Rates & Fees
Transparency is important to us. Below you'll find detailed information about our rates and fee structure.
In Texas, payday loans are often structured through Credit Access Businesses (CABs). These businesses charge a fee to bridge the gap between you and a third-party lender. In Waco, City Ordinance No. 2014-043 strictly regulates these loans. Loans cannot exceed 20% of your gross monthly income. For installment loans, no more than four installments are permitted, and each payment must reduce the principal by at least 25%. APRs in Texas are high because they include both the interest charged by the lender and the CAB fees, which can result in an effective APR between 200% and 600%.
Annual Percentage Rate (APR)
200% - 600% (Includes CAB fees and interest)
Representative Example
| Loan Amount | Term | APR | Finance Charge | Total Repayment |
|---|---|---|---|---|
| $500 | 14 Days | 460% | $88.00 | $588.00 |
| $700 | 30 Days | 390% | $224.00 | $924.00 |
| $1,000 | 4 Installments | 310% | $515.00 | $1,515.00 |
Representative Example: A $500 loan for 14 days with a total finance charge of $88.35 (including interest and CAB fees) results in a total repayment of $588.35 and an APR of approximately 460.71%. Actual rates and fees depend on the lender and your specific financial profile.
State-Specific Information — Texas
Maximum Loan Amount: Waco Ordinance: 20% of gross monthly income
Rate Cap: No statutory cap for CABs, but effective rates usually range 200%-600%
Regulations: Texas Finance Code Chapters 393 & 342; City of Waco Ordinance No. 2014-043
Licensing: Lenders must be licensed by the Texas OCCC and registered as CABs under Finance Code Chapter 393.