The effective annual payday loan in Texas interest rate is 309% and
although this might sound unreasonably high, when the short-term nature and the
relatively small amounts of the loans are taken into account, the rate is
within the norm. As always, getting a cash advance against a paycheck comes
with its pros and cons: the most often cited disadvantage is the cost of the
loan, while the simplified application process and the very high approval rate
are what make these loans sought after. Certain alternatives are available in
some states such as short-term credits over mobile phones and virtual credit
advances, which are typically available to people, whose paychecks are
deposited directly into their bank accounts.
Many payday loan lenders have online presence, where the application can be
filled out and submitted in a matter of minutes and the loan approved within a
few short hours. The actual deposit is typically made one business day after
the approval and the money and the fees are deducted from the same checking
account one day after the paycheck is deposited into it. If you are applying
for a payday loan, you should know that the law requires the lenders to make
full disclosure of the loan details, which includes the borrowed amount and the
full amount due at maturity. The lenders also have to provide address, business
name, and telephone number, even if they operate primarily online.
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