Texas

State Payday Loan Law Information

The maximum loan amount for payday loans in Texas are unspecified.  The maximum term of any loan is 7-31 days.  The maximum finance rate and fees are $10 per loan plus 48% annual interest.

The outstanding number of loans at one time is unspecified but they are limited to $500 aggregate loans outstanding to all licensees.  No rollovers are permitted; however, if a renewal charge is less than the maximum interest rate permitted the loan may convert to a declining balance installment note.  The cooling off period and repayment plan is unspecified along with collection fees and criminal action.

 

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