Payday Loans in Texas

In Texas, payday lenders operate as Credit Access Businesses (CABs) under Finance Code Chapter 393. The CAB arranges your loan through a third-party lender and charges a separate service fee on top of the lender's interest. This two-layer structure means your total cost is the sum of both charges. Because the state sets no APR cap, the combined effective APR on a 14-day loan commonly ranges from 400% to over 600%. Always ask for the total repayment amount in dollars, not just the fee, before you sign.

Texas law does not set a statutory cap on payday loan amounts. Individual lenders set their own limits based on your income and repayment ability, with most offering between $100 and $1,500 for first-time borrowers. Repeat borrowers with a documented repayment history may qualify for higher amounts at the lender's discretion.

Yes. Many OCCC-licensed lenders in Texas prioritize your income, employment status, and an active checking account over your FICO score. Borrowers with scores below 580 often receive offers, though terms may be adjusted based on perceived risk. Using a pre-qualification tool can show you available options without a hard credit inquiry.

The Office of Consumer Credit Commissioner (OCCC) maintains a public registry of all licensed Credit Access Businesses at occc.texas.gov. Search by lender name or license number before submitting any personal or banking information. Unlicensed operators are not bound by Texas disclosure requirements, which removes your key consumer protections under Finance Code Chapter 393.

An online payday loan is a short-term, small-dollar loan typically due on the borrower's next payday, applied for and funded entirely online, with availability governed by state law. BroMoney is an online loan marketplace — not a direct lender — that connects borrowers with a network of 1,200+ licensed U.S. lender partners. Borrowers complete one online form in about 5 minutes. In practice, BroMoney then matches them with lenders using a soft inquiry, which does not affect your FICO® score, and borrowers review all offers before committing. Final approval is subject to each lender's own review criteria, and payday loan availability through BroMoney varies by state law.

Most payday lenders require an active checking account, a valid government-issued ID, proof of verifiable income, and U.S. state residency with age 18 or older. In practice, verifiable income includes (1) employment paystubs, (2) bank statements showing direct deposits, and (3) government benefits such as Social Security, SSI, or disability payments. Pension and self-employment income also qualify, typically documented via tax returns or bank statements. BroMoney connects borrowers with 1,200+ licensed U.S. lender partners, and each lender independently sets its own eligibility criteria. Approval is subject to the lender's review, and accepted income types vary by lender and state law.