By Shawn Martin
If you are planning on using a payday loan company in Texas, you are going to want to be sure to read up on the Texas state payday loan laws.
This state is loaded with traps that can get you into some serious payday loan debt.
Texas allows payday loans between 7 to 31 days.
There are no limits on how many loans you may have at one time or on how much each loan amount can be. Borrowers must be aware that this can lead to some serious over your head debt including taking out loans to cover loans.
Texas also does not have any limits on rollovers of payday loans, another red flag to watch out for.
If you do take out a payday loan in Texas pay it off in full on the first due date. This is the only way to avoid major charges.
Texas allows some interesting interest charges. They can charge anything the borrower will agree to pay. Most charge 10% of the loan plus a 48% annual interest rate with a $12.00 monthly fee. A 14 day $100.00 loan if paid off in full when due will have an APR of 309%.