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Interpret Texas PDL Law

Date: Thu, 07/28/2011 - 21:35

Submitted by Cookie1
on Thu, 07/28/2011 - 21:35

Posts: Credits: [Donate]

Total Replies: 1


Can someone please help me understand the Texas PDL laws? Specifically the rate of finance and fees and permissable number of rollovers? Thanks.

Texas Payday Loan Laws

State Legal Status
Lending of payday loan is legal in the State of Texas.



Loan Specifications

  • Term of Loan - 7 to 31 days
  • Maximum Rate of Finance and Fees- $10 per loan plus 48% rate of interest (annually)
  • Finance Charge on $100 loan for a 14 day period - $12
  • APR for $100 loan for a 14 day period - 309%
Debt Limits

  • Maximum Number of outstanding loans permitted at a time - Not Specified (Aggregate outstanding loans of $500 to all licensees)
  • Permissible number of Rollovers - None (if charge of renewal is less than the permissible rate of interest; otherwise can be converted to declining balance installment note)
Limits of Collection

  • Collection Fees - Not Specified
  • Criminal Action - Not Specified