You’re not the only one stuck in the payday loan cycle. Texas boasts 1,675 payday lenders at retail, with more than $1.2 billion in fees. There is a solution to the problem for Texas residents struggling with multiple payday loans: consolidation payday loans.
Texas Payday Loans: What’s the state of Texas?
Texas law has not done enough to stop predatory payday lending. The Center for Public Priorities has designated Texas a do-nothing state’. Payday loans in Texas are legal and as easy as they can be. This has caused problems for residents who need short-term loans.
- Number of payday lenders: 1,675
- Payday lenders per thousand: 834
- Maximum Loan Amount None
- Average Loan Amount: $460
- Maximum Loan Term: 180 Days
- APR Cap: None
- Average 14-Payday Loan APR: 41%
- Collect Fees: 5% of the payment or $7.50 depending on which is higher
- Poverty rate: 15.9% (2015)
- Interest rates
- Texas Office of Consumer Credit Commissioner is the regulator
Payday loan problems can be very frustrating and financially damaging.
Texas Payday Loan Consolidation
Payday loan consolidation is an option for many payday loan borrowers who are stuck with high-interest, unsecured debt.
Payday loan consolidation is also known as credit consolidation or payday loan relief. This allows you to reduce your payday loan debt and make it more manageable.
Payday loan consolidation has changed the lives of thousands of Texans. It’s something that everyone should look into.
Texas Debt Consolidation Options
There are two types of payday loan relief: payday relief programs and debt consolidation loans.
Consolidation loans for payday debt
Consolidating payday loans with consolidation loans is less popular. Credit consolidation loans are simply a loan you take out, whether secured or unsecured, and you use them immediately to repay your other loans. You should read all the fine print, as they can have penalties and late fees.
Programs for Payday Loan Relief
Texas payday loan relief programs involve working with a third party to help you understand the different loans you have. They will handle all the paperwork and negotiate terms with payday loan lenders to lower your existing loans.
They will deal with payday collectors and close your bank account from the auto draft. Payday loan consolidation programs can be used to reduce or cancel your owes by finding legal loopholes in Texas law. You pay a simple, flat monthly fee in exchange and lower monthly payments.
By exploiting legal loopholes in Texas law, a payday loan consolidation program may be utilized to lessen or eliminate your debts and be debt-free. In exchange, you pay a basic monthly charge and monthly payments.
Texas Payday Loan Assistance: Payday Loan Help
It’s crucial to take action if you are a Texan struggling with the stress and struggle of a cash advance. To get back to financial stability, you will need national payday loan relief. This can be in the form of either a payday loan debt consolidation loan or programs that consolidate payday loans.
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Jason writes about all financial topics such as loans, debt solutions, and bankruptcy. He is an expert when it comes to subjects like APR, loan fine print, debt collection laws within the United States. With his in-depth knowledge of all things financial, he is a great asset to Greendayonline.