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Cash Advances in Texas
Many states have created similar regulations to one another as a means to regulate the payday loan industry. Texas, although sharing a great deal of similarities in that regard, has enacted a series of different laws, not found in many other states.
The state of Texas defines a payday loan lender as “any person(s) making cash advances in exchange for a consumer’s personal check, or in exchange fore the consumer’s authorization to debit the consumer’s deposit account. The state of Texas first enacted payday loan laws in 2000, although the State does permit payday lenders to charge any interest rate and fees they wish. Of course the borrower and lender must both agree to these fees. Loan terms are a minimum of 7 days and a maximum of 31 days. There is a limit of once per month that a payday loan may be renewed. Other restrictions are in place specifically to protect the consumer. For instance, lenders in Texas are prohibited from dividing a single loan into two loans in order to collect higher interest fees.
In the State of Texas, lenders are also entitled to charge a service fee. The fee charged will vary depending on the amount per loan. For instance, if a loan is under $30, a lender may charge no more than $1 for every $5 of the loan. If the loan is above $30 but lower than $100, lenders are allowed to charge one tenth. Meaning that if the loan is $100, a lender may charge a $10 service charge. Finally, for any loan over $100, a service fee may not exceed $10.
Like many other States, Texas requires lenders to post a schedule of fees, as well as provide the borrower with a written agreement containing the name of the lender, the transaction date, the earliest date the check must be deposited, the amount of the check, an itemization of fees, and a total amount expressed in U.S. dollars and as an annual percentage rate. Finally, a payday lender may not pursue criminal charges to collect on a debt.
Most states have taken it upon themselves to regulate the payday loan industry, and by providing the borrowers with an understanding of the details of their loan, can create a better cash advance system.
Sources: www.paydayloanlaws.com http://www.credit.com/credit_information/credit_law/PaydayLoanLaws.jsp
Cash Advance Lenders in Texas:
Dallas Cash Advances
2822 Samuell Blvd
Dallas TX 75223
4215 Ross Avenue
Dallas TX 75204
Houston Cash Advances
5905 Lyons Ave
Houston TX 77020
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