Lenders must be licensed in the state of Texas. In many cities, loans are limited to 20% of the borrower’s gross monthly income. Lenders are required to clearly state how much you can borrow and all the details regarding payback, including the length of the loan term. Rollover/renewal agreements must also include references to non-profit debt counseling services.
Regulating the fine line of payday lending in Texas is the Texas Financial Code.
We at PayDayAllDay strongly suggest our consumers to do their research, and carefully analyze and compare the terms of services, rates, fees, and other conditions offered by several lenders before engaging in any borrowing activity.