New Payday Loan Laws in Texas?

Lawmakers in Texas are now considering to create more restrictions on online cash advances and payday loan laws. Some companies are charging outrageous interest rates for these short term cash loans which many view to be unfair. The Business and Commerce Committee in the Texas Senate will be heard today. Online cash advances are a convenient way to take out money quickly without having to go through a hassle. Texas payday loans can be taken out by completing a short online application and then waiting to be approved. Once approved, the loan will be directly deposited into your checking account. In approximately two weeks or when your next pay check comes in, you will be expected to pay the loan back plus interest. There are some critics who say that the high interest rates are creating a cycle of debt for the users while others say that having this option is a good safety for anyone who runs into immediate cash flow problems. If this bill succeeds then cash advance companies will be forced out of business. This means bad news for many people, especially the 7800 people that these companies employ. For many people, taking out an online cash advance can be the least expensive option for most, especially to those who do not have access to banks or credit unions for immediate cash or credit. Previous bills to restrict Texas cash advances have entered into the Senate but were unsuccessful each time. The last time this occurred was about 2 years ago. Irresponsible lending has become a problem in the last few years yet this is not a reason to abolish the practice all together.

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