FAQ

What are payday loan requirements?
  • A person must be the U.S. citizen and the resident of Texas
  • Over 18 years of age and be able to provide a valid ID
  • Be employed and be able to prove it
  • Have income source no less than $500 per month and be able to prove it
  • Have active checking account
  • Not be in the state of filing for bankruptcy or be a current debtor
  • Must have a working phone number to be contacted in case of necessity.
Do lenders carry out credit checks?
  • No, there are no credit checks and all customers are welcome with no regards to their credit standing.
What is the maximum loan amount of a payday loan in Texas?
  • Maximum loan amount is different in every state. When it comes to Texas, it also varies with regards to the customer’s income state and whether it is the first-time loan or not. As a matter of fact, there is no fixed maximum loan amount in the state of Texas. The Average payday loan amount in Texas is $300.
What are the fees and interest rates for payday loans in Texas?
  • There are no set fees with regards to payday loans in Texas; however, they may not exceed rates authorized in Tex. Fin. Code §§ 342.251-342.259. 7. Besides, in accordance with the Texas Admin Code § 83.604 the maximum APRs for payday loans should be in the following limits: a $350, 30-day loan fee should not exceed 83.43%, while a $100, 7-day loan fee should not exceed 569.92%.
  • Maximum finance charge for 14-day $100 loan should not exceed $11.87.
  • APR for 14-day $100 loan should not exceed 309.47%.
What is the maximum payday loan term?
  • Payday loans in Texas are allowed to be issued for minimum 7 days and maximum 31 days.
Can a payday loan be rolled-over in Texas?
  • No, roll-overs for payday loans are prohibited.
Do all lenders have the same fees?
  • No, interest rates and fees may vary with regards to particular lender and area; however, all the lenders in our database abide by Texas laws and comply with the rates and fees terms.
Disclaimer

At FEDPAYDAY.com we represent a mediator company that does not offer payday loans or short-term unsecured loan products of any kind in the state of Texas directly. However, we have a very broad database of Texas-based payday lenders who we easily can match you up with. Taking into account your needs and requirements we provide assistance in finding you the most beneficial offer. All our partners are licensed and work in accordance with the Texas state laws.

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