Texas Payday Loan Laws
 | Min/Max Term of Payday Loan: | 7-31 days | | Max Fees and Finance Charges: | $10 + $4 per $100 | | Maximum Loan Amount: | Not specified | | Number of Rollovers: | None (if renewal charge is less than maximum interest rate permitted; otherwise convert to declining balance installment note) | | Outstanding loans allowed at one time: | Not specified | | Cool-off period: | Not specified | | Military Protection: | Yes | | Payment Plan: | Not specified | | Limits on collection and presentment: | Not specified | | Collection fees: | Not specified | | Presentment Limit: | Not specified | | Penalties: | Not specified | | Private right of action: | Not specified |
Texas Payday Loan Laws:
Texas does not have specific payday lending legislation and permits payday lenders to operate and charge any interest rate or fees which the borrower agrees to pay. The effective APR for a 14-day $100 loan is 309%. S.B. 1479 protects military members and their families from some actions by payday lenders, and requires lenders to make special disclosures to military borrowers.
| Payday Loan Laws: |
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