(last updated 11/13/2019)
Texas Payday Loan Laws and Regulations in (TX)
Payday loans and cash advances are legal in Texas. The Texas Office of Consumer Credit Commissioner has been regulating Payday Loans and Cash Advances since 1997. As of 09/18/2014 there were not specified licensed lenders and not specified licensed locations in Texas.
The maximum payday loan allowed in Texas is not specified. The maximum payday loan as a percentage of income is not specified. The number of loans that can be open at one time is not specified (no more than $500 total from any one lender). The maximum permissible fees allowed in Texas is a maximum APR range of 83.43% for a 30 day, $350 loan to 569.92% for a 7 day, $100 loan. The cooling off or waiting period for obtaining another loan is not specified days. The number of rollovers that are permitted is 0. The minimum loan term is 7 days. The maximum loan term is 31 days.
This information is for informational purposes only. Although care has been taken to accurately describe the laws and regulations in Texas, no guarantees are implied or expressed about its accuracy. This is not legal advice. If you need legal advice, please consult an attorney or the Texas Office of Consumer Credit Commissioner.
The following classes of lending organizations may be exempt from some, all, or none of the regulations and laws set by the state of Texas. Federally chartered banks, state chartered banks, credit unions and some entities organized under the laws of a sovereign nation (for example) a Native American Tribe or the country of Antigua.