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Payday Loans in Texas

The First National Bank of Omaha's study has shown that over fifty percent of Americans still live paycheck to paycheck because of the economic consequences of the Covid-19 Pandemic. Unfortunately, this means that about a half of the US population still struggles to make ends meet in 2021. 
When you are in a pinch, a payday loan online may appear like a quick fix. This is a short-term advance to help you meet urgent financial needs until your next paycheck arrives. Note that you need to be extremely careful with paycheck loans, as they could wind up costing you considerably more than you anticipated once you fall back on your payment. 

When Do You Need to Go for a Payday Loan in Texas?

If you need money quickly but don't want to risk your nerves and time, payday loans are there to help. Even if you feel hopeless for the following reasons, Loanplaces is happy to offer you quick access to fast cash online. 
The conventional wisdom says the higher your credit score, the more likely you will get approved for a loan. Thus, you may find it challenging to borrow money if you have less-than-perfect credit. However, this mostly refers to borrowing from traditional lenders, such as banks or credit unions, since many online lenders offer no credit check loans. 
Unexpected expenses may fluctuate depending on the situation and sometimes may be unavoidable. But what if you don't have enough money to solve your financial problems in a way that's convenient for you? In simple terms, the more your outgoings, the more hopeless you feel. On the other hand, a fast loan is a good option that is always on your side.
Searching for a reliable lender to get quick funding and ease financial stress is a pretty time-consuming task. So a payday loan with fast approval is at your disposal if you need a quick option to obtain money right away. 

How Do I Repay a Payday Loan?

A payday loan is usually settled in a lump sum payment on your following payday. However, because different lenders have different payback periods, make sure to inquire for the exact due date or look for it in the contract. Also, depending on your lender, you may get offered several repayment alternatives, such as:

  1. Providing a post-dated check 
  2. Proceed one-time payment through your lender website
  3. Provide access to your bank account for future withdrawal 
  4. Rolling over your debt 

Beware of Rollovers!

Rolling over, aka credit renewal, is the extension of credit repayment terms. Usually, when you cannot settle your credit on its maturity, you request credit renewal to meet your contractual obligations. However, these kinds of deals can be beneficial and dangerous at the same time. Getting extra time to pay back seems useful when you are close to missing your payment. But rollover risk usually leads you down to a costly path when you pay more in interest plus additional renewal fees. This is the main reason why many borrowers consider payday advances as debt traps. Nevertheless, since you use payday loans responsibly, you may bridge financial gaps between paychecks quickly and securely.


As a result of changes CFPB has made, from July 2020 the lenders don't have to check if the borrower is able to repay the loan. Thus, we encourage you to be careful and make sure you can afford the loan before applying.

Regulations of Payday Loans in Texas
Status     Legal
Annual Percentage Rate (APR)     400%
Minimum Loan Amount     N/A
Maximum Loan Amount     N/A
Minimum Loan Term     7 days
Maximum Loan Term     180 days
Number of Rollovers Allowed     No restriction (no more than 3 if the City Ordinance was adopted)
Finance Charges     >$30 => $1 for each $5
Cooling-off Period     N/A

Useful Sources

Real interest rate map /PDF/ of payday loans in the United States calculated on a typical loan.

Payday loans regulation /PDF/ by state 2020.

Another way to find legal information and seek assistance is the Texas Attorney General’s office. You can also file a complaint with them here..
The Consumer Financial Protection Bureau (CFPB) makes the financial marketplace work more effectively and educates consumers to help them take more control over their financial lives. Click here to learn more.
For a loan of more than $100, one month for each multiple of $20 of the cash advance.” (Fin. Code Ann. §§342.251)

[ Updated on 15-Sep-2021, 22:25 ]

We've been in the industry for more than six years.