Personal Loans in Texas:

Texas Payday Loan Laws and Texas Loan Regulations

Legal Status: Legal

Citation: 7 Tex. Admin. Code § 83.604; 4 Tex. Fin. Code §§ 342.251 et seq. and §§ 342.601 et seq.

Texas State Licensed Online Lenders:
CashCentral.com, ChecknGo.com, SpeedyCash.com
Maximum Loan Amount:Not Specified
Loan Term:7-31 days
Maximum Finance Rate and Fees: May not exceed rates authorized in Tex. Fin. Code §§ 342.251-342.259. 7 Tex. Admin Code § 83.604 provides a chart stating that maximum APRs for payday loans range from 83.43% for a 30-day, $350 loan to 569.92% for a 7-day, $100 loan.
Finance Charge for 14-day $100 loan: $11.87
APR for 14-day $100 loan: 309.47%

Debt Limits:
Maximum Number of Outstanding Loans at One Time:Not Specified ($500 aggregate loans outstanding to all licensees)
Rollovers Permitted: None (if renewal charge is less than maximum interest rate permitted; otherwise convert to declining balance installment note)
Cooling-off Period:
Repayment Plan:

Collection Limits:
Collection Fees:Not Specified
Criminal Action:Not Specified

State Regulatory Agencies for Payday Loans:

Regulator: Not Specified
Address: 2601 N. Lamar Blvd., Austin, TX 78705
Phone:(512) 936-7600
Fax:(512) 936-7610
Regulatory Contact:
Texas Office of the Consumer Credit Commissioner
Search for Licensee
Consumer Complaint Resolution Process
Online Resources:
Deferred Presentment Transactions
Texas Response to Predatory Lending Practices

The cost of a personal loan:

The cost of a personal loan

Personal Installment Loan Basic Terms:

  • Loan Amount: $1,000 - $10,000
  • Interest Rate: 25% - 95%
  • Lending Period: 12 Months-36 Months
  • Payment Frequency: Bi-Weekly or Monthly
  • The actual APR will be applied based on credit score and repayment history
  • No prepayment penalties or additional charges for early payments
  • The option to pay the loan in full before the due date and only pay the interest rate for the period the loan was outstanding

Installment Loan Examples:

The table below will display a representation of different loans with an annual interest rate of 35%*. Interest rates are set after assessing each customer's credit worthiness through traditional credit checks.

Borrowed Amount Loan Period Monthly Payments Total Payable Amount
$2,000 12 Months $199.93 $2,399.16
$4,000 24 Months $234.07 $5,617.68
$6,000 36 Months $271.41 $9,771.12
$8,000 36 Months $361.89 $13,028.04

* The interest rate displayed in the examples table above is only representative. Not all customers will be eligible for a loan with the lowest interest rate. The APR and loan amount is determined by several factors such as: credit history, employment history, even state law.

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