Texas payday loan laws overview

The area of Texas was first visited by Spanish explorers in the 16th century In 1685 at Matagorda Bay. There was a short-lived establishment of a French colony. After that, Texas was under Mexican control, which ended with the Americans taking over. Texas became a state in 1845 and between 1846-1848, the disputes about the border led to the Mexican War.

Texas is an industrial giant and a big agricultural producer. Only the state of Alaska produces more cattle, oil, cotton and sheep than Texas. The state of Texas has lots of farms that produce a huge number of eggs, wheat, dairy products, peanuts, rice and all kinds of vegetables and fruits. Every year, millions of tourists visit Texas state parks, spending more than $50 billion a year.

Texas is the second biggest state in the country and is the second most populous. Even though the state’s giant economy is beneficial to its residents, there are still many people struggling with their finances.

Life is full of unexpected events which often catch us off-guard. Most people need financial assistance sand one of the best way to get it is by taking out a loan. Payday loans are the most popular type of short-term loans as most borrowers who have to deal with emergency expenses find them really helpful. Payday loans are fast and easy to get and when you cannot really afford to wait for weeks or even months for a traditional loan or you cannot qualify for one, payday loans can be a good, temporary way to solve your financial issues.

What is a payday loan and how it works

Texas payday loan laws

Texas payday loan laws

A payday loan is a short-term loan and is also known as cash advance The borrower takes out a small amount of money (usually not exceeding $500) that he must repay within a period of two weeks. Of course, every state has different payday loan laws, therefore the terms and conditions may vary. Since they are easy to get and are short-term by nature, payday loans have a higher annual percentage rate than most type of loans.

To qualify for a payday loan, the borrower needs to have a steady source of income in order to be able to repay the loan on time. Other factors like credit history are almost irrelevant when applying for a payday loan. If the borrower fails to repay the loan on time, he may have to pay for a number of fees and charges. So unless you are sure in your ability to repay a payday loan, you would most likely want to skip it as a loan option.

Texas payday loan laws

Payday loan lending in Texas is legal and payday loan lending companies can provide loans to their borrowers according to the state regulations in  7 Tex. Admin. Code 1.605; Tex. Fin. Code Ann. 342.251 et seq. In Texas, the length of a payday loan can go up to 180 days. The maximum loan amount a borrower can take is an amount computed under Subchapter C, Chapter 341, by using 100 dollars as a base reference amount.

The annual percentage rate on a two-week $100 payday loan cannot exceed 410%. Every payday loan lending company in Texas should have all terms and conditions posted at their offices and website. The contract agreement must be in a written form and should include the amount of the loan, name of the lending company as well as all loan fees.

Why payday loans in Texas could be a workable borrowing option?

extremely fast to get

extremely fast to get

Traditional loan lending institutions often claim that payday loans are dangerous for the borrowers and yet so many people find them more than useful. Many borrowers are choosing payday loans as their choice for financial assistance because despite the risks that they carry, they can also be quite beneficial. Here are some feature that make payday loans popular:

  • They are extremely fast to get

When dealing with an emergency, the most important thing a borrower must consider when taking out a loan is the speed of the service. When the expenses are knocking on your door, you cannot afford to sit around for days and weeks waiting for a loan approval from your bank. With payday loans, you can get the money you need as soon as within a few hours. The application process itself takes no more than a couple of minutes and it can be done at a payday loan lender’s office or online.

  • Having bad credit is not an issue

For most borrowers, having a bad credit score has proven to be a loan deal-breaker. The reason being is that most traditional loan lending institutions almost never give out loans to people with bad credit history. With payday loans, however, your credit score is almost irrelevant. Most payday loan lending companies are interested in your ability to repay the loan, not the state of your credit score.

  • Many payday lenders to choose from

Many payday lenders to choose from

Many payday lenders to choose from

With the number of payday loan lenders increasing dramatically in the last 10 years, it is likely that you will find a payday lender’s office near your home or workplace. You also have the option of applying for a payday loan online. In case you decide to go for the online option, you may get your money a little slower, but you will have it by the end of the following business day.

  • Spend the loan for any purpose

Payday loan lending companies do not pay any attention to what you do with your loan money. This spending freedom is something that you do not get when taking out a loan from a traditional lending institution. Whatever your emergency is, you can deal with it without having to worry about any limitation set by your payday loan lender.

Texas payday loans eligibility requirements

As you know by now, payday loans are pretty easy to get. That does not mean that there are no requirements you must meet in order to be eligible for one. To make sure you qualify for your loan, here are some things you must know. You need to be 18 years old or older to be eligible for a payday loan. You also have to be a permanent resident of the state that you are applying from or have an American citizenship.

In order to get your loan, you also need to have a stable monthly income so that you would be able to repay the amount on the given date. If you meet these requirements, you will need some basic information to complete your payday loan application. You will need to provide details of your income and employment, a valid form of identification, your birth name, phone number, your current address and your social security number.

Texas cities where you can find a payday loan lending company

  • Killeen
  • Richardson
  • Laredo
  • Lewisville
  • Longview
  • Lubbock
  • Mckinney
  • Mesquite
  • Grand Prairie
  • Midland
  • Missouri City
  • Odessa
  • Pasadena
  • Plano
  • Round Rock
  • San Angelo
  • San Antonio
  • Mcallen
  • Sugar Land
  • The Woodlands
  • Tyler
  • Waco
  • Wichita Falls
  • Abilene
  • Amarillo
  • College Station
  • Arlington
  • Austin
  • Beaumont
  • Brownsville
  • Carrollton
  • Corpus Christi
  • Dallas
  • Denton
  • El Paso
  • Fort Worth
  • Frisco
  • Houston
  • Irving
  • Garland

Hawaii payday loan laws overview

Hawaii payday loans industry in Hawaii is growing strong as this is the preferred type of short-term loan for most Hawaiian borrowers. So if you are a resident of Hawaii and you are looking for a payday loan, here is what you need to know.

Throughout most of the 19th century, the state of Hawaii was a native kingdom. In the year 1893, Queen Liliuokalani was ousted from position and the Republic of Hawaii was established a year after that with Sanford B. Dole as its first president. In 1900, Hawaii became a United States territory.

Hawaii produces products like coffee beans, macadamia nuts and bananas, However, what brings the most income for Hawaii is its tourism. Among the most visited tourist destinations in Hawaii are Volcanoes National Park of Hawaii and Hawaii National Historical Park.

Hawaii is the 8th smallest state in the United States and it is the 11th least populated with a population of no more than 1,431,603 residents.

Hawaii payday loan laws regulations

Hawaii payday loans laws regulations

Hawaii payday loans laws regulations

The payday loan lending in Hawaii is legal and payday loan lenders operate under the 26 Hawaii Rev. Stat. Ann. § 480F-1 et seq law, which regulates all payday loan lending issues. According to Hawaii payday loan laws, lending companies are not allowed to grant loans to people who already have an outstanding loan. This means that borrowers cannot repay their current loan by taking a new one. It is important to note that in order for any payday loan lending company to be able to legally conduct its loan lending business in Hawaii, it has to be in the form of check cashing transactions. Otherwise, it is considered illegal.

Charges and fees for a payday loan in Hawaii

  • According to Hawaii payday loans laws, lending companies can charge a maximum of 15% rate on the loans they are giving out.
  • A $100 14-day loan finance charge cannot surpass $17.65.
  • The annual percentage rate for a 14-day $100 payday loan cannot be more than 459%
  • The maximum loan amount a person can take out is $600 for a period not longer than 32 days.
  • There are no rollovers allowed, so all loans should be repaid on time.

Collection restrictions

  • Criminal procedures

Criminal procedures are forbidden (unless when a check is returned because of a closed account or in a stop-payment state)

  • Collection fees

Payday loan lenders in Hawaii are allowed to charge a fee of $20.

Hawaii payday loans benefits

Payday loans benefits in Hawaii

Payday loans benefits in Hawaii

Payday loans have a reputation of being risky. However, that risk is usually insignificant compared to the benefits a payday loan can offer.

  • Extremely fast service
  • The option to choose from online and physical store application
  • Bad credit rating is not a problem
  • The application process is quick and simple

Payday loans application and eligibility in Hawaii

Even though payday loan companies do not require a lot of documents when you apply for a payday loan, there are still some criteria you need to meet in order to be eligible for a payday loan in Hawaii:

  • To be at least 18 years old
  • To be a citizen of America or a permanent resident of the United States
  • To have steady monthly income

Also needed for a successful application is the following information:

  • Your social security number, name, and date of birth
  • Phone number, home and email address
  • Details regarding your employment and income

Cities in Hawaii where you can find payday loan lenders:

  • Aiea
  • Hickam Afb
  • Hilo
  • Honolulu
  • Kailua
  • Kailua Kona
  • Kaneohe
  • Kapaa
  • Kihei
  • Lahaina
  • Lihue
  • Pearl City
  • Wahiawa
  • Wailuku
  • Waipahu

Hawaiian payday loan lenders

Most payday loan lending companies in Hawaii have both on-ground and online stores. It is up to you to choose which option works best for you. If you decide to apply for a payday loan online, you may get your money a little slower than a physical store application. But it still should not take more than one business day.