Business ProfileforTexas Car Title and Payday Loan Services Inc.
Additional business information
(Note: These tips pertain to the industry cited above and do not necessarily track our experience with the company in whose report they appear. In particular, industry complaints referenced below are typical of the industry as a whole, but not necessarily every company in the industry.)
Payday loans, which are also called cash advance loans, offer quick cash for short periods. In Texas, there is no limit on the interest rates that payday lenders can charge. Interest rates are usually far above what banks charge, and can be as high as 900 percent on an annual basis. For example, a $100 payday loan may cost $20 for two weeks. If the borrower can't pay it back on time, the loan can be extended by paying more fees. Borrowers can end up owing more in fees than the value of the original loan.
Consumers who are considering payday loans should read and understand the agreement carefully. Be sure to know what the total fees will be, and find out the terms for extending the loan or paying it off completely.
Consumers who are looking for quick financial help may also want to consider other options:
1. Contact your creditors. They may be willing to give you an extension on your bills or may accept partial payments. Be sure to ask what fees and interest might be charged.
2. Contact a consumer credit counseling service and request help working out a budget plan to pay your debts.
3. If you have a bank or credit union account, ask about the rate on small short term loans. Also, consider overdraft protection options from your bank. Find out what the fees are for this service, because these fees can add up quickly.
4. Credit cards can offer a cash advance but this option usually includes a higher interest rate than the credit rate. Make sure you know the interest rate and if any other fees are involved before making a decision.
5. Get any agreement in writing. Ask questions if you do not understand any section of the agreement. Make sure you fully understand what you are agreeing to before signing.
At-a-glance
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Business Details
- Location of This Business
- 2616 Wilbarger St, Vernon, TX 76384-4566
- Headquarters
- 8601 Dunwoody Pl STE 406, Sandy Springs, GA 30350-2550
- BBB File Opened:
- 2/18/2010
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