Dallas payday loans have few state regulations to follow, but new legislation being considered in Texas could change that. Currently, payday lenders in Dallas and throughout the rest of the state may charge fees and interest on cash loans at their own discretion, which opens the door for both honest lending and loan sharking, depending on the lender’s interests. The newly proposed legislation would put a cap on fees charged by lenders, lowering the annual percentage rate to keep consumers safe while still allowing payday lenders to make the profits they need to stay in business.

Dallas Payday Loan Laws and Regulations

Texas is one of the freest states when it comes to payday lending. In addition to the current deregulation of fees and interest rates, Texas places no limitations on the number of loans a customer can have active at once. Rollovers are not permitted, but consumers may borrow multiple cash loans at once if they need to (although this practice is not recommended if you’re trying to stay out of debt). Payday loans are available to consumers in stores and online through properly licensed lenders.

New regulation can be a good thing for consumers: Limitations on the service fees charge by lenders means that annual percentage rates will go down as well. Dishonest lenders who overcharge for their loans will have to comply with the new rates and treat their customers fairly or get driven out of business by the lenders who follow the rules.

To find the best Dallas payday loans near you, search online for customer reviews and opionions. You can also compare rates from different companies by visiting a lender’s website. Taking out a cash loan is always a big decision, no matter how much cash you’re borrowing. Take your time to make an informed decision that works with your personal finances.