Rates & Fees
Transparency is important to us. Below you'll find detailed information about our rates and fee structure.
In Texas, payday loans are facilitated through Credit Access Businesses (CABs). These businesses charge a service fee to connect you with a third-party lender. Under the Midland City Ordinance, loans are limited to 20% of your gross monthly income. Furthermore, any installment or renewal must reduce the principal by at least 25%. APRs for these short-term products are high, often ranging from 200% to over 600% when all fees and interest are calculated. These loans are intended for short-term financial emergencies only and are not a long-term financial solution.
Annual Percentage Rate (APR)
200% - 600%
Representative Example
| Loan Amount | Term | APR | Finance Charge | Total Repayment |
|---|---|---|---|---|
| $300 | 14 Days | 402.41% | $46.31 | $346.31 |
| $500 | 14 Days | 402.44% | $77.18 | $577.18 |
| $1,000 | 30 Days | 377.87% | $310.58 | $1,310.58 |
Representative Example: A $500 loan for 14 days with a CAB fee of $25 per $100 and 10% annual interest results in a total repayment of $627.12. Actual rates, fees, and terms vary by lender and individual credit profile.
State-Specific Information — Texas
Maximum Loan Amount: 20% of borrower's monthly income (Midland Ordinance)
Rate Cap: No state cap for CAB fees
Regulations: Texas Finance Code Chapter 342 and 393; Midland City Ordinance effective Sept 1, 2014.
Licensing: Licensed as a Credit Access Business under Texas Finance Code Chapter 393.