclosed in loan agreement and should be reviewed prior to signing any related document.
Non-payment Implications
Financial and non-financial penalties may be implied in cases of non-payment or missed payment. Fees and other financial charges for late payment are to be disclosed in loan agreement. Additional actions related to non-payment, such as renewals, may be implied upon given consent. The terms of renewal are to be disclosed in each loan agreement individually. Additional charges and fees associated with renewal may be applied.
Debt collection practices and other related procedures may be performed. All the actions related to these practices are adjusted to Fair Debt Collection Practices Act regulations and other applicable federal and state laws in order to protect consumers from unfair lending and negative borrowing experience. The majority of lenders do not refer to outside collection agencies and attempt to collect the debt via in-house means.
Non-payment and late payment may have negative impact on the borrowers’ credit standing and downgrade their credit scores, as the lenders may report delinquency to credit bureaus, including but not limited to Equifax, Transunion, and Experian. In this case the results of non-payment and late payment may be recorded and remain in credit reports for the determined amount of time.