Online Loan Application

Payday loan rules in Austin Texas Payday Advance Credit ™ USA

In the past few years, the number of unsecured personal loans being provided by the banks has considerably reduced. While obtaining a personal loan from the bank might be challenging, those looking for some immediate financing can take out payday loans. These loan types have very loose requirements and can be used for a vast variety of purposes. The laws governing these loans vary from one state to the other. .

One of the regulations in the state of Texas is that the borrower must be made aware of the risks associated with payday lending. The lender has to clearly explain to the borrower the involved costs, the interest rates, and how can the interest rates accumulate over a certain time period. This helps in ensuring that the borrower knows everything about the loans and is not surprised by any charges.

Another limit applicable in the state is related to the amount of money that can be taken as the loan. In certain states this amount has no cap. While most lenders refrain from giving very large loan amounts, in the state of Texas the loan amount cannot exceed $1800. This law also prevent the borrowers from taking multiple loans if the sum total of all the loans is above $1800. The Texas Constitution says that the annual interest rates cannot be above 10%. However, when the payday lenders register their business as a credit service organization they can charge higher rate of interests up to 500%.

Another regulation states that the lender does not have any criminal rights in case the borrower defaults on the repayment. In certain states defaulting on your loan repayments purposely can be considered as a criminal act. In Austin, Texas if you default on your loan, you cannot be charged through criminal proceedings. Although you can be charged in a civil court which means that the payday loan lender can secure a judgement against you and even force you into bankruptcy.

In order to become eligible for a payday loan you must have an active checking bank account. Having a bank account makes it easier for the lender to deposit the money into and receive the repayment with the post-dated cheque. You must possess a valid proof of your income. You would have to provide the current details of your employer or your disability benefits. Also you must have a working phone number. In order to apply for a payday loan you must not be a serving member of the military. The United States Military prohibits all its service members from utilizing any quick loan services. Your credit score will be inconsequential and most lenders would not even bother to check it.

Also the borrower must repay the loan in full by their next pay date; this amount includes the complete loan amount along with the interest. If a loan is not paid in full then the borrower may be liable to pay penalties and fines. Each lender has their terms and conditions and interest rates it is important that you carefully review the rates of each and every lender before accepting the loan.

Our lending process is free of any catches and hidden clauses, because we answer all your doubts and explain the lending process explicitly to our buyers. Whether you have hundred questions or one, we make sure that each of them is answered to your utmost satisfaction before and after applying the loan.

Fraud Alert Please be informed about stores pretending to be Payday advance credit. Read more We're a fully licensed company. Getting a safe and easy loan We are a locally owned and fully licensed company operating locally and online. You can learn more about our payday loans and licensing information for lenders here!

Disclaimer : Payday advance credit is not a financial organization or a lender. We do not provide loan or make decisions relating to the lending policy of our lenders. When you apply for a payday loan by filling out the application form available on our site, it does not guarantee approval of the loan. We forward your filled form to our network of lenders, who then evaluate your application based on their set criteria and approves your loan. Based on your application, our lenders will offer you the rate of interest, charges involved and other terms guiding your loan process. Once you get the offer from the lender, you can then decide whether you need to accept the amount or not. Payday advance credit does not play any role in deciding your loan amount, interest charged or any other terms related to it. We advise our clients to read the terms and conditions properly and weigh the pros and cons that follow before signing the contract. We make our earnest effort to provide you with up to date and explicit information on our site. If you decide to accept the offer, then you will have to sign the documents electronically and send it over to us. After you duly sign and agree to the agreement, we will then put forward the amount in your bank. We are in no way obligate you to accept the loan amount after the offer is made. You are solely responsible to accept the loan amount based on your personal decision. Some of our lenders will run a credit check on your name to ensure your capability to repay the loan. The verification won't affect your credit history and is performed by lenders to cover risks associated with lending money. Payday advance credit reserve the right of making any changes on our website without intimating the clients in advance. The updated information is effective from the time it is updated and it is the responsivity of the customer to read them prior to applying for a loan. Payday advance credit or its affiliates do not guarantee availability, performance accuracy and functionality of the third party software working on our website. Any transactions occurring between you and payday advance credit is subjected to local jurisdiction regardless of the place where you reside. Payday advance credit or its affiliates does not guarantee the performance, availability, functionality and accuracy of the third party software present on its website. All the transactions between Payday advance credit and you are subject to the local jurisdiction regardless of the location where you live when you accept a short term loan or advance credit. We advise you to go through rates and fees section on our site to understand the laws and terms that follow your agreement. Our terms of use will help you in gathering more information on the loan process, products and services to understand it thoroughly. Read our privacy policy to understand rules and regulations to understand the collection, use and distribution of personal and non­personal information that's been gathered from customers by Payday advance credit or any affiliates. Privacy Policy