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Payday loans in Texas - Payday Advance Credit ™ USA

Payday loan companies are the ones providing extremely high interest, short term loans to anyone and everyone with a stable income source. These loans have no credit checks for the applicant or any minimum required income for receiving payday loans. Many people once they get a payday loan find it difficult to keep up with the monthly or bi-weekly interest payment, let alone paying off the loan. The Texas Debt collection laws are meant for the protection of the borrowers from harassment due to a defaulted payday loan. Payday loans are known for providing quick loan approvals, but at very high interest rates.

The Law

Payday loan companies and lenders operating in Texas must abide by the Texas Law when it comes to collection of defaulted loans. According to the website of the Texas Attorney General, the creditors cannot abuse the borrowers in an effort to collect the payments. In addition the lenders are not permitted to harass the debtor. Some examples of abuse include threatening, cursing and repeated calls to the place of employment of the borrower, their neighbours and friends or sending threats through email or mail. Each of the actions mentioned above are illegal and if proven true, the payday loan provider can be heavily fined and sanctioned.

Fraud

It is also not in accordance with the state’s debt collection law to commit fraud of any type during an attempt for collecting a defaulted loan. The internet is filled with posters that allege a certain payday loan company threatening the borrower to have them charged criminally for defaulting. In accordance to the Texas Law it is illegal for the lender to make threats like this. Defaulting on a payday loan is a civil matter not a criminal matter since these loans are civil loans. In addition, the payday lender cannot contact the borrower by claiming to be someone else or send correspondence which appears to be from the court or refuse the disclosure of the name of the company from which the loan originally generated.

House Seizure

Your house cannot be seized in order to resolve a payday loan on which you defaulted. Texas Law helps in protecting your house. This is done through a proper application process. In addition, the law in Texas also prohibits wage garnishments for resolving consumer debts like payday loans.

Consequences

If a lender or a payday loans company has the license for doing business in the Texas state, they did not break any laws concerned with giving you the loan and has not abused, harassed or threatened you in order to get repayment of our defaulted loan, the company can very easily file a lawsuit against you in civil court. The judge will listen to the case, in case you are found guilty, you would be ordered to fully repay the loan. The interest amount owed will be determined by the judge. Any payday lender who violates the Texas Law in an attempt to collect a defaulted loan can be fined heavily and denied further permissions for conducting business in the state.

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