As a short-term loan, a Texas payday loans is meant to be repaid quickly, within a couple of weeks. Because they differ so much from traditional long-term bank loans, they are also regulated differently by the Texas state legislature.
Online Cash Advances in Texas
Texas Payday Lending laws are similar to the laws from other states that allow payday lending. However these states, and Texas, also regulate payday lending. The terms of the loans can be in the range from 7-31 days, and the amount of the loans can be from $100 up to $350. The finance charge for a $100 payday loan for 14 days is $12.
Residents will have no problem finding a payday loan in The Lone Star State. The payday loan industry thrives in Texas, as payday lending centers are easier to find than Wal-Mart. But, not all payday lending companies will offer residents of Texas the same benefits and speed that are available at Payday Loan Online.
Texas Payday Loans
Texas has a “low taxes, low services” reputation. According to the Tax Foundation, Texans’ state and local tax burdens rank among the lowest in the nation, 7th lowest nationally; state and local taxes cost $3,580 per capita, or 8.4 percent of resident incomes. Texas is one of seven states that lack a state income tax.
Instead, the state collects revenue from property taxes (though these are collected at the county, city, and school district level; Texas has a state constitutional prohibition against a state property tax) and sales taxes. The state sales tax rate is 6.25 percent, but local taxing jurisdictions (cities, counties, special purpose districts, and transit authorities) may also impose sales and use tax up to 2 percent for a total maximum combined rate of 8.25 percent.
Texas is a “tax donor state”; in 2005, for every dollar Texans paid to the federal government in federal income taxes, the state got back about $0.94 in benefits. To attract business, Texas has incentive programs worth $19 billion per year (2012); more than any other US state.
Payday loans generally range in amounts of $100 to $500 dollars. They are meant for short-term and urgent needs such as car repair, repayment of personal debts, emergency cash, and gifts for that surprise wedding or an unexpected financial loss.