Texas is one of six states that do not regulate payday loans. This means that the lender's fee for the loan is not considered interest according to Texas state law. As with some payday loans, the lender will allow the borrower to extend their payment period if need be. This comes with a catch, though.
This allows the lenders to rack up high annual percentage rates until the loan is paid off in full. Texas lenders have mentioned that they continuously have to extend their borrower's what-was-supposed-to-be short term loan.
The Senate Committee on Business and Commerce have already met to decide whether to pass a bill to regulate payday loans and interest in Texas. The bill was sent back and is currently being reworked by state Sen. Wendy Davis, a Democrat from Fort Worth, Texas.
Payday loans can be a confusing subject, especially if you are in a hurry to get cash now. The application process is simple, and you could have the money you need within 24 hours.
Check the local requirements for the state you reside in and apply online today!